bethany mclean coronavirus bethany mclean coronavirus

Tar Heel, North Carolina, United States. On March 10, Scott Sheffield, the chief executive of Pioneer Natural Resources, a major driller in the Permian Basin, told Bloomberg that U.S. oil output could fall by more than two million barrels per day by next year if prices remain where they are today. Think of private-equity firms as the banks of the corona crisis: They are, for better or worse, too big to fail. McLean is a contributing editor at Vanity Fair and co-author of the Enron book The Smartest Guys in the Room. Americas largest public pension plan, the California Public Employees Retirement System, or CalPERS, put almost $7 billion into private equity during the 2018-2019 fiscal year, according to Institutional Investor. Even so, he told me, a large number of private-equity firms ignored that guidance and decided to put very high levels of leverage on their portfolio companies. Maybe those firms should now be required to contribute more equity from their cash stockpiles, he suggests. All rights reserved. But that didnt seem to matter, because low interest rates facilitated private equity in another way. New revelations about how one Trump staffer helped preserve the transfer of powerfrom the forthcoming book on the Biden White House, COVID-19 Origins: Investigating a Complex and Grave Situation Inside a Wuhan Lab. Confirmed cases include those reported since the beginning of the current active outbreak and may include cases that . Its thanks to those who are able to contribute that were able to make the podcast free for anyone to listen to. David Wallace Wells writes that by one estimate. in English and mathematics from Williams College. Americas energy independence was an illusion created by cheap debt. The SHIELD saliva-based testing is available for all ages. To keep growing, companies have to keep plowing billions back into the ground. In the Haynesville and the Utica Shales, two major natural gas plays, over half of the drilling is being done by private equity-backed companies; in the oil-rich Permian Basin, its about a quarter of the drilling. She is known for her writing on the Enron scandal and the 2008 financial crisis. The basic reason is that the amount of oil coming out of a fracked well declines steeply after the first year more than 50 percent in year two. She is a writer, known for Enron: The Smartest Guys in the Room (2005), Independent Lens (1999) and PBS NewsHour (1975). [1] It details how the financial crisis bubbled up from a volatile, and bipartisan, mixture of government meddling and laissez-faire. Which explains why ILPA wrote to Treasury Secretary Steven Mnuchin and Fed Chairman Jerome Powell last week, arguing that companies backed by private equity should be allowed to access the relief funds provided in the CARES Act. The book, which she wrote from the couple's home, puts a human face to the crisis. Coronavirus May Kill Our Fracking Fever Dream, https://www.nytimes.com/2020/04/10/opinion/sunday/coronavirus-texas-fracking-layoffs.html. The socio-economic status of individuals needing . There are several pots of federal money that the private-equity industry is lobbying to access. He and McLean previously worked together on All the Devils Are Here: The Hidden History of the Financial Crisis, about the 2008 market crash. Paying members will get access to perks like a. by Kate Aronoff, Alyssa Battistoni, Daniel Aldana Cohen, and Thea Riofrancos, and much more. Thanks to the $2 trillion bipartisan bailout bill, the industrys coronavirus losses will belong to all of us. 1 FOR PHARMACISTS PRESCRIBING PAXLOVID: This service is available in all locations, with the exception of those in New Hampshire. TDD: (800) 526-0844 Now, it has been shut off. NEW YORK (AP) Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. (This may not surprise anyone who is attempting to be productive while working in close quarters with their children.). As for Pelosi, she doesnt want to see companies backed by venture capital excluded from federal relief, given her Silicon Valley constituents. MCHD offers free COVID-19 (PCR) testing every Tuesday and Wednesday from 9am-12pm inside the McLean County Health Department building, 200 W. Front Street in downtown Bloomington, Room 400E. Then came Covid-19, and, on March 8, the sudden and vicious end to the truce between Saudi Arabia and Russia, under which both countries limited production to prop up prices. Music: Mercurias Meet Victor Rice, Carregar (Instrumental), courtesy of Total Running Time. The problem is, existing rules at the Small Business Administration, which is overseeing the program, have been widely interpretedas excludingloaning money to most mom-and-pop businesses that are controlled by large parent companiesincluding private-equity firms. Bethany McLean is a Vanity Fair contributing editor. So private equity is pushing to waive those rules, arguing that small firms should not be penalized for having been bought out by big investors. One is the so-called Paycheck Protection Program (PPP), set up to make $349 billion in government-guaranteed loans available to businesses with fewer than 500 employees. Bethany McLean, a contributing editor at Vanity Fair, is the author of "Saudi America: The Truth About Fracking and How It's Changing the World." The Times is committed to publishing a. And more! Nocera and McLean writing book on U.S. coronavirus response By The Associated Press June 24, 2020 NEW YORK (AP) Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. How exactly did the alleged illegal activity go down? Rasmussen points out that after the financial crisis in 2008, the Federal Reserve set a limit on the amount of debt it considered prudent. The title and release date have not yet been determined. Previous assignments include editor-at-large, columnist for Fortune, and a contributor to Slate . Fracking, they said, was just manufacturing, in which process and human intelligence could reduce costs and conquer geology. On Thursday's show: The job forecast for the region in 2022, lessons from the collapse of Enron, a conversation with the late Stephen Sondheim, and the best new restaurants from the past year. Contents 1 Early life and education 2 Career Jack Ewings Faster, Higher, Farther is more than the story of a scandal. COVID-19 Guidance for isolation and quarantine, COVID-19 Education and Outreach Materials Page. Bethany McLean is a Vanity Fair contributing editor. The industrys $1.5 trillion in cash on hand is also the highest on recordand more than double what it was five years ago, according to Preqin. All rights reserved. The community level of Covid-19 in McLean County is low based on cases and hospitalizations, according to the most recent update from the C.D.C. Given how much of the economy will rise and fall on the investments that private-equity funds manage, we may be forced to let them share the federal handout. These cookies are used to collect information on how users interact with Chicago Booth websites allowing us to improve the user experience and optimize our site where needed based on these interactions. Monday - Friday The Next Financial Crisis Lurks Underground, Coronavirus May Kill Our Fracking Fever Dream. McLean graduated from Hibbing High School in 1988. The promised profits havent materialized. Deaths, active cases . Policymakers who wanted to tout energy independence disregarded all this, even as investors were starting to lose patience. The key issue is the parent child problem. When wells are clustered tightly together, with so-called child wells drilled around the parent, the wells interfere with one another, resulting in less oil, not more. The typical fee structure in private equity is the so-called 2 and 20, which means that a fund collects a fee of 2% of the total assets it manages, as well as 20% of any gains on its investments after a certain return is achieved. NEW YORK (AP) Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. Sign up for our daily Hive newsletter and never miss a story. So the era of low interest rates, which began with former Federal Reserve chairman Alan Greenspan and continues to this day, has been a huge boon to private-equity firms. Driven partly by public pensions, the private-equity industry has mushroomed. Otherwise, the ILPA warned in a previous letter, there would be significant harm not only to employees that see their hours reduced or jobs eliminated, but also significantly reduced returns to the institutions providing retirement security through pensions, insurance policies and other investments that serve hundreds of thousands of Americans. To make matters worse, ILPA added, provisions in many private-equity investments allow private-equity firms to make additional capital calls when times are tough. Ad Choices. In each of the past four years, according to data-provider Preqin, private-capital managers raised over $500 billion of new money to invest. Latest trends. Unlike venture capitalists, who provide start-up funds to new companies, private-equity firms generally take over existing businesses, usually by borrowing large sums of money. Dec 2020 - Apr 20221 year 5 months. We asked three experts two immunologists and an epidemiologist to weigh in on this and some of the hundreds of other, Thats a difficult question to answer definitely, writes the Opinion columnist Zeynep Tufekci, because of the lack of. Check out the full Hot & Bothered archive here. NEW YORK Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. In 2019, the American Investment Council (AIC), a lobbying group which represents private-equity giants like Blackstone, the Carlyle Group, Apollo Global Management, and KKR, declared that in order to continue to provide the benefits they guarantee, pensions must continue to invest in private equity.. In the Season One finale of Making A Killing, Bethany brings back her friend, colleague and co-author Joe Nocera (Bloomberg Opinion columnist and creator of The Shrink Next Door podcast) to bookend the season with a lively analysis of the former head of Nissan Motor Co. and Renault S.A., Carlos Ghosn. All rights reserved. Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram. [10][11] Has its bubble finally burst? According to the CARES Act, companies can only receive loans from the Small Business Administration if they commit to preserving jobs. As early as 2018, some investors had begun to tell companies that they wanted to see free cash flow, and that they were tired of compensation models that rewarded executives with rich paydays for increasing production, but failed to take profits into account. Whats more, the Milken Institute reported, even by mid-2018, private equity owned more companies than the number of businesses listed on all of the U.S. stock exchanges combined, and have accounted for a more significant source of financing than initial public offerings in many recent years. Bethany McLean is a Vanity Fair contributing editor. The active outbreak list is intended to inform the public of the current COVID-19 outbreaks in Los Angeles County. Coronavirus outbreaks were reported by the Merced County Department of Public Health at New Bethany Residential Care retirement home in Los Banos and Dutch Bros Coffee. Months into the outbreak, no one really knows how well many of the screening tests work, and experts at top medical centers say it is time to do the studies to find out. [7][8] The Washington Post selected it as one of the best nonfiction books of 2015. As a subscriber, you have 10 gift articles to give each month. Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. Ad Choices. Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. In reality, the dream was always an illusion, and its collapse was already underway. Colombias Amazing Race to Build a $1,000 Ventilator Frontline Doctors Race to Learn the Mysteries of Coronavirus How Dr. Anthony Faucis Media Strategy Is Revolutionizing Coronavirus Messaging Can Americas Crowd-Driven Spectacles Return for the Fall Season? From the Archive: Following the Psychological Contagion That Fed the 2014 Ebola Outbreak. On the other hand, Democrats, including House Speaker Nancy Pelosi and powerful Representative Maxine Waters, have weighed in loudlyon the industrys behalf. She resides in Chicago with her children. Because rules for access to this money werent specified in the CARES Act, as ILPA notes, the executive branch will have a fair amount of discretion over who gets access to the moneyand private-equity firms want to take full advantage of that opening. McLean is a contributing editor at Vanity Fair and co-author of the Enron book The Smartest Guys in the Room. Nocera is a columnist for Bloomberg Opinion and co-author of Indentured, about the NCAA. To revist this article, visit My Profile, then View saved stories. As a result, the stocks that make up the S.&P. No food or drink for one hour prior to testing. Her two books are the The Smartest Guys in the Room: The Amazing. Bethany McLean is a journalist and contributing editor for Vanity Fair. Hours Fractivism: Corporate Bodies and Chemical Bonds, A Moderate Proposal: Nationalize The Fossil Fuel Industry, https://media.blubrry.com/belabored/dissentmagazine.org/mp3/24HotBothered.mp3. Exclusive: Inside the S--tshow That Was the Trump-Biden Transition. She has been married to Sean Murray Berkowitz since May 2008. The title and release date have not yet been determined. They have two children. All thats left to tally is the damage. Paying members will get access to perks like a monthly happy hour with Kate, Daniel, and friends, a free ebook of A Planet to Win: Why We Need a Green New Deal by Kate Aronoff, Alyssa Battistoni, Daniel Aldana Cohen, and Thea Riofrancos, and much more. Increasingly desperate to boost the portfolios of retiring workers, they too turned to private equity as their saviorurged on by private equitys promises that it alone could deliver the necessary returns. The 42 Best Romantic Comedies of All Time, The 25 Best Shows on Netflix to Watch Right Now. But it doesnt have to be a blank check. Get COVID-19 vaccine updates from the CDC. BLOOMINGTON A total of 208 new COVID-19 cases have been reported by the McLean County Health Department from Jan. 27 through Friday. Thats because one big source of funding didnt dry up: private equity. A hydraulic fracturing site in Denton, Texas. Moodys, the rating agency, said that in the third quarter of 2019, 91 percent of defaulted U.S. corporate debt was due to oil and gas companies. This is late 80s bad, a close observer of the industry says. On March 9, the price of oil plunged by almost a third, its steepest one-day drop in almost 30 years. If you need help with the Public File, call 540-512-1558. If you need help with the Public File, call (713) 778-4745. Americas energy independence was built on an industry that is the very definition of dependent dependent on investors to keeping pouring billions upon billions in capital into money-losing companies to fund their drilling. In April, the Energy Information Administration cut its forecast for U.S. oil production, estimating that it will fall both this year and next suggesting that the days of huge growth in production from shale are over. FILE - In this Friday, June 12, 2020 file photo, a nurse uses a swab to perform a coronavirus test in Salt Lake City. Joe Nocera is a journalist and column writer for Dealbook. Stopping that will require a creative effort to increase and sustain high levels of vaccination. Workers monitoring a hydraulic fracturing operation near Wink, Texas. The book was later made into the Academy Award-nominated documentary Enron: The Smartest Guys in the Room. Portfolio, a Penguin Random House imprint, announced Wednesday that the two had reached an agreement for a news-breaking, character-driven narrative revealing the forces that rendered critical American institutions ill-equipped to cope with the deadliest pandemic since the 1918 Spanish flu and the economic consequences of that failure.The title and release date have not yet been determined. Traders last year at the New York Stock Exchange near the post that trades Anadarko Petroleum and Occidental Petroleum. The man who shot his girlfriend and five relatives at a birthday celebration had "control issues". Mnuchin is a former Goldman Sachs executive and hedge fund guy; Blackstones Schwarzman has ties to Trump; Jared Kushners family business has gotten loans from Apollo, according to the Washington Post. In a January 4 opinion piece for the New York Times, Bethany McLean had this to say about the outcome of the Elizabeth Holmes trial: "A jury's verdict is black-and-white, but the real story is . In 2019, Oxy, as its known, topped a competing bid from Chevron and paid $38 billion to take over Anadarko Petroleum, which is one of the major shale companies. Like the big banks in 2008, private equity is holding us all hostage. After nearly bringing down the economy in 2008, how is it possible that Fannie Mae and Freddie Mac are still around? In this episode, McLeanwho has tracked the industrys shaky footing for yearstraces the ups and downs of the industry from the 1970s to 2008 to today, and assesses whether a new recession will speed the transition away from fossil fuelsor hand oil barons a life raft. By Bess Levin . The immunobiologist Akiko Iwasakiwrites that new vaccines, particular those delivered through the nose, may be part of the answer. The private-equity industry also wants the companies they have invested in to have access to the $454 billion being doled out through the Treasury, an amount that the Fed said could be leveraged into over $2 trillion. The industrys total assets under management have hit a record $4.1 trillion. Private equity, of course, came of age in the 1980s, when greed was good and private-equity titans like KKRs Henry Kravis first burst into the limelight by taking over famed American manufacturers like RJR Nabisco. Well continue to work with the administration and Congress to request that federal programs support all businesses, regardless of ownership structure, and their workers, says the AICs CEO, Drew Maloney. Novavax Inc said on Thursday it would require six months to produce a COVID-19 vaccine designed to match whichever coronavirus variants are circulating for an annual immunization program each fall . To revisit this article, select My Account, thenView saved stories. Veuer's Tony Spitz has the details. Previous to her current roles, McLean was an editor-at-large at Fortune Magazine. Pension funds that have poured money into private equity firms may take a hit soon, too. Restaurants and hotels owned by big chains have already received exemptions granting them access to the relief funds, regardless of how many people their parent companies employ. Blackstones Schwarzman has ties to Trump. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. Free COVID-19 testing is available at the McLean County Health Department from 9 a.m. to noon every Tuesday and Wednesday in Room 400E of the MCHD building at 200 W. Front St. in Bloomington. McLean is a contributing editor at Vanity Fair and co-author of the Enron book The Smartest Guys in the Room. Nocera is a columnist for Bloomberg Opinion and co-author of Indentured, about the NCAA. Dylan Hollingsworth for The New York Times. On March 10, the company announced that it would slash its dividend for the first time since the early 1990s, when Saddam Husseins invasion of Kuwait sent oil prices plummeting. If private equity is handed billions in taxpayer money, it could use some of it to pay themselves hefty fees today, then pocket even more of it down the road, when they sell their portfolio companies and collect their 20% of the taxpayer-enabled gains. [12], McLean married Chris Wilford in 2000 and divorced in 2006. These firms not only have a record $1.5 trillion in cash on the sidelines, waiting to be invested, but their CEOs are among Americas richest executives. [4], In 2005, McLean got into a spat with then-CEO of Overstock.com Patrick M. Byrne after she wrote a negative article about Overstock and him.[5][6]. In the first half of 2019, when oil was around $55 a barrel, only a few top-tier companies were profitable. Wed like to hear what you think about this or any of our articles. Even before the coronavirus crisis, the spigot was drying up. Seventy-one members of the Bethany Slavic Missionary Church near Rancho Cordova or people associated with congregation members have been afflicted with the virus, county officials say, making. . A loophole in the tax code currently allows private-equity financiers to pay taxes on their returns at the lower rate for capital gains, rather than the higher rate for personal income. But among those angling for a federal handout is one of the wealthiest sectors of the American economy: private equity. Bethany McLean was born on 12 December 1970 in Hibbing, Minnesota, USA. This material may not be published, broadcast, rewritten or redistributed without permission. We really need Trump to do something or hes going to lose all the energy states in this election, Mr. Sheffield told CNBC in late March. She was previously married to Christopher Roberts Wilford. That means public pensions might be forced to dump their holdings in public-backed investments to provide private-equity firms with emergency casha move that could depress the stock market even further. Nocera is a columnist for Bloomberg Opinion and co-author of Indentured, about the NCAA. (AP Photo/Rick Bowmer), (Rick Bowmer, Copyright 2020 The Associated Press. More than 100,000 people already have died in this country from the virus. 8:00 a.m. - 4:30 p.m. 200 W Front StreetBloomington, IL 61701Phone: (309) 888-5450 HoursMonday - Friday8 a.m. - 4:30 p.m. - Manage notification subscriptions, save form progress and more. Looking for more? Bethany College will continue to adapt and collaborate as needed to encourage vaccines and boosters for staff and students. So if Blackstones investments crater, the teachers, firefighters, and health care workers who are counting on those investments to generate the returns necessary to pay their pensions will suffer. The big banks emerged from the financial crisis victorious, but also subject to a host of new regulations designed to reduce leverage and stabilize the economy. Its essential that we do the same today. There were rumblings that shale companies would seek a federal lifeline. January 2022 was the month with the highest average cases, while November 2020 was the month with the highest . 2023 Cond Nast. In September 2015, she published Shaky Ground: The Strange Saga of the U.S. Mortgage Giants which examines the governance and financial situation of Fannie Mae and Freddie Mac seven years after the 2008 financial crisis. David Wallace Wells writes that by one estimate, 100,000 Americans could die each yearfrom the coronavirus. By early 2019, America was the worlds largest producer of crude oil, surpassing both Saudi Arabia and Russia. Tens of thousands of Texans are being laid off in the Permian Basin and other parts of the state, and the whole industry is bracing for worse. Following the trail of evidence, Louisiana Senator: Our Maternal Death Rates Are Only Bad If You Count Black Women, If you correct our population for race, were not as much of an outlier as itdotherwise appear..