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. COVID-19 Origins: Investigating a "Complex and Grave Situation" Inside a Wuhan Lab. Smithfield Foods. Stopping that will require a creative effort to increase and sustain high levels of vaccination. Bethany McLean | Chicago Booth Review McLean was born in Hibbing, Minnesota on December 12, 1970. And President Trump reveled in the rhetoric: We hadnt merely achieved independence, his administration said, but rather energy dominance.. 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. Previous assignments include editor-at-large, columnist for Fortune, and a contributor to Slate. 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. [7][8] The Washington Post selected it as one of the best nonfiction books of 2015. Its still unclear where most of this debt is held. According to the CARES Act, companies can only receive loans from the Small Business Administration if they commit to preserving jobs. Copyright 2023 Click2Houston.com is managed by Graham Digital and published by Graham Media Group, a division of Graham Holdings. Certainly, President Trump, who has staked so much on the American shale industry, wants to save it. The taxpayer handouts will also help private equity continue its relentless march through the global economy, snapping up troubled companies at bargain prices or extending high-priced credit as other investors, including hedge funds, are forced to sell off their holdings in the post-corona landscape. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. She has co-authored multiple bestselling books, including The Smartest Guys in the Room and All the Devils Are Here. Nocera and McLean writing book on U.S. coronavirus response We need private equity, we need more of it, and we need it now, chief investment officer Ben Meng said in early 2019right before CalPERS hired a former private-equity guy, who began his career at Goldman Sachs, to head its private-equity efforts. In each of the past four years, according to data-provider Preqin, private-capital managers raised over $500 billion of new money to invest. Private-equity managers won the financial crisis, as Bloomberg put it last fall. Sign up for our daily Hive newsletter and never miss a story. Previous assignments include editor-at-large, columnist for Fortune, and a contributor to Slate . Jack Ewings Faster, Higher, Farther is more than the story of a scandal. All thats left to tally is the environmental and financial damage. 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. 208 new COVID cases reported in McLean County The socio-economic status of individuals needing . Investors in the equity of these companies have already seen the value of their holdings decimated. (AP Photo/Rick Bowmer), Connect with the definitive source for global and local news. Even before the coronavirus crisis, the spigot was drying up. 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. FILE - In this Friday, June 12, 2020 file photo, a nurse uses a swab to perform a coronavirus test in Salt Lake City. Bethany McLean is a journalist and contributing editor for Vanity Fair. If you like the episode and want to hear more, sign up as a monthly member at patreon.com/hotbotheredclimate today. Bethany McLean - IMDb Elizabeth Holmes Was Found Guilty, But Was She Fundamentally - Forbes . All the Devils Are Here - Wikipedia [12], McLean married Chris Wilford in 2000 and divorced in 2006. Anyone can read what you share. Veuer's Tony Spitz has the details. Paying members will get access to perks like a. by Kate Aronoff, Alyssa Battistoni, Daniel Aldana Cohen, and Thea Riofrancos, and much more. Ad Choices. All rights reserved. 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. 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. This location, as with the other County contracted medical sheltering sites, will accept individuals from the local community that are referred through DPH. Getting the government out of the housing market would mean saying goodbye to the 30-year mortgage. On April 20, oil prices did something theyve never done before. Bethany Lee McLean (born December 12, 1970) is an American journalist and contributing editor for Vanity Fair magazine. She is known for her writing on the Enron scandal and the 2008 financial crisis. All information these cookies collect is aggregated and therefore anonymous . The fear, of course, is that private equity will do what private equity does best, which is pocket the money themselves rather than devoting it to the businesses theyve invested in. After the United States engaged in a high-stakes negotiation with Russia and Saudi Arabia to curtail production, a tentative deal was struck on Thursday. Saudi America by Bethany McLean - Audiobook - Audible.com [17], Last edited on 21 November 2022, at 20:31, "Hibbing grad warns of economic crisis below ground", "What Working At Goldman Sachs Taught Legendary Business Journalist Bethany McLean", "Meet Patrick Byrne: Bitcoin Messiah, CEO of Overstock, Scourge of Wall Street", "BYRNE'S HOT MAIL; OVERSTOCK CHIEF'S TEMPER ERUPTS IN MESSAGES", Financial System's Top Risk, Hiding in Plain Sight, "U.S. mortgage giants under the microscope", "Loughlin, Giannulli lawyer is prosecutors' 'worst nightmare', "Q & A with Bethany McLean, Author of 'All the Devils Are Here', "Enron tale author Bethany McLean has a new book she wrote from her Chicago home", https://en.wikipedia.org/w/index.php?title=Bethany_McLean&oldid=1123096713, This page was last edited on 21 November 2022, at 20:31. What could endemic Covid look like? Nocera and McLean writing book on U.S. coronavirus response 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. This week, Ms. McLean begins promoting her new book, "All the Devils are Here," about the current financial crisis. It once seemed utterly unattainable until the advent of fracking, which unleashed a torrent of oil. 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. Ms. McLean is the author of Saudi America: The Truth About Fracking and How Its Changing the World., Ever since the oil shocks of the 1970s, the idea of energy independence, which in its grandest incarnation meant freedom from the worlds oil-rich trouble spots, has been a dream for Democrats and Republicans alike. Dont hesitate: sign up on Patreon today. Bethany McLean is a contributing editor at Vanity Fair and the author of "Saudi America: The Truth About Fracking and How It's Changing the World." The Power Law Venture Capital and the . This kind of rewrites the economics of oil trading.. Was Tiffany involved? Bethany McLean - The New York Times This week, Kate and Daniel talk to Bethany McLean, author most recently of Saudi America: The Truth about Fracking and How Its Changing the World as well as the bestselling The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron, with Peter Elkind. Like the big banks in 2008, private equity is holding us all hostage. Are Crude Oil & Natural Gas Prices Linked? Portfolio, a Penguin Random House imprint . David Wallace Wells writes that by one estimate, 100,000 Americans could die each yearfrom the coronavirus. COVID-19 in McLean County for the week ending 3-3-23 - New Cases (2-23-23 to 3-1-23):129; New Hospitalizations (2-22-23 to 2-28-23):10 ; McLean Countys COVID-19 Community Level is LOW: When Community Level is LOW: Stay up to date on vaccinations, Get tested if you have symptoms. The total number of . Actually, no. The active outbreak list is intended to inform the public of the current COVID-19 outbreaks in Los Angeles County. 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. NEW YORK Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. 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. By Patrick Semansky/AP Photo (Mnuchin); By Mark Wilson (Pelosi), Jason Alden (Shwarzman), Patrick T. Fallon/Bloomberg (Black), by Johannes EISELE/AFP (stocks), by Christina Horsten (tents), by John Nacion (ambulance); All from Getty Images. 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 . More than 100,000 people already have died in this country from the virus. McLean is a contributing editor at Vanity Fair and co-author of the Enron book The Smartest Guys in the Room. 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.. Covid-19 Information - Bethany College Whiting Petroleum, whose stock once traded for $150 a share, filed for bankruptcy. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. There are several pots of federal money that the private-equity industry is lobbying to access. She has been married to Sean Murray Berkowitz since May 2008. (AP Photo/Rick Bowmer), (Rick Bowmer, Copyright 2020 The Associated Press. By Bess Levin . Ad Choices. Click here to take a moment and familiarize yourself with our Community Guidelines. If you need help with the Public File, call (713) 778-4745. [16] McLean resides in Chicago with her children. On the other hand, Democrats, including House Speaker Nancy Pelosi and powerful Representative Maxine Waters, have weighed in loudlyon the industrys behalf. When will the pandemic end? 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. Thats because some of the major investors in private-equity funds are public pension plans; at Blackstone, roughly one-third of the firms money comes from retirement plans set up to provide for over 30 million working-class Americans, according to someone with knowledge of its portfolio. FILE - In this Friday, June 12, 2020 file photo, a nurse uses a swab to perform a coronavirus test in Salt Lake City. The SHIELD saliva-based testing is available for all ages. Nocera is a columnist for Bloomberg Opinion and co-author of Indentured, about the NCAA. As a result, the stocks that make up the S.&P. McLean started her career as an investment banking analyst for Goldman Sachs[2] and joined Vanity Fair as a contributing editor in 2008. Infuriatingly enough, the financial crisis in 2008 might even have saved private-equity firms from their sins. She co-authored a book on the 2008 financial crisis titled All the Devils Are Here. 1. Investors were willing to do this only as long as oil prices, which are not under Americas control, were high and when they believed that one day, profits would materialize. Coronavirus Resource Center: Testing and Vaccine Updates - CVS In early 2015, the hedge fund manager David Einhorn announced at an investment conference that he had looked at the financial statements of 16 publicly traded shale producers and found that from 2006 to 2014, they spent $80 billion more than they received from selling oil. More than 100,000 people already have died in this country from the virus. Bethany McLean Latest Articles | Vanity Fair Here are some tips. 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. 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.