Bethany Mclean - KPRC 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. McLean is a contributing editor at Vanity Fair and co-author of the Enron book The Smartest Guys in the Room. The title and release date have not yet been determined. 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. It is absolutely imperative, Waters recently wrote in support of private equity, that the reliefbe extended to protect all workers, irrespective of the affiliations of their employers. Translation: Workers shouldnt suffer just because their bosses sold a controlling stake in their businesses to a bunch of greedy fat cats. COVID-19 Locations & Demographics - LA County Department of Public Health The Big Fail - by Joe Nocera & Bethany McLean (Hardcover) Bethany McLean was born on 12 December 1970 in Hibbing, Minnesota, USA. After nearly bringing down the economy in 2008, how is it possible that Fannie Mae and Freddie Mac are still around? Bethany Lee McLean (born December 12, 1970) is an American journalist and contributing editor for Vanity Fair magazine. 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. Thats because oil fracking has never been financially viable. today. 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. 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. He and McLean previously worked together on All the Devils Are Here: The Hidden History of the Financial Crisis, about the 2008 market crash. 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.. Private equity financiers typically get a 2 percent management fee on funds they can raise, so they are incentivized to take all the money that pension funds, desperate for returns to shore up their promises to retirees, have been willing to give them. Bill White wants to restore Americas historical proclivity for balanced budgets. Its a rich history of a company, and a case study in how a corporate culture can turn toxic. 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.. According to the Institutional Limited Partners Association. One of the key principles behind private equity is that increased leverageaka more debtcan make a business function more efficiently. David Wallace Wells writes that by one estimate. Nocera is a columnist for Bloomberg Opinion and co-author of Indentured, about the NCAA. More than 100,000 people already have died in this country from the virus. Regarding another ongoing Covid danger, that of reinfections, a virologist sets the record straight: There has yet to be a variant that negates the benefits of vaccines.. According to Dan Rasmussen, the founder of Verdad Advisers, private-equity firms typically double the amount of debt relative to profits on a companys balance sheet. When will the pandemic end? The technology of fracking in shale rock - particularly in the Permian Basin in Texas - has transformed America into the world's top producer of both oil and natural gas. Investors in the equity of these companies have already seen the value of their holdings decimated. There are several pots of federal money that the private-equity industry is lobbying to access. Manage all aspects of the daily operation for Ham Conversion, processing up to 1.5 million lbs/day . And more! Yet an exemption for the private-equity industry did not make its way into the CARES Act; according to Bloomberg, Senate Majority Leader Mitch McConnell is trying to pass a $250 billion boost to the PPPwithout provisions opening it to private-equity-backed companies. 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 . I dont think any of us can really believe what we saw today, one industry analyst told AP. Contents 1 Early life and education 2 Career in English and mathematics from Williams College. Some of it may be on bank balance sheets. Sign up for our daily Hive newsletter and never miss a story. Best-selling author Bethany McLean reveals the true story of fracking's impact - on Wall Street, the economy, and geopolitics. 1. 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. Anyone can read what you share. Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram. By Bethany McLean Coronavirus May Kill Our Fracking Fever Dream America's energy independence was an illusion created by cheap debt. The value of West Texas Intermediate crude, a U.S. benchmark, dipped below zero for a few hourstrading as low as negative $40 a barrel. (AP Photo/Rick Bowmer), (Rick Bowmer, Copyright 2020 The Associated Press. The politics dictating whether the private-equity industry will get its wishes are surprising. As a result, private equity is now wound into the very fabric of our economy. 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. 71 members of Sacramento, California church have coronavirus | The More than 100,000 people already have died in this country from the virus. 1 FOR PHARMACISTS PRESCRIBING PAXLOVID: This service is available in all locations, with the exception of those in New Hampshire. She is known for her writing on the Enron scandal and the 2008 financial crisis. 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. 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. All we know for sure is that fracking company executives and private equity financiers have made a fortune by touting the myth of energy independence and they wont be the ones who have to pick up the pieces., Bethany McLean, a contributing editor at Vanity Fair, is the author of Saudi America: The Truth About Fracking and How Its Changing the World.. NEW YORK Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. The industry also quietly helps itself to yet more money by having portfolio companies pay fees for consulting and financing services provided by, of course, their private-equity backers. Bethany McLean is a Vanity Fair contributing editor. Click here to take a moment and familiarize yourself with our Community Guidelines. 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. Previous assignments include editor-at-large, columnist for Fortune, and a contributor to Slate. Covid-19 Information - Bethany College Music: Mercurias Meet Victor Rice, Carregar (Instrumental), courtesy of Total Running Time. Nursing home COVID-19 outbreak reported in Merced County, CA | Merced Mortgages should be used to buy homes, not for refinancing. All the Devils Are Here: The Hidden History of the Financial Crisis is a nonfiction book by authors Bethany McLean and Joseph Nocera about the 2008 financial crisis. Unfortunately, there isnt really an alternative to providing private equity with federal funds. Its essential that we do the same today. On April 20, oil prices did something theyve never done before. We could go even further. All rights reserved. Bethany McLean - Wikipedia Check out the full Hot & Bothered archive here. What could endemic Covid look like? Bethany McLean. [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]. She co-authored a book on the 2008 financial crisis titled All the Devils Are Here. Bethany McLean | Chicago Booth Review 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. 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. Its thanks to those who are able to contribute that were able to make the podcast free for anyone to listen to. By early 2019, America was the worlds largest producer of crude oil, surpassing both Saudi Arabia and Russia. You can see how all of this is playing out by looking at Occidental Petroleum. We asked three experts two immunologists and an epidemiologist to weigh in on this and some of the hundreds of other questions weve gathered from readers recently, including how to make sense of booster and test timing, recommendations for children, whether getting covid is just inevitable and other pressing queries. Saudi America by Bethany McLean - Audiobook - Audible.com Whiting Petroleum, whose stock once traded for $150 a share, filed for bankruptcy. Bethany McLean - The New York Times The Wuhan Institute of Virology, the cutting-edge . The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. The Wuhan Institute of Virology, the cutting-edge biotech facility at the center of swirling suspicions about the pandemics onset, was far more troubled than previously known, explosive documents unearthed by a Senate research team reveal. Copyright 2020 The Associated Press. What the Theranos trial says about the blurred lines between visionaries and frauds. McLean is a contributing editor at Vanity Fair and co-author of the Enron book "The Smartest Guys in the Room." Nocera. Looking for more? 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. Occidental is just one piece of the puzzle. 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. Making a Killing with Bethany McLean on Apple Podcasts Bethany McLean Latest Articles | Vanity Fair 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. It once seemed utterly unattainable until the advent of fracking, which unleashed a torrent of oil. As a subscriber, you have 10 gift articles to give each month. The immunobiologist Akiko Iwasakiwrites that new vaccines, particular those delivered through the nose, may be part of the answer. Its still unclear where most of this debt is held. Copyright 2023 WSLS.com is managed by Graham Digital and published by Graham Media Group, a division of Graham Holdings. Its thanks to those who are able to contribute that were able to make the podcast free for anyone to listen to. Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. If you need help with the Public File, call 540-512-1558. McLean County reports 182 new COVID cases - pantagraph.com 500 energy sector fell 20 percent, marking the sectors largest drop on record. The half decade from 2013 to 2018 saw the most private-equity deals over any five-year period in American history. 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. Recent and archived work by Bethany McLean for The New York Times. 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. 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 . Never mind that they often overpaid for the companies they acquired, and loaded them up with so much debt that even a mild economic downturn could make it nearly impossible for those companies to repay their loans, as Fortune put it. [10][11] [citation needed], She authored an article on Enron for the March 5, 2001, issue of Fortune entitled, "Is Enron Overpriced? In each of the past four years, according to data-provider Preqin, private-capital managers raised over $500 billion of new money to invest. 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. Nocera and McLean writing book on U.S. coronavirus response McLean graduated from Hibbing High School in 1988. 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. Bethany McLean is a Vanity Fair contributing editor. McLean started her career as an investment banking analyst for Goldman Sachs[2] and joined Vanity Fair as a contributing editor in 2008. 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. If private equity suffers, the blow will reverberate throughout the entire economy. To keep growing, companies have to keep plowing billions back into the ground. She was previously married to Christopher Roberts Wilford. 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. Create a Website Account - Manage notification subscriptions, save form progress and more. She is also a columnist at Yahoo Finance and a contributor to CNBC. (Many of the companies owned by mammoth private-equity firms like Blackstone are too big on their own to qualify for this bucket of money.). 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. How concerning are things like long covid and reinfections? 2023 Cond Nast. More than 100,000 people already have died in this country from the virus. Business and Society Lecture features journalist Bethany McLean
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