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McLean started her career as an investment banking analyst for Goldman Sachs[2] and joined Vanity Fair as a contributing editor in 2008. 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 Next Financial Crisis Lurks Underground (Bethany McLean, New York Times), Coronavirus May Kill Our Fracking Fever Dream (Bethany McLean, New York Times), Are Crude Oil & Natural Gas Prices Linked? 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. 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. All rights reserved. The promised profits havent materialized. Bethany Lee McLean (born December 12, 1970) is an American journalist and contributing editor for Vanity Fair magazine. But that didnt seem to matter, because low interest rates facilitated private equity in another way. McLean graduated from Hibbing High School in 1988. 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 politics dictating whether the private-equity industry will get its wishes are surprising. Its essential that we do the same today. Stopping that will require a creative effort to increase and sustain high levels of vaccination. 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. The man who shot his girlfriend and five relatives at a birthday celebration had "control issues". In reality, the dream was always an illusion, and its collapse was already underway. . Bethany McLean Latest Articles | Vanity Fair A college student in Indiana died in her dorm room after testing positive for the coronavirus, school officials and her family said. Has its bubble finally burst? 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. If you need help with the Public File, call 540-512-1558. On the surface, it appears that two unforeseeable and random shocks are threatening our dream. As a result, fracking stocks badly underperformed the market. How Screwed Are Donald Trump and His Adult Children, and Other Questions You Might Have About the Staggering Fraud Lawsuit Against Them. At least 1 in 303 residents have died from the coronavirus, a total of 2,512 deaths. 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. How concerning are things like long covid and reinfections? This location, as with the other County contracted medical sheltering sites, will accept individuals from the local community that are referred through DPH. Americas energy independence was an illusion created by cheap debt. She is known for her writing on the Enron scandal and the 2008 financial crisis. Dec 2020 - Apr 20221 year 5 months. 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. 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. All thats left to tally is the damage. Not only should taxpayer funds not be used to pay management or consulting firms, she says, but companies that take the money should also, for instance, be required to include workers on their corporate boards and gradually increase their minimum wage to at least $15 an hour. Like the big banks in 2008, private equity is holding us all hostage. COVID-19 Origins: Investigating a "Complex and Grave Situation" Inside a Wuhan Lab. Driven partly by public pensions, the private-equity industry has mushroomed. As a group of scientists who study virusesexplains, Theres no reason, at least biologically, that the virus wont continue to evolve.From a different angle, the science writer David Quammen surveys some of the highly effective tools and techniques that are now available for studying Covid and other viruses, but notes that such knowledge alone wont blunt the danger. The Wuhan Institute of Virology, the cutting-edge . The title and release date have not yet been determined. On April 20, oil prices did something theyve never done before. 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.. Bethany McLean | Chicago Booth Review She resides in Chicago with her children. Previous assignments include editor-at-large, columnist for Fortune, and a contributor to Slate . 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. Blame Congress for the meltdown, not Goldman Sachs. [13][14][15] They divorced in 2020. In the first half of 2019, when oil was around $55 a barrel, only a few top-tier companies were profitable. Investors in the equity of these companies have already seen the value of their holdings decimated. Bethany McLean is a Vanity Fair contributing editor. 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. on March 2.Read more about the C.D.C . Certainly, President Trump, who has staked so much on the American shale industry, wants to save it. The True Story of the Comey Letter Debacle | Vanity Fair 71 members of Sacramento, California church have coronavirus | The Everything You Know About Martin Shkreli Is Wrongor Is It? McLean County reports 182 new COVID cases - pantagraph.com (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.). By signing up you agree to our User Agreement and Privacy Policy & Cookie Statement. Too Big to Fail, COVID-19 Edition: How Private Equity Is Winning the But with super-low interest rates, investors in search of yield were still willing to buy debt. "Dow 36,000" co-authors stand by book's premise. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. 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. 500 energy sector fell 20 percent, marking the sectors largest drop on record. Its still unclear where most of this debt is held. Click here to take a moment and familiarize yourself with our Community Guidelines. FILE - In this Friday, June 12, 2020 file photo, a nurse uses a swab to perform a coronavirus test in Salt Lake City. The socio-economic status of individuals needing . 2 FOR DRIVE-THRU TESTING RESULTS: Lab samples are sent to an off-site laboratory and results may take 1 to 2 days or even longer in some instances or in times of peak demand. On March 9, the price of oil plunged by almost a third, its steepest one-day drop in almost 30 years. Bill White wants to restore Americas historical proclivity for balanced budgets. This week, Kate and Daniel talk to Bethany McLean, author most recently of Saudi America: The Truth about Fracking and How It's 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. 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. He and McLean previously worked together on All the Devils Are Here: The Hidden History of the Financial Crisis, about the 2008 market crash. Some of it may be on bank balance sheets. A hydraulic fracturing site in Denton, Texas. 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. 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. In the five years ending in April, there were 215 bankruptcies for oil and gas companies, involving $130 billion in debt, according to the law firm Haynes and Boone. More than 100,000 people already have died in this country from the virus. The title and release date have not yet been determined. 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.. Dont hesitate: sign up on Patreon today. Making a Killing with Bethany McLean on Apple Podcasts Almost everything thats happened since 2008 has tilted in their favor. 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. 2023 Cond Nast. They subprimed the American energy ecosystem, says a longtime energy market observer. 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. He and McLean previously worked together on All the Devils Are Here: The Hidden History of the Financial Crisis, about the 2008 market crash. Nocera and McLean writing book on U.S. coronavirus response More than 100,000 people already have died in this country from the virus. Recent and archived work by Bethany McLean for The New York Times. Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram. Hot & Bothered: Has the Fracking Bubble Finally Burst? with Bethany McLean 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. Bethany McLean - Operations Manager - Smithfield Foods - LinkedIn Music: Mercurias Meet Victor Rice, Carregar (Instrumental), courtesy of Total Running Time. Contents 1 Early life and education 2 Career In each of the past four years, according to data-provider Preqin, private-capital managers raised over $500 billion of new money to invest. She has suggestions for how to approach the problem. The Times is committed to publishing a diversity of letters to the editor. 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. Bethany McLean: The Truth about Fracking and How It's Changing - Yahoo! The industrys boosters argue that technological gains, such as drilling ever bigger wells, and clustering wells more tightly together to reduce the cost of moving equipment, eventually would lead to a gusher of profits. As a result, the stocks that make up the S.&P. Hot & Bothered is produced by Colin Kinniburgh. 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. Smithfield Foods. Bethany McLean is a Vanity Fair contributing editor. The Next Financial Crisis Lurks Underground, Coronavirus May Kill Our Fracking Fever Dream. 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. Are Crude Oil & Natural Gas Prices Linked? Actually, no. All thats left to tally is the damage. The 42 Best Romantic Comedies of All Time, The 25 Best Shows on Netflix to Watch Right Now. Nursing home COVID-19 outbreak reported in Merced County, CA | Merced Thats a difficult question to answer definitely, writes the Opinion columnist Zeynep Tufekci, because of the lack of adequate research and support for sufferers, as well as confusion about what the condition even is. Bethany McLean - The New York Times More than 100,000 people already have died in this country from the virus. David Wallace Wells writes that by one estimate, 100,000 Americans could die each yearfrom the coronavirus. 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. 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. COVID-19: Medical Sheltering at the Bell Gardens Quality Inn and Suites Bethany McLean was born on 12 December 1970 in Hibbing, Minnesota, USA. If you need help with the Public File, call (713) 778-4745. And more! Book review of The Power LawVenture Capital and the Making of the New All the Devils Are Here - Wikipedia COVID-19 Guidance for isolation and quarantine, COVID-19 Education and Outreach Materials Page. 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. Copyright 2020 The Associated Press. How will the virus continue to change? Paying members will get access to perks like a. by Kate Aronoff, Alyssa Battistoni, Daniel Aldana Cohen, and Thea Riofrancos, and much more. To revisit this article, visit My Profile, thenView saved stories. To revisit this article, select My Account, thenView saved stories. 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. Until the capital markets began to get suspicious, private equity investors could flip companies they had funded to larger, public companies, making a profitable exit regardless of whether or not the underlying business was making money. Coronavirus Resource Center: Testing and Vaccine Updates - CVS All rights reserved). 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. This is late 80s bad, a close observer of the industry says. She was previously married to Christopher Roberts Wilford. 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.. North Dakota Coronavirus Map and Case Count - The New York Times 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. Occidental is just one piece of the puzzle. FILE - In this Friday, June 12, 2020 file photo, a nurse uses a swab to perform a coronavirus test in Salt Lake City. Daily updates from Washington, Wall Street, and Silicon Valley. Bethany Nesbitt, 20, was found dead in a residence hall at. 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. And heres our email: letters@nytimes.com. NEW YORK Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. But among those angling for a federal handout is one of the wealthiest sectors of the American economy: private equity. Portfolio, a Penguin Random House imprint . She has been married to Sean Murray Berkowitz since May 2008. Unfortunately, there isnt really an alternative to providing private equity with federal funds. BLOOMINGTON A total of 208 new COVID-19 cases have been reported by the McLean County Health Department from Jan. 27 through Friday. This week, Ms. McLean begins promoting her new book, "All the Devils are Here," about the current financial crisis. There were rumblings that shale companies would seek a federal lifeline. (This may not surprise anyone who is attempting to be productive while working in close quarters with their children.). 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. Over the past 10 years, the entire energy industry has issued over $400 billion in high-yield debt. 2023 Cond Nast. Even before the COVID crisis, there were questions about how well private-equity investments were actually performing. Waters, in her letter, argues for placing even more strings on the money taken by private-equity-backed companies. Get COVID-19 vaccine updates from the CDC. Bethany McLean - IMDb 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. 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. No food or drink for one hour prior to testing. Ad Choices. Bethany McLean. A journalist profiles the developers and devotees who have aided the rise of cybercurrency. 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. 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. James Glassman says his seven-year-old prediction that the Dow Jones industrial average will rise to 36,000 wasn't wrong, just early. Coronavirus May Kill Our Fracking Fever Dream, https://www.nytimes.com/2020/04/10/opinion/sunday/coronavirus-texas-fracking-layoffs.html. Her two books are the The Smartest Guys in the Room: The Amazing. January 2022 was the month with the highest average cases, while November 2020 was the month with the highest . 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. If you need help with the Public File, call 540-512-1558. 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. Confirmed cases include those reported since the beginning of the current active outbreak and may include cases that . The Big Fail - by Joe Nocera & Bethany McLean (Hardcover) [1] In 1992 she received a B.A. There are several pots of federal money that the private-equity industry is lobbying to access. By Bethany McLean Coronavirus May Kill Our Fracking Fever Dream America's energy independence was an illusion created by cheap debt. in English and mathematics from Williams College. 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. BETHANY MCLEAN - wsls.com Its thanks to those who are able to contribute that were able to make the podcast free for anyone to listen to. Beleaguered pension funds, which suffered big losses in the financial crisis, could no longer count on decent returns from fixed investments, given how low interest rates have been kept by the Fed. 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. Copyright 2023 WSLS.com is managed by Graham Digital and published by Graham Media Group, a division of Graham Holdings. The fracking boom that drove a decade of record U.S. oil and gas production was never really profitable to begin with. 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. Fueled by debt and years of easy credit, Americas energy boom is on shaky footing. Joe Nocera is a journalist and column writer for Dealbook. 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. Enron tale author Bethany McLean has a new book she wrote from her All rights reserved. Pension funds that have poured money into private equity firms may take a hit soon, too. The industrys total assets under management have hit a record $4.1 trillion. If private equity suffers, the blow will reverberate throughout the entire economy. 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 book was later made into the Academy Award-nominated documentary Enron: The Smartest Guys in the Room. today. 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. 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. Writer: Enron: The Smartest Guys in the Room. We could go even further. The reason is as simple as it is galling: while great private fortunes, such as that of Blackstones Stephen Schwarzman (net worth: $17.5 billion and Apollos Leon Black ($7.5 billion), have been made from private equitys march through the world, its losses, to a remarkable degree, will belong to all of us. Private equity has made multibillionaires of executives like Blackstones Steve Schwarzman (net worth: $17.5 billion) and Apollos Leon Black ($7.5 billion). 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.. Since that time, Oxys stock has plummeted almost 80 percent in part due to fears that the Anadarko acquisition is going to prove so wildly unprofitable that it sinks the company. COVID-19 Locations & Demographics - LA County Department of Public Health 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. The total number of . That, too, is ending, as investors in such funds have become disillusioned. Best-selling author Bethany McLean reveals the true story of fracking's impact - on Wall Street, the economy, and geopolitics. 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 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. 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.