NEW YORK 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? 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. 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. 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. 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. Getting the government out of the housing market would mean saying goodbye to the 30-year mortgage. 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. All information these cookies collect is aggregated and therefore anonymous . Check out the full Hot & Bothered archive here. Smithfield Foods. 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. 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. 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. As a subscriber, you have 10 gift articles to give each month. She co-authored a book on the 2008 financial crisis titled All the Devils Are Here. https://www.cdc.gov/coronavirus/2019-ncov/your-health/covid-by-county.htm January 12, 2022 COVID Update Update on Bethany College COVID Response 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. Wed like to hear what you think about this or any of our articles. 500 energy sector fell 20 percent, marking the sectors largest drop on record. 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. All rights reserved. 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. [1] It details how the financial crisis bubbled up from a volatile, and bipartisan, mixture of government meddling and laissez-faire. More than 100,000 people already have died in this country from the virus. (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.). 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. As a result, fracking stocks badly underperformed the market. Unfortunately, there isnt really an alternative to providing private equity with federal funds. She resides in Chicago with her children. Driven partly by public pensions, the private-equity industry has mushroomed. COVID-19 Origins: Investigating a "Complex and Grave Situation" Inside a Wuhan Lab. Fueled by debt and years of easy credit, Americas energy boom is on shaky footing. 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. Get COVID-19 vaccine updates from the CDC. 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. 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.. (AP Photo/Rick Bowmer), Connect with the definitive source for global and local news. 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. They subprimed the American energy ecosystem, says a longtime energy market observer. 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. 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. Manage all aspects of the daily operation for Ham Conversion, processing up to 1.5 million lbs/day . Private-equity managers won the financial crisis, as Bloomberg put it last fall. [citation needed] She began as a contributor to Slate's Moneybox column, in 2010 and "The Bulldog" column in Fortune. 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. Create a Website Account - Manage notification subscriptions, save form progress and more. As for Pelosi, she doesnt want to see companies backed by venture capital excluded from federal relief, given her Silicon Valley constituents. By Bethany McLean Coronavirus May Kill Our Fracking Fever Dream America's energy independence was an illusion created by cheap debt. After nearly bringing down the economy in 2008, how is it possible that Fannie Mae and Freddie Mac are still around? Saudi America: The Truth About Fracking and How Its Changing the World., stocks that make up the S.&P. Its a rich history of a company, and a case study in how a corporate culture can turn toxic. The Wuhan Institute of Virology, the cutting-edge . 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. All rights reserved. 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. How exactly did the alleged illegal activity go down? The Times is committed to publishing a diversity of letters to the editor. The man who shot his girlfriend and five relatives at a birthday celebration had "control issues". Latest trends. But among those angling for a federal handout is one of the wealthiest sectors of the American economy: private equity. Contents 1 Early life and education 2 Career [10][11] Bethany McLean was born on 12 December 1970 in Hibbing, Minnesota, USA. She has co-authored multiple bestselling books, including The Smartest Guys in the Room and All the Devils Are Here. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. On the surface, it appears that two unforeseeable and random shocks are threatening our dream. (AP Photo/Rick Bowmer), (Rick Bowmer, Copyright 2020 The Associated Press. 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, Mclean launched a podcast titled Making a Killing on Luminary. He and McLean previously worked together on All the Devils Are Here: The Hidden History of the Financial Crisis, about the 2008 market crash. sure to go down in history as one of the wildest business stories ever. 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. He and McLean previously worked together on All the Devils Are Here: The Hidden History of the Financial Crisis, about the 2008 market crash. [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 was previously married to Christopher Roberts Wilford. 500 energy sector fell, questions weve gathered from readers recently, adequate research and support for sufferers, according to the law firm Haynes and Boone. Dec 2020 - Apr 20221 year 5 months. Sign up for our daily Hive newsletter and never miss a story. 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 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. In the first half of 2019, when oil was around $55 a barrel, only a few top-tier companies were profitable. 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 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. More than 100,000 people already have died in this country from the virus. You can see how all of this is playing out by looking at Occidental Petroleum. 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. 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. Hot & Bothered is produced by Colin Kinniburgh. 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. Now, it has been shut off. Clients who show symptoms of COVID-19 (for example have a fever, cough, or difficulty breathing) and/or are waiting for their test results. She is a writer, known for Enron: The Smartest Guys in the Room (2005), Independent Lens (1999) and PBS NewsHour (1975). The socio-economic status of individuals needing . Americas energy independence was an illusion created by cheap debt. So why should they be permitted to raid the federal Treasury in a time of crisis? When will the pandemic end? 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.. 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. Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram. . All rights reserved. But they wont fix its fundamental problem with profitability. 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. McLean started her career as an investment banking analyst for Goldman Sachs[2] and joined Vanity Fair as a contributing editor in 2008. On March 9, the price of oil plunged by almost a third, its steepest one-day drop in almost 30 years. in English and mathematics from Williams College. McLean is a contributing editor at Vanity Fair and co-author of the Enron book The Smartest Guys in the Room. 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. Certainly, President Trump, who has staked so much on the American shale industry, wants to save it. 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. Previous to her current roles, McLean was an editor-at-large at Fortune Magazine. NEW YORK Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. 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. Bethany McLean. 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. How Screwed Are Donald Trump and His Adult Children, and Other Questions You Might Have About the Staggering Fraud Lawsuit Against Them. The promised profits havent materialized. She has been married to Sean Murray Berkowitz since May 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. Its thanks to those who are able to contribute that were able to make the podcast free for anyone to listen to. In 2018, according to analytics firm eVestment, pension funds in the U.S. and the U.K. pumped 27% of their fresh allocations of money into private-equity funds, up from 25% the year before. 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. Mortgages should be used to buy homes, not for refinancing. Some of it has been packaged into so-called collateralized loan obligations, pieces of which are held by hedge funds. 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. The fracking boom that drove a decade of record U.S. oil and gas production was never really profitable to begin with. Bethany McLean is a Vanity Fair contributing editor. Blackstones Schwarzman has ties to Trump. By now, it should be abundantly clear that the current shale oil business model does not work even for the very best companies in the industry, the investment firm SailingStone Capital Partners explained in a recent note. Best-selling author Bethany McLean reveals the true story of fracking's impact - on Wall Street, the economy, and geopolitics. She is the co-author of the 2003 book, "The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron," which was the basis for the Academy Award-nominated documentary of the same name. As a result, private equity is now wound into the very fabric of our economy. 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. What could endemic Covid look like? More than 100,000 people already have died in this country from the virus. 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. On the other hand, Democrats, including House Speaker Nancy Pelosi and powerful Representative Maxine Waters, have weighed in loudlyon the industrys behalf. Like so many other facets of the COVID-19 crisis, however, this unprecedented crash exposed long-running cracks in the facade. "Dow 36,000" co-authors stand by book's premise. The Wuhan Institute of Virology, the cutting-edge . Bethany McLean is a Vanity Fair contributing editor. Bethany McLean. On April 20, oil prices did something theyve never done before. The immunobiologist Akiko Iwasakiwrites that new vaccines, particular those delivered through the nose, may be part of the answer. At least 1 in 303 residents have died from the coronavirus, a total of 2,512 deaths. 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. McLean graduated from Hibbing High School in 1988. Thats because one big source of funding didnt dry up: private equity. The total number of . (And not all private-equity firms care equally about all of the programs.) [16] McLean resides in Chicago with her children. Almost everything thats happened since 2008 has tilted in their favor. I dont think any of us can really believe what we saw today, one industry analyst told AP. 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..
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