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. Like the big banks in 2008, private equity is holding us all hostage. The fracking boom that drove a decade of record U.S. oil and gas production was never really profitable to begin with. Paying members will get access to perks like a. by Kate Aronoff, Alyssa Battistoni, Daniel Aldana Cohen, and Thea Riofrancos, and much more. 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. Mortgages should be used to buy homes, not for refinancing. No food or drink for one hour prior to testing. Energy independence was a fever dream, fed by cheap debt and frothy capital markets. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. https://www.cdc.gov/coronavirus/2019-ncov/your-health/covid-by-county.htm January 12, 2022 COVID Update Update on Bethany College COVID Response 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. More than 100,000 people already have died in this country from the virus. Archive Wall Street Too Big to Fail, COVID-19 Edition: How Private Equity Is Winning the Coronavirus Crisis April 9, 2020 From the. Clients who show symptoms of COVID-19 (for example have a fever, cough, or difficulty breathing) and/or are waiting for their test results. 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. Even as the public equity and debt markets grew cautious, drilling continued. Bethany College will continue to adapt and collaborate as needed to encourage vaccines and boosters for staff and students. The industrys total assets under management have hit a record $4.1 trillion. NEW YORK Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. Was Tiffany involved? "[3] The article noted some irregularities in Enron's financial documents that were available to the public, suggesting the company's then-record high stock price was unjustified but she did not at that point suspect fraud at Enron. 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. Pension funds that have poured money into private equity firms may take a hit soon, too. This location, as with the other County contracted medical sheltering sites, will accept individuals from the local community that are referred through DPH. College student found dead in her dorm after testing positive for 1. One of the key principles behind private equity is that increased leverageaka more debtcan make a business function more efficiently. More than 100,000 people already have died in this country from the virus. Business and Society Lecture features journalist Bethany McLean Bethany McLean is a Vanity Fair contributing editor. A deal, and higher oil prices, might help the industry. The man who shot his girlfriend and five relatives at a birthday celebration had "control issues". 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. 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.. Dont hesitate: sign up on Patreon today. So why should they be permitted to raid the federal Treasury in a time of crisis? BLOOMINGTON A total of 208 new COVID-19 cases have been reported by the McLean County Health Department from Jan. 27 through Friday. (AP Photo/Rick Bowmer), Connect with the definitive source for global and local news. 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. 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. Americas energy independence was an illusion created by cheap debt. Bethany McLean is a . 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 . BETHANY MCLEAN - wsls.com How exactly did the alleged illegal activity go down? 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. The True Story of the Comey Letter Debacle | Vanity Fair The Next Financial Crisis Lurks Underground, Coronavirus May Kill Our Fracking Fever Dream. Jack Ewings Faster, Higher, Farther is more than the story of a scandal. Airlines, hotels, and restaurantsall of whose revenues have cratered in the wake of sweeping stay-home ordershave engaged in Hunger Gameslike lobbying to cash in on the CARES Act, making their case for a share of the disaster relief. She co-authored a book on the 2008 financial crisis titled All the Devils Are Here. (This may not surprise anyone who is attempting to be productive while working in close quarters with their children.). McLean is a contributing editor at Vanity Fair and co-author of the Enron book The Smartest Guys in the Room. Unfortunately, there isnt really an alternative to providing private equity with federal funds. 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. 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? How concerning are things like long covid and reinfections? governor announced on Tuesday that he will convene a grand jury to investigate "crimes and wrongdoing" related to COVID-19 vaccines. 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. 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. Bethany McLean is a journalist and contributing editor for Vanity Fair. Too Big to Fail, COVID-19 Edition: How Private Equity Is Winning the 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 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. She is also a columnist at Yahoo Finance and a contributor to CNBC. 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. If you need help with the Public File, call 540-512-1558. The book, which she wrote from the couple's home, puts a human face to the crisis. Its essential that we do the same today. COVID-19 Origins: Investigating a "Complex and Grave Situation" Inside a Wuhan Lab. 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. Like so many other facets of the COVID-19 crisis, however, this unprecedented crash exposed long-running cracks in the facade. She resides in Chicago with her children. today. She has suggestions for how to approach the problem. According to the Institutional Limited Partners Association. Copyright 2023 WSLS.com is managed by Graham Digital and published by Graham Media Group, a division of Graham Holdings. 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. NEW YORK Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. Demian McLean | The Seattle Times 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. McLean County, Illinois Covid Case and Risk Tracker 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. The politics dictating whether the private-equity industry will get its wishes are surprising. A college student in Indiana died in her dorm room after testing positive for the coronavirus, school officials and her family said. 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. It once seemed utterly unattainable until the advent of fracking, which unleashed a torrent of oil. There were rumblings that shale companies would seek a federal lifeline. The allies of private equity hope that similar exemptions will soon be forthcoming for their firms.We are in a wait-and-see mode, Chris Hayes, the ILPAs senior policy counsel, told me. But there are ways to make it work better. But with super-low interest rates, investors in search of yield were still willing to buy debt. Bethany Mclean - KPRC Occidental is just one piece of the puzzle. Previous assignments include editor-at-large, columnist for Fortune, and a contributor to Slate . [16] McLean resides in Chicago with her children. Copyright 2023 WSLS.com is managed by Graham Digital and published by Graham Media Group, a division of Graham Holdings. 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 Big Fail - by Joe Nocera & Bethany McLean (Hardcover) Monday - Friday 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. Nocera is a columnist for Bloomberg Opinion and co-author of Indentured, about the NCAA. The SHIELD saliva-based testing is available for all ages. Latest trends. 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. Some of it has been packaged into so-called collateralized loan obligations, pieces of which are held by hedge funds. 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. 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 . Its thanks to those who are able to contribute that were able to make the podcast free for anyone to listen to. 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. But they wont fix its fundamental problem with profitability. 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. 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. 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 title and release date have not yet been determined. From 2015 through 2019, private equity firms raised almost $80 billion in funds focused mostly on shale production, according to Barclays. (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.). Even before the coronavirus crisis, the spigot was drying up. 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. Check out the full Hot & Bothered archive here. The book was later made into the Academy Award-nominated documentary Enron: The Smartest Guys in the Room. Nocera and McLean writing book on U.S. coronavirus response 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. More than 100,000 people already have died in this country from the virus. Bethany McLean - Wikipedia . Thats because oil fracking has never been financially viable. Bethany Nesbitt, 20, was found dead in a residence hall at. Its thanks to those who are able to contribute that were able to make the podcast free for anyone to listen to. All rights reserved. McLean County reports 182 new COVID cases - pantagraph.com 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. 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. Some of it may be on bank balance sheets. Copyright 2020 The Associated Press. Bethany McLean - Contributing Editor - Vanity Fair | LinkedIn How will the virus continue to change? And heres our email: letters@nytimes.com. Previous assignments include editor-at-large, columnist for Fortune, and a contributor to Slate. 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. But it doesnt have to be a blank check. All thats left to tally is the environmental and financial damage. The Times is committed to publishing a diversity of letters to the editor. 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.. McLean is a contributing editor at Vanity Fair and co-author of the Enron book "The Smartest Guys in the Room." Nocera. [1] In 1992 she received a B.A. Stopping that will require a creative effort to increase and sustain high levels of vaccination. 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. [13][14][15] They divorced in 2020. 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. Copyright 2023 Click2Houston.com is managed by Graham Digital and published by Graham Media Group, a division of Graham Holdings. Bethany McLean was born on 12 December 1970 in Hibbing, Minnesota, USA. Best-selling author Bethany McLean reveals the true story of fracking's impact - on Wall Street, the economy, and geopolitics. Coronavirus May Kill Our Fracking Fever Dream - The New York Times

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