There are several pots of federal money that the private-equity industry is lobbying to access. McLean graduated from Hibbing High School in 1988. "Dow 36,000" co-authors stand by book's premise. 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. More than 100,000 people already have died in this country from the virus. January 2022 was the month with the highest average cases, while November 2020 was the month with the highest . It once seemed utterly unattainable until the advent of fracking, which unleashed a torrent of oil. 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. Nocera and McLean writing book on U.S. coronavirus response Energy independence was a fever dream, fed by cheap debt and frothy capital markets. This location, as with the other County contracted medical sheltering sites, will accept individuals from the local community that are referred through DPH. https://www.cdc.gov/coronavirus/2019-ncov/your-health/covid-by-county.htm January 12, 2022 COVID Update Update on Bethany College COVID Response 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. Clients who show symptoms of COVID-19 (for example have a fever, cough, or difficulty breathing) and/or are waiting for their test results. 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. 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. 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. Bethany Mclean - KPRC Vanity Fair may earn a portion of sales from products that are purchased through our site as part of our Affiliate Partnerships with retailers. 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.. Dylan Hollingsworth for The New York Times. McLean is a contributing editor at Vanity Fair and co-author of the Enron book The Smartest Guys in the Room. . 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. 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. And more! The half decade from 2013 to 2018 saw the most private-equity deals over any five-year period in American history. Previous assignments include editor-at-large, columnist for Fortune, and a contributor to Slate. 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. She resides in Chicago with her children. What could endemic Covid look like? Create a Website Account - Manage notification subscriptions, save form progress and more. The Times is committed to publishing a diversity of letters to the editor. 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. At least 1 in 303 residents have died from the coronavirus, a total of 2,512 deaths. Certainly, President Trump, who has staked so much on the American shale industry, wants to save it. All thats left to tally is the damage. Bill White wants to restore Americas historical proclivity for balanced budgets. Portfolio, a Penguin Random House imprint . Private-equity managers won the financial crisis, as Bloomberg put it last fall. Bethany Lee McLean (born December 12, 1970) is an American journalist and contributing editor for Vanity Fair magazine. Some of it has been packaged into so-called collateralized loan obligations, pieces of which are held by hedge funds. That means public pensions might be forced to dump their holdings in public-backed investments to provide private-equity firms with emergency casha move that could depress the stock market even further. 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. Waters, in her letter, argues for placing even more strings on the money taken by private-equity-backed companies. 1 FOR PHARMACISTS PRESCRIBING PAXLOVID: This service is available in all locations, with the exception of those in New Hampshire. 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.. We could go even further. . By Bess Levin . By Bethany McLean Coronavirus May Kill Our Fracking Fever Dream America's energy independence was an illusion created by cheap debt. As for Pelosi, she doesnt want to see companies backed by venture capital excluded from federal relief, given her Silicon Valley constituents. All rights reserved. Bethany McLean is a . Saudi America by Bethany McLean - Audiobook - Audible.com More than 100,000 people already have died in this country from the virus. Nocera is a columnist for Bloomberg Opinion and co-author of Indentured, about the NCAA. He and McLean previously worked together on All the Devils Are Here: The Hidden History of the Financial Crisis, about the 2008 market crash. 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? 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.The title and release date have not yet been determined. Has its bubble finally burst? According to the Institutional Limited Partners Association (ILPA), a lobbying group which represents CalPERs and other public investors, businesses backed by private equity employ more than 8.8 million Americans at over 35,000 companies, accounting for a staggering 5% of the United States GDP. Enron tale author Bethany McLean has a new book she wrote from her Writer: Enron: The Smartest Guys in the Room. Hot & Bothered is produced by Colin Kinniburgh. The SHIELD saliva-based testing is available for all ages. (This may not surprise anyone who is attempting to be productive while working in close quarters with their children.). McLean County reports 182 new COVID cases - pantagraph.com This material may not be published, broadcast, rewritten or redistributed without permission. Months into the outbreak, no one really knows how well many of the screening tests work, and experts at top medical centers say it is time to do the studies to find out. Bethany McLean is a Vanity Fair contributing editor. 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. Making a Killing with Bethany McLean on Apple Podcasts But among those angling for a federal handout is one of the wealthiest sectors of the American economy: private equity. Getting the government out of the housing market would mean saying goodbye to the 30-year mortgage. [citation needed] She began as a contributor to Slate's Moneybox column, in 2010 and "The Bulldog" column in Fortune. Rasmussen points out that after the financial crisis in 2008, the Federal Reserve set a limit on the amount of debt it considered prudent. By early 2019, America was the worlds largest producer of crude oil, surpassing both Saudi Arabia and Russia. Bethany McLean Latest Articles | Vanity Fair 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. 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. More than 100,000 people already have died in this country from the virus. The material on this site may not be reproduced, distributed, transmitted, cached or otherwise used, except with the prior written permission of Cond Nast. Copyright 2023 Click2Houston.com is managed by Graham Digital and published by Graham Media Group, a division of Graham Holdings. 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. 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. [9], In September 2018, she published Saudi America: The Truth about Fracking and How It's Changing the World which examined the "fracking revolution" and U.S. energy independence. 8:00 a.m. - 4:30 p.m. 200 W Front StreetBloomington, IL 61701Phone: (309) 888-5450 HoursMonday - Friday8 a.m. - 4:30 p.m. - Manage notification subscriptions, save form progress and more. The 42 Best Romantic Comedies of All Time, The 25 Best Shows on Netflix to Watch Right Now. Anyone can read what you share. Traders last year at the New York Stock Exchange near the post that trades Anadarko Petroleum and Occidental Petroleum. Bethany McLean was born on 12 December 1970 in Hibbing, Minnesota, USA. 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. Confirmed cases include those reported since the beginning of the current active outbreak and may include cases that . 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. (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.). COVID-19 Origins: Investigating a "Complex and Grave Situation" Inside a Wuhan Lab. Occidental is just one piece of the puzzle. 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.. The total number of . Check out the full Hot & Bothered archive here. 208 new COVID cases reported in McLean County Get COVID-19 vaccine updates from the CDC. On April 20, oil prices did something theyve never done before. Thanks to all the cheap money made available by the Fed, companies owned by private-equity firms could simply refinance their debts at lower rates, thereby getting a fresh lease on life.