17 Burst results for "Channing Robertson"

"channing robertson" Discussed on The Brink

The Brink

06:00 min | 2 years ago

"channing robertson" Discussed on The Brink

"And at a specific point of contact so that so that you're not wasting time getting like an injection at one site in order to treat an infection, that's at a totally different, but my brain because my brain oftentimes will look at a problem and say, what are the hurdles, yeah, for I look at the solutions, obviously. That's a really good idea in my brain. I'm light while if you have gout in your foot this patch isn't going to be able to determine that if it's only determining the site. So one, it's a very limited. Scope as to what it can actually determine. Right. Sure. You like you have to put it at the right spot. Yeah. I'm not I'm not a doctor. But I that is what my brain initially thinks also, if it's supposed to deliver antibiotics aren't those supposed to be kept at cooler temperatures? You know, usually, I would think that the effectiveness would would not be the potency would not be very high. It wouldn't be very high. It wouldn't work as well, because you're basically keeping antibiotics on your skin, which is certainly not a cool place. Most of the and even with, like a even like micro needles to inject it one of the things Dr garner said, was, it's not so much the engineering side of it that she questioned it was the actual medical efficacy, saying that anybody six tend to work in high concentrations. They don't work so well and low concentrations, they would not be a very effective treatment for infections with the small amount that you would be able to fit in this sort of device this. Has the amount needed is a frequent problem with Elizabeth homes journey. Yeah. Yeah, not sometimes the amount needed a blood amount needed medicine. Yeah. So what Dr Gardner was saying was, I'm not questioning that the technology you've designed wouldn't work in the sense that it would be able to detect something and be able to inject something, I'm questioning, whether it would work from a medical standpoint, like, yes, it's doing all the things that supposed to do. But that's not enough to actually treat the problem. Now, homes went ahead and applied for a patent and she got it. But here's the thing about patents you just have to have a convincing case that the technology you are proposing is one novel. It's not a copy of some pre existing technology. It's not obvious. It has to be something that wouldn't just be obvious to the casual person. And it has to there has. To be a reasonable assumption that it would work in the sense of it. Does what it's supposed to do mechanically or electronically? Yeah. But a lot of patents never make it to market because. Yeah. As much as they might work. They end up not so anyway, that was very encouraging to homes and she kept going to Dr Gardner, who said, listen, I can't help you in the documentary. She expresses like she got frustrated because she just don't homes listening at believe it. So she goes and introduces homes to another adviser named Channing Robertson, and he knowingly thought Holmes was brilliant. He would actually end up joining as an advisor to the board of her company a little bit later. But then she does something that just boggles my mind. She drops out of Stanford to pursue this this goal. Yeah. When she has moderate engineering knowledge and experience and little to no medical knowledge or experience. Right. And, and the one. One person who had a great deal of medical knowledge and experience was telling her do this doesn't work. Yeah. But her parents are very supportive. They let her take her tuition money and use it to stab and get funding. Okay. And here's where we have another big cautionary tale cautious. The first one is just just, you know, if a story sounds super awesome, and you want to believe, in it, you need to apply extra critical thinking to then it's not saying that the idea is, necessarily bad. But if it's appealing to those very basic foundational natures of humans than you've got to take a critical eye to it, and it's real easy to buy into something sounding so positive and investors loved homes, as idea and her approach, because she came across and still does as very sincere and very passionate and very focused on this goal of creating this device that can improve people's lives. By giving them better access to medical information about their own bodies. I mean we all want that, especially in today's insurance industry, where medical care is so expensive. It's something I can't imagine most people shunning. Yeah. And then on top of that, if you're an investor, you're thinking if this works, I want to be in on the ground floor, Gouldman Mahnken, some Muslim among. So it was a very effective sales pitch early on and those incentives really encouraged investors to jump in and they sort of either didn't spend any real thought being critical of the idea and finding out more or just didn't care because they just saw the potential making a lot of money to habit in Silicon Valley with these with these unicorn companies to just take a lot on faith. Yeah. And unicorns for those who may have forgotten. These are we use these to describe startups that quickly arrive at a billion dollar valuation, or greater and this was, I mean. This was early on. This is before the term unicorn really became. But it is in two as a unicorn. Yeah, yeah. Oh, certainly it definitely qualifies. Although at the time no one was really calling them unicorns because this was two thousand three. When this, this company was first being founded, but investors were starting to get interested, and they started to, to put money behind it really wanting to see this come. True. Yeah, but then we learned that, just because you want something to be true doesn't mean it will come true. And we'll talk more.

Dr Gardner Dr garner Stanford Channing Robertson advisor Gouldman Mahnken Elizabeth Silicon Valley Holmes billion dollar
"channing robertson" Discussed on 760 KFMB Radio

760 KFMB Radio

12:24 min | 2 years ago

"channing robertson" Discussed on 760 KFMB Radio

"Snow tires allowed AM seven six talk and breaking news. Now, it's Mark Larson. Holmes was just nineteen years old when she dropped out of Stanford University with a dream of creating a company that would revolutionize blood testing. She founded the startup theranos boasted, her technology could take a pinprick of blood from the finger and perform hundreds of laboratory tests, and that sounds very impressive. What Elizabeth impressive. What Elizabeth homes came up with their right there. Indeed revolution and explaining to America in her weirdly, low voice, there's a new book out about it. The whole theranos thing bad blood. Let me just read a little bit from the New York Times review of the book and two thousand fifteen vice president Joe Biden visited the Newark, California laboratory of a hot new startup making medical devices theranos, Joe Biden saw rows of impressive looking at the company supposedly game changing device for testing blood and offered glowing praise the laboratory of our future, the lab was a fake the devices Biden, Saul weren't close to being workable. And they've been staged for the visit such. Was one of the greatest cons in the history of capitalism, and the book bad blood about that very con- by John Kerry? Ruse getting terrific notices and John joins us now to talk about theranos in the book. Hello, john. How are you, sir? I'm good. Thanks for having me. So in your looking into this where you as a maze? We were at the sheer hubris of the thing. I was pretty amazed. Yes. And then it dawned on me that you know, Elizabeth forms is one of these people who just has gotten in the habit of lying and Don into that habit at an early age. And then it just got worse and worse and worse, and it's resulted in one of the biggest scandals we've had in this country since nine one. And so we've heard a lot about this. We we have it in our own backyard theranos and Elizabeth Holmes was a darling of the whole thing. And as not your book, all kinds of heavyweights from around the world and the celebrities in powerful people invested in it, and all that sort of stuff we've talked about this a bit. But the one question I'm still figured out as at what point did she know that thing was a scam. Did she started out believing? It was for real at some point when south or was it a scam from the beginning? Her game was always to try to develop a device and to promise the moon to get the money hoping that the device and the technology would eventually catch up to to the promises. And the problem is that a gap between those promises and the reality got so wide that it became a giant fraud in the fall of two thousand thirteen when she rolled out the theranos finger stick blood tests in Walgreens stores in the bay area and in the Phoenix area. Actually, they they had two hundred fifty tests menu. And most of those tests were done with commercial machines bought from third parties. I guess the human interest part of this that that that I really like because they're gonna make a movie about this. And that like when she was giving her famous Ted talk where she's talking, you know, she's she's one she's the female Steve Jobs. She's given the Ted talk at that point was she completely full of it. Right now that was about six months, or or it might have even been nine months after they rolled out commercially in Walgreens stores, and she knew very well that at best they had twelve of the two hundred and fifty tests that they were doing on a proprietary device called the Edison that was limited machine that only did one class of tests called amino acids and didn't even do them. Well, because subsequently there has the void all the tests running out machine. So when when you ask which was she lying then. Yes, she she. She was bald faced lying to the public. And then interesting, you know, we've talked at length. I remember the Scott Peterson murder case here's and years ago about these pathological liars who actually enjoy the challenge of lying. Great deal. Get bigger to get the thrill out of it has to get bigger and bigger. Do you think she's one of those? I think she's someone who along the way became delusional where the the lies the the line between the lies in reality. Become blurry to her and and part of her believed her own wives. If I were to do my armchair psychoanalysis. You know, that that would be that would pretty much the it. Wow. That's way down the line. No kidding. So for folks who are not as into the story, as we are, can you talk just a little about the stature of the people who'd gotten behind this and invested in it, and and and how much money was involved. Right. So altogether. Almost two billion dollars invested in this company and one of Elizabeth's tricks was to year after year game the support of a powerful influential people with procedures reputations. The first guy who enabled her was her Stanford engineering, professor Channing Robertson, then she met Donald l Lucas venture capitalists who groomed. Larry ellison. The software billionaire eventually when Donald Lucas started getting Alzheimer's disease in two thousand eleven her next Mark became George Shultz. The former secretary of state who crafted the Reagan administration second foreign policy, and and who many credit with winning the Cold War. That's an interesting choice. How'd she get on a shelf? She she was introduced to him by someone at Stanford. Insults. Lives in a big house right off the Stanford campus. And he also happens to be a senior fellow. So at the Hoover Institution, which is the conservative think tank. That's a house right on the Stanford. We were just there a couple of weeks ago, they asked us to speak and actually paid us. We tell everybody that. Because it's the only time it's ever happened to us in our life. So other fellows Hoover Institution were people like Henry Kissinger and Bill Perry who had been secretary of defense in the Clinton administration. Sam done, you know, former military commanders and show introduced her to all of them. And and she alert them a board with grants of stock at that point. The stock was worth a lot of money because the valuation of the company was about ten billion dollars. No, I'm so so these grants to stock were worth millions. And and that's how she got a sterling board. And and it gave her a lot of credibility with unsophisticated investors. And eventually, you know, the the likes of Rupert Murdoch and Betsy DeVos, our current education secretary and Mexican billionaire Carlos slim, the Atlanta family, the is who owned Cox enterprises, all these people invested large sums of money in theranos in. In part because of that sterling. That that's the way it works. I mean, we we endorse products in sometimes it'll be pitched to us. Hey, this person's endorsing this person's endorsing it. So we would think. Okay. Well, it must be legit. They wouldn't endorse weren't legit that happened with these investments, I'm guessing. Right. I mean, that's usually it's not the only thing you you want to rely on when you're right. Some of your money. Do some some due diligence? But billionaire investors didn't really do any due diligence. They just looked at this. You know, attractive, incredibly smart and charming, young woman listener vision about into it and looked at the board and said, you know, this is this is an incredible boredom and I'll put on a million dollars. I'm John Kerry who is the author of bad blood secrets and lies in a Silicon Valley startup about the enormous fraud that was theranos. So obviously this woman is not the only person there in her with her boyfriend slash co-ceo or whatever claim to be an expert in something. But he wasn't there were a hell of a lot of people working there. How did they keep the truth from leaking out in a significant way? Well, they kept the company silo big discouraged up people in various departments from talking to other people about their work. And it was really a a story where things went badly because of the top two people running it in the course of reporting the book, I met and talked to dozens of former theranos employees, and I tell you that most of these people it's not all of them were competent smart people with integrity. And and this company was really run off the rails by the two people at the top. How how did they prevent this this fraud from leaking out and people from speaking off for years? Well, they had this culture of intimidation and fear and they had a an outside counsel named David boies, arguably the country's most famous and feared lawyer. And he was like a scarecrow, you know, he he he scared employees and enough that they didn't speak up and. When when I came along, and I started digging into the company, I I had a hard time getting people to speak to me for that reason. That's right. I forgot this angle of your your you. You had them quite angry at you at one time. That's right. I mean, they they essentially launched a scorched earth campaign against me and against my sources, David boies, and and his associates came to the journal offices twice over the course of several months to try to get the story killed Elizabeth homes. Even went to Rupert Murdoch who owns the journal several times and tried to convince him to to stop out the story and at the same time, they figured out who some my confidential sources were and went out to them. The the grandson of George Shultz Tyler Scholtz had worked at the company. And he ended up being one of my confidential sources the companies figured that out and put him through an unbelievable pressure campaign Tyler had to go through an ordeal. And and you know, courageously withstood that campaign, and and did not recant and as a result. I I was able to go to press with my story. Then I read somewhere that they were chanting f your name at some meeting or something like that. Two days after my first story was published. They had an all employees meeting and cafeteria the fairness headquarters on page mill road, right next to the Stanford campus and Elizabeth gave a defiant speech about how my story was seated by disgruntled former employees and by competitors. And then her boyfriend who was the number two executive at the company, sunny ball Wani stood up and led employees in an SUV chance that expletive was directed. At me. Well, congratulations on while. I'm enjoying that later. No. I do want to circle back for a second to to point out for the good folks listening that one of the quote, unquote, most respected lawyers in America, David boies was happy to act as a highly paid attack dog for an enormous criminal enterprise. Now, he might have had not have had the slightest idea that they were fraudsters. Because a lot of smart and powerful people didn't. But that's that's notable that's worth noting, which is notable men's I'll say this and and David boies defense. I don't necessarily think he was aware of what sunny and Elizabeth were doing behind the scenes, however, you know, he he had a conflict of interest, in my opinion, which is that he had litigated a patent case for theranos against one of childhood neighbors, and he had. Been paid. He and his firm had been paid for that work entirely in shares. And at that point when when I came along, and I started digging, the shares that boies Schiller held were worth about five million dollars. And so so he didn't have just you know, sort of illegal, right? He wasn't just a legal advocate..

Elizabeth Holmes theranos David boies John Kerry Stanford University Stanford campus America Joe Biden fraud Mark Larson Rupert Murdoch New York Times Walgreens boies Schiller Hoover Institution secretary California Newark Ruse George Shultz Tyler Scholtz
"channing robertson" Discussed on As It Happens from CBC Radio

As It Happens from CBC Radio

04:44 min | 2 years ago

"channing robertson" Discussed on As It Happens from CBC Radio

"So that affectively gave her a net worth of four and a half billion dollars and made her the world's youngest female self made billionaire. She might onto south on Steve Jobs as you mentioned, what, what? How did she do that? Well, she started wearing a black turtleneck around two thousand six. And of course that that was the trademark outfit that Steve Jobs made famous. She also likes to drive around in a car without license plates, which is something that Steve Jobs also did. She implemented at their nose acculturated absolute secrecy. And that was also in part because it's something that that apple was famous for. She had hired a day, the advertising firm, and she hired them because they had worked on a some famous apple advertising campaigns. So really the mythology of Steve Jobs and of apple, really was there throughout per twelve year rise, and it really was an obsession, but that magic, that sort of that's sort of cult. A personality that she created attracted a lot of high profile. Very impressive. People I'm looking at was how you describe her board of directors, George Shultz, Henry Kissinger, the secretary of defense, James Mattis. How did she manage to bring those people into her orbit? You're right. Her board was filled with larger than life personalities, former statesman, legendary former statesman-like, secretary of state, George Shultz who crafted the Reagan administration's foreign policy and is credited by many with defeating the Soviet Union, an ending the Cold War. How did she get all these people on her board? Well, she was introduced to George Shultz by someone at Stanford in two thousand eleven and George Shultz someone who's always been very passionate about science, and he was won over by Elizabeth's vision in her charisma, and he quickly joined her board. And after that, he introduced her to many of his colleagues at the who. Ver- institution, which is the conservative think tank that is headquartered right on the Stanford campus. And that's how she was able to to meet Henry Kissinger and people like Sam Nunn and Bill Frist and Admiral rough head. And all of these people gradually became theranos directors and she lured them with grants of stock. Of course, the stock at one point was worth a lot of money because there are no reached evaluation of almost ten billion dollars. You are listening to as it happens. I have John Kerry who in your studio, we're talking about his fascinating book, bad blood secrets, and lies in a Silicon Valley startup. John the your book. Well, I your articles that you wrote for the Wall Street Journal, and then ultimately this book you begin with an anecdote about the company's one time, chief financial officer Henry mostly what did he discuss. Cover about this, the early theranos system that began to to tweak his curiosity and his concerns, right in November of two thousand six theranos by then was about a three year old company. He started getting a sense that a demonstration that Elizabeth had given to Novartis the giant Swiss drugmaker had not gone well because employees who accompanied Elizabeth on the demo looked out right downcast when they got back to Palo Alto. So he started asking questions and eventually that day, Elizabeth homes is co-founder person by the name of Shana ROY who had worked with Elizabeth in the Stanford professor Channing. Robertson's lab at Stanford came clean to the CFO that actually the demos weren't entirely real that the result that they showed perspective, investors who came by for the demos were. Prerecorded because the the system didn't always work. And in fact, often malfunction and so they had recorded one result and that's what they showed. And he realized that that point that he had been bringing around investors for months and that they were being misled. And so he confronted Elizabeth day in her office and told her we need to stop misleading investors. We need to stop doing these demos if they're not totally real. And at that point she turned and told him that he was not a team player and fired him on the spot..

Elizabeth Steve Jobs Henry Kissinger George Shultz apple Stanford Robertson Stanford campus affectively John Kerry James Mattis Wall Street Journal Soviet Union secretary Bill Frist Novartis Reagan administration
"channing robertson" Discussed on Stay Tuned with Preet

Stay Tuned with Preet

04:00 min | 3 years ago

"channing robertson" Discussed on Stay Tuned with Preet

"And if you look at one of her early backers, Larry Ellison, you know, he was absolutely famous in the early days of oracle for totally over promising about what the oracle database software could do. And for shipping early versions of that software that was crawling with bugs. And so in her mind, she she was gonna follow that that playbook. And so I actually recently come to learn this expression that I think applies well to her, and that expression is noble cause corruption. She felt strongly that the caused that she was pursuing was noble one, therefore, all the cheating along. The way to get there in her mind, I think was perfectly justifiable because the cause was so noble also known as the ends justify the meat, yes, but along the way in order to get, you know, more respectability and more investment, she collected a who's who of famous people, mostly men who believed in her in her vision, take us through a list of some of those people who either became members of the board or made huge investments or who otherwise about for this unproven technology. Right? And so I just want to start by making a distinction between the early investors in the later investors. You could say that all the investors who came in during those first three rounds were early investors who knew, you know what the lay of the land was theranos was a brand new company like all startups, the odds that it would succeed were low. On the other hand, most of the money that their nose raised in that Elizabeth homes raised came in the later rounds after the fall, two thousand thirteen. Eighteen after theranos went live with it's finger stick tests. Seven hundred million dollars of the billion dollars was raised at that point. And the reason that was outright fraud is she used the fact that she had commercialized the technology that she had gone live with it in stores in California and Arizona to say to these new perspective investors. Obviously, our technology is real. We've gone live with patients are using it. How could it not be real? And I think in in on top of that, we have people like former secretary of state George Shultz, right? We have media baron, Rupert Murdoch, right? We have the prison who would become the future Defense, Secretary General Mattis and their associated with great integrity. You don't always agree with, you know, their their views, depending on your political stripe. That's an impressive group. As you recite in your book missing from the board was anyone who actually was an expert on blood? That's right. And you know, in hindsight. That was an enormous red flag. In any case, that board did serve its purpose because one investor in particular was a hedge fund based in San Francisco that put in almost one hundred million in early two thousand fourteen and one of the one of the factors that swayed them into investing was that sterling board. And then of course, you know people such as Rupert Murdoch whom you mentioned and Betsy DeVos or current education secretary the heirs to the WalMart, fortune the Waltons put an hundred fifty million. Explain something. I think it's fascinating in the story how she got the trust of so many folks. What was the what was the nature of the force of her personality in her to meaner. Right. Well, I would say that the pattern that emerged early on was that she would win the backing of someone who was older and who had prestigious accomplishments, and therefore a good reputation and the first person she did that. With was her Stanford engineering school professor Channing Robertson who was a star of the Stanford faculty, and he gave her credibility when she went and met with VC's early on. And so she then pivoted. So to speak to George Shultz the former secretary of state who whose houses right off the Stanford campus..

Rupert Murdoch George Shultz Betsy DeVos Larry Ellison Secretary General Mattis oracle Stanford Stanford campus secretary Channing Robertson fraud San Francisco professor WalMart Waltons California Arizona Seven hundred million dollars
"channing robertson" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:09 min | 3 years ago

"channing robertson" Discussed on Bloomberg Radio New York

"Week is John Kerry ru he began his career. In journalism in nineteen ninety four after he graduated from Duke he joined the Dow Jones newswires shortly after he, moved to European version of the Wall Street Journal in Brussels eventually going. To Paris to cover French, business terrorism and everything in between. He, was appointed deputy bureau chief for southern Europe and three eventually he became the. Wall Street Journal's health and science bureau chief in New York he. Has won numerous awards in journalism including the Pulitzer prize, twice if this sounds like the perfect. Background, for any writer curious about the blood. Testing startup theranos well it turned out that is exactly right the unicorn turned out to be a fraud which was. Broken by carry ruin the pages of the. Wall Street Journal he has written a best selling book bag Bad blood secrets and lies in Silicon Valley about the. Entire Elizabeth homes and theranos saga John Kerry ru welcome to Bloomberg thank you for having me my pleasure I, have to start off by saying I love the book it was on. My list of ten to read the summer and I just. Plow, through there's so much material to cover it's such a fascinating story let's just. Go back to the beginning how does theranos and Elizabeth homes out. In Silicon Valley I come on your radar it was, mid December two thousand fourteen and I. Was, on the subway commuting back from my. Office in midtown Manhattan to Brooklyn where I live reading the New Yorker magazine and in that issue was a long. Profile of Elizabeth homes by Ken Oletta and Colour. Glowing mostly mostly glowing with some, I have to say with some. Skeptical passages that I immediately picked up on and it was it was an entertaining read an interesting, that there were, as I just. Said some some things that struck me. As odd in that story one of, the ways she she. Described how her blood testing technology worker how works how she summed it up sounded to, me like a high school chemistry. Student as opposed to sophisticated. Lab scientists slash inventor but more than. Any particular thing it was this notion that a college, dropout someone who'd had two. Semesters of chemical engineering had dropped out and then gone on and invented groundbreaking new science that was going to revolutionize you know, lab testing so let me jump in right, here so she goes to Stanford finishes drops out after her freshman year she got No medical training she got no organic chemistry biology blood chemistry none of the things one would normally think would go into complex, medical device manufacturing this isn't a. Software startup where you could just hey anybody, could code and whether you have the academic credentials are not as relevant this is a serious science isn't it right she she had zero, qualifications I, mean she. Had literally had to undergraduate courses with. The same professor Channing Robertson who, ended up being you know her. First enabler An interesting choice of, words why did you, select enabler was so he was. For the those listening weren't familiar with, him Channing Robertson was Dr right rockstar star of the Stanford engineering school faculty had, been an expert witness in the late nineties for the state of Minnesota in its tobacco litigation and you know also was really popular with students he, had away with. Students he connected with them, and, she'd taken. To two courses with him and then came back with this Mamie a patent in. After her her summer in Singapore working at a, lab, in Singapore so we're now in in the fall two thousand and three and. The the patent was for, this device?.

bureau chief Wall Street Journal John Kerry Channing Robertson Ken Oletta Manhattan Pulitzer prize Europe Singapore Paris Elizabeth fraud New Yorker magazine Bloomberg Stanford engineering school Brussels Mamie writer Minnesota
"channing robertson" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:14 min | 3 years ago

"channing robertson" Discussed on Bloomberg Radio New York

"John Kerry ru he began his career in. Journalism in nineteen ninety four after he graduated from Duke he joined the Dow Jones newswires shortly after he moved, to European version of the Wall Street Journal in Brussels eventually going to. Paris to cover French business, terrorism and everything in, between he was appointed deputy bureau chief for southern Europe and three eventually became the Wall. Street Journal's health and science bureau chief in New York he has. Won numerous awards in journalism including the Pulitzer prize twice, if this sounds like the perfect background. For, any writer curious about the blood testing. Startup theranos well it turned out that is exactly right the unicorn turned out to be a fraud which was broken. By Kerry ruin the pages of the. Wall Street Journal he has written a best book bag Bad blood secrets and lies in Silicon Valley about the entire. Elizabeth homes theranos saga John Kerry ru welcome to Bloomberg thank you for having me my pleasure I have to, start off by saying I love the book it was on my list. Of ten to read the, summer and I just, plow through there's so much material to cover it's such a fascinating story let's just go. Back to the beginning how does theranos and Elizabeth homes out in. Silicon Valley I come on your radar it was mid, December two thousand fourteen and I was. On, the subway commuting back from my office. In midtown Manhattan to Brooklyn where I live reading the New Yorker magazine and in that issue was a long profile. Of Elizabeth homes by Ken Oletta in Kohler glowing mostly. Mostly glowing with some I have to say with some skeptical passages that I immediately picked up on and it was it was, an entertaining read an interesting that there were, as I just said some some things that struck me as odd in that story One of, the ways she she described how her blood testing technology worker how works how she summed it up sounded to me like a high school chemistry student. As opposed to sophisticated lab scientists slash. Inventor but more than any particular, thing it was this notion that. A college dropout someone who'd. Had two semesters of chemical, engineering had, dropped, out and then gone on. And invented groundbreaking new science that was going to revolutionize lab testing so let, me jump in right here so she goes to Stanford finishes drops out after her freshman year, she got no medical training she got no organic chemistry biology Blood chemistry none of the things one, would normally think would go into. Complex medical device manufacturing this isn't a software, startup where you could just hey anybody could code and whether you have the academic credentials are not as relevant this is a serious science isn't it. Right she she had zero qualifications I. Mean she had literally had two, undergraduate courses with the same professor. Channing Robertson who ended up. Being you know her first name That's an interesting choice of words why did you select. Enabler was so he was for those listening weren't, familiar, with him Channing Robertson was Dr right rockstar star of this the Stanford engineering. School faculty had been an, expert witness in? The late nineties for the. State of, Minnesota and its tobacco litigation and also was really popular with students he had a way with, students he, connected with them She'd taken to two courses with. Him and then came back with. This cockamamie patent in After her, her summer in Singapore working at a lab in Singapore so we're now, in the fall two thousand three and the patent was for this device that she envisioned which was essentially a wristband that would have micro needles that, would come out,.

John Kerry Wall Street Journal bureau chief Manhattan Channing Robertson Pulitzer prize Ken Oletta Singapore Europe Elizabeth Stanford Paris fraud New Yorker magazine Bloomberg Brussels Kohler writer Minnesota
"channing robertson" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:07 min | 3 years ago

"channing robertson" Discussed on Bloomberg Radio New York

"He began his career in. Journalism in nineteen ninety four after he graduated from Duke he joined the Dow Jones newswires shortly after he moved, to European version of the Wall Street Journal in Brussels eventually going to. Paris to cover French business, terrorism and everything in between, he was. Appointed deputy bureau chief for southern Europe in oh three eventually he became the Wall. Street Journal's health and science bureau chief in New York he has. Won numerous awards in journalism including the Pulitzer prize twice, if this sounds like the perfect background. For, any writer curious about the blood testing. Startup theranos well it turned out that is exactly right the unicorn turned out to be a fraud which was broken. By Kerry ruin the pages of the Wall Street Journal he has written a bestselling book bag Bad blood secrets and lies in Silicon Valley about the. Entire Elizabeth homes and theranos saga John Kerry ru welcome to Bloomberg thank you for having me my pleasure I, have to start off by saying I love the book it was on. My list of ten to read this summer and I, just plow. Through there's so much material to cover it's such a fascinating story let's just go. Back to the beginning how does theranos and Elizabeth homes out in. Silicon Valley I come on your radar it was mid, December two thousand fourteen and I was. On, the subway commuting back from my office. In midtown Manhattan to Brooklyn where I live reading the New Yorker magazine and in that issue was a long profile. Of Elizabeth homes by Ken Oletta in Kohler glowing mostly mostly glowing with some, I have to say with some skeptical passages that I immediately picked up on and It was it was an entertaining, read an interesting that there were as I just said some some things that struck me off in that story One of the ways she she described you know how her blood testing technology worker. How works how she summed it up sounded to me like a high school, chemistry student as opposed to sophisticated lab scientists slash inventor But more. Than any particular thing it was this. Notion that a college dropout someone, who'd had two semesters of chemical. Engineering had dropped out and. Then gone on and invented. Groundbreaking new science that was going to, revolutionize lab testing so let me jump in, right here so she goes to Stanford finishes drops out after her freshman year she got no medical training got no organic chemistry biology Blood chemistry none, of the things one would, normally think would go into complex. Medical device manufacturing this isn't a software startup, where you could just hey anybody could code and whether you have the academic credentials are not as relevant this is a serious science isn't it right. She she had zero qualifications I mean. She had literally had two undergraduate, courses with the same professor Channing. Robertson who ended up being. You know her first enabler That's, an interesting choice of words why did you select enabler was so he was the those, listening weren't familiar with him Channing. Robertson was Dr right rockstar star of, this the Stanford engineering school faculty had been an expert witness in the, late nineties for the state of Minnesota in its tobacco litigation and also was really popular with students he had a way with students he connected, with them. And she'd taken to two courses with him and then came back with this cockamamie. A patent in after her her summer in Singapore, working, at a lab in Singapore so we're now in in the fall two thousand. Three and the patent was, for this device?.

Wall Street Journal Robertson John Kerry bureau chief Manhattan Pulitzer prize Singapore Europe Paris Elizabeth Ken Oletta Stanford New Yorker magazine Brussels fraud Stanford engineering school Bloomberg Kohler writer
"channing robertson" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:08 min | 3 years ago

"channing robertson" Discussed on Bloomberg Radio New York

"He began his career in. Journalism in nineteen ninety four after he graduated from Duke he joined the Dow Jones newswires shortly after he moved, to European version of the Wall Street Journal in Brussels eventually going to. Paris to cover French business, terrorism and everything in between, he was. Appointed deputy bureau chief for southern Europe in oh three eventually he became the Wall. Street Journal's health and science bureau chief in New York he has. Won numerous awards in journalism including the Pulitzer prize twice, if this sounds like the perfect background. For, any writer curious about the blood testing. Startup theranos well it turned out that is exactly right the unicorn turned out to be a fraud which was broken. By Kerry ruin the pages of the Wall Street Journal he has written a bestselling book bag Bad blood secrets and lies in Silicon Valley about the. Entire Elizabeth homes and theranos saga John Kerry ru welcome to Bloomberg thank you for having me my pleasure I, have to start off by saying I love the book it was on. My list of ten to read this summer and I, just plow. Through there's so much material to cover it's such a fascinating story let's just go. Back to the beginning how does theranos and Elizabeth homes out in. Silicon Valley I come on your radar it was mid, December two thousand fourteen and I was. On, the subway commuting back from my office. In midtown Manhattan to Brooklyn where I live reading the New Yorker magazine and in that issue was a long profile. Of Elizabeth homes by Ken Oletta and Kohler glowing mostly mostly glowing with, some I have to say with, some skeptical passages, that I immediately picked up on and it was it was an entertaining read an interesting, that there were. As I just said some some things. That struck me as odd in that, story one of the. Ways she she described how her blood testing technology worker works how she summed it up, sounded to me like a high. School chemistry student as opposed. To sophisticated lab scientists slash inventor but. More than any particular thing it was this notion that, a college dropout someone who'd. Had two semesters of chemical engineering had dropped out and then gone on and invented groundbreaking new science that was going to revolutionize, you know lab testing so let me jump, in right here so she goes to Stanford finishes drops out after her freshman year Got no medical training she's, got no organic chemistry biology blood chemistry none of the things one would normally think would go into complex medical device manufacturing, this isn't a software startup where. You could just hey anybody could code and, whether you have the academic credentials are not as relevant this is a serious science isn't it right she she had zero qualifications I mean, she had, had literally. Had to undergraduate courses with the same. Professor Channing Robertson who ended up, being you know her first enabler That's an interesting choice of words, why did, you select enabler Well so he was the? Those listening weren't familiar. With him Channing Robertson was Dr right rockstar star of this the Stanford engineering school faculty had been an expert witness in the. Late nineties for the state of Minnesota and its. Tobacco litigation and you know, also was really popular with students he had away with students he connected with them and she'd taken two courses with. Him and then came back with. This cockamamie a patent in After her her summer? In Singapore working at. A lab in Singapore so we're now in fall two thousand and three and the patent was for this device that she envisioned..

Wall Street Journal John Kerry Professor Channing Robertson Ken Oletta bureau chief Manhattan Singapore Pulitzer prize Europe Paris Elizabeth Minnesota New Yorker magazine fraud Brussels Bloomberg Stanford writer
"channing robertson" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

03:53 min | 3 years ago

"channing robertson" Discussed on Bloomberg Radio New York

"Week is John Kerry ru he began his career. In journalism in nineteen ninety four after he graduated from Duke he joined the Dow Jones newswires shortly after he, moved to European version of the Wall Street Journal in Brussels eventually going. To Paris to cover French, business terrorism and everything in, between he. Was appointed deputy bureau chief for southern Europe in oh three eventually he became the. Wall Street Journal's health and science bureau chief in New York he. Has won numerous awards in journalism including the Pulitzer prize, twice if this sounds like the perfect. Background, for any writer curious about the blood. Testing startup theranos well it turned out that is exactly right the unicorn turned out to be a fraud which was. Broken by Kerry ruin the pages of the. Wall Street Journal he has written a best selling book bag Bad blood secrets and lies in Silicon Valley about. The entire Elizabeth homes and theranos saga John Kerry ru welcome to Bloomberg thank you for having me my pleasure, I have to start off by saying I love the book it was. On my list of ten to read the summer and, I just. Plow through there's so much material to cover it's such a fascinating story let's just. Go back to the beginning how does theranos and Elizabeth homes out. In Silicon Valley I come on your radar it was, mid December two thousand fourteen and I. Was, on the subway commuting back from my. Office in midtown Manhattan to Brooklyn where I live reading the New Yorker magazine and in that issue was a long. Profile of Elizabeth homes by Ken Oletta and Kohler glowing mostly. Mostly glowing with some I have to say with some skeptical passages that I immediately picked up on and it was it was, an entertaining read an interesting that there were, as I just said some some things that struck me as odd in that story One of, the ways she she described how her blood testing technology worker how works how she summed it up sounded to me like a high school chemistry student. As opposed to sophisticated lab scientists slash. Inventor but more than any particular, thing it was this notion that. A college dropout someone who'd. Had two semesters of, chemical engineering had, dropped out and then gone. On and invented groundbreaking new science that was going to revolutionize lab testing so, let me jump in right here so she goes to Stanford finishes drops out after her freshman, year she got no medical training got no organic chemistry biology Blood chemistry none of the things one would, normally think would go into complex. Medical device manufacturing this isn't a software startup, where you could just hey anybody could code and whether you have the academic credentials are not as relevant this is a serious science isn't it right. She she had zero qualifications I mean. She had literally had to undergraduate, courses with the same professor Channing. Robertson who ended up being. You know her first enabler That's an interesting choice of words why did you select enabler. Well so he was for those listening weren't familiar, with, him Channing Robertson was rockstar star of this the Stanford engineering school faculty had. Been an expert witness in, the late nineties? For the state of Minnesota. In its, tobacco litigation and you know also was really popular with students he had a way with students, he connected, with them and She'd taken to two courses with..

John Kerry Wall Street Journal Channing Robertson bureau chief Manhattan Ken Oletta Pulitzer prize Minnesota Europe Paris Elizabeth Stanford Brussels New Yorker magazine fraud Stanford engineering school Bloomberg writer
"channing robertson" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:12 min | 3 years ago

"channing robertson" Discussed on Bloomberg Radio New York

"Is John Kerry ru he began his career in. Journalism in nineteen ninety four after he graduated from Duke he joined the Dow Jones newswires shortly after he moved, to European version of the Wall Street Journal in Brussels eventually going to. Paris to cover French business, terrorism and everything in between, he was. Appointed deputy bureau chief for southern Europe and oh three eventually he became the Wall. Street Journal's health and science bureau chief in New York he has. Won numerous awards in journalism including the Pulitzer prize twice, if this sounds like the perfect background. For, any writer curious about the blood testing. Startup theranos well it turned out that is exactly right the unicorn turned out to be a fraud which was broken. By Kerry ruin the pages of the. Wall Street Journal he has written a bestselling book bag Bad blood secrets and lies in Silicon Valley about the. Entire Elizabeth homes and theranos saga John Kerry ru welcome to Bloomberg thank you for having me my pleasure I, have to start off by saying I love the book it was on. My list of ten to read the summer and I, just plow. Through there's so much material to cover it's such a fascinating story let's just go. Back to the beginning how does theranos and Elizabeth homes out in. Silicon Valley I come on your radar it was mid, December two thousand fourteen and I was. On, the subway commuting back from my office. In midtown Manhattan to Brooklyn where I live reading the New Yorker magazine and in that issue was a long profile. Of Elizabeth home by Ken Oletta in Kohler glowing. Mostly mostly glowing with some I have to say with some skeptical passages that I immediately picked up on and it was it, was an entertaining read an interesting there were, as I just said some some things that struck me as odd and that story One of the ways she she described how her blood testing technology worker how works how she summed it up sounded to, me like a high, school chemistry student as opposed to sophisticated lab scientists slash inventor But more than any. Particular thing it was this notion that. A college dropout someone who'd had, two semesters of chemical engineering had. Dropped out and then gone. On and invented groundbreaking new. Science that was going to revolutionize lab testing so let me jump in, right here so she goes to Stanford finishes drops out after her freshman year she got no medical training got no organic chemistry biology Blood chemistry none, of the things one would, normally think would go into complex. Medical device manufacturing this isn't a software startup, where you could just hey anybody could code and whether you have the academic credentials are not as relevant this is a serious science isn't it right. She she had zero qualifications I mean. She had literally had two undergraduate, courses with the same professor Channing. Robertson who ended up being. You know her first enabler That's an interesting choice of words, why did, you select enabler Well. So he was for the those listening weren't familiar with him Channing Robertson was Dr rockstar star of this of the Stanford engineering school faculty had been an expert witness in the late nineties for the state of Minnesota. In its tobacco litigation and also, was really popular with students he had a way with students he, connected with them and she'd taken to two courses with. Him and then came back with. This cockamamie a patent in After her her. Summer in Singapore working at a lab and Singapore so we're now in in the fall of two thousand three and the the patent was for this device that she envisioned which was essentially a wristband that would have..

John Kerry Wall Street Journal Channing Robertson Ken Oletta Elizabeth bureau chief Manhattan Pulitzer prize Europe Paris Singapore Stanford fraud Brussels New Yorker magazine Bloomberg Stanford engineering school writer
"channing robertson" Discussed on Bloomberg Radio New York

Bloomberg Radio New York

04:08 min | 3 years ago

"channing robertson" Discussed on Bloomberg Radio New York

"He began his career. In journalism in nineteen ninety four after he graduated from Duke he joined the Dow Jones newswires shortly after he, moved to European version of the Wall Street Journal in Brussels eventually going. To Paris to cover French, business terrorism and everything in, between he. Was appointed deputy bureau chief for southern Europe and oh three eventually he became the. Wall Street Journal's health and science bureau chief in New York he. Has won numerous awards in journalism including the Pulitzer prize, twice if this sounds like the perfect. Background, for any writer curious about the blood. Testing startup theranos well it turned out that is exactly right the unicorn turned out to be a fraud which was. Broken by Kerry ruin the pages of. The Wall Street Journal he has written a bestselling book bag Bad blood secrets and lies in Silicon Valley about the. Entire Elizabeth homes and theranos saga John Kerry ru welcome to Bloomberg thank you for having me my pleasure I, have to start off by saying I love the book it was on. My list of ten to read this summer and I, just plow. Through there's so much material to cover it's such a fascinating story let's just go. Back to the beginning how does theranos and Elizabeth homes out in. Silicon Valley I come on your radar it was mid, December two thousand fourteen and I was. On, the subway commuting back from my office. In midtown Manhattan to Brooklyn where I live reading the New Yorker magazine and in that issue was a long profile. Of Elizabeth homes by kennel Etta and Kohler glowing mostly. Mostly glowing with some I have to say with some skeptical passages that I immediately picked up on and it was it was, an entertaining read an interesting that there were, as I just said some some things that struck me as odd in. That story One of, the ways she she described how her blood testing technology worker how works how she summed it up sounded to me like a high school chemistry student. As opposed to sophisticated lab scientists slash. Inventor but more than any particular, thing it was this notion that. A college dropout someone who'd. Had two semesters of chemical, engineering had, dropped, out and then gone on. And invented groundbreaking new science that was going to revolutionize lab testing so let, me jump in right here so she goes to Stanford finishes drops out after her freshman year, she got no medical training she's got no organic chemistry biology Blood chemistry none of the, things one would normally think would. Go into complex medical device manufacturing this isn't, a software startup where you could just hey anybody could code and whether you have the academic credentials are not as relevant this is serious science isn't. It right she she had zero qualifications. I mean she had literally had, two undergraduate courses with the same. Professor Channing Robertson who ended. Up being you know her first That's an interesting choice of words, why did you select the neighbor was so he was for the. Listening weren't familiar with him Cheney Robertson was Dr right rockstar star of this of. The Stanford engineering school faculty had been an expert, witness, in the late nineties for the state of Minnesota and its tobacco litigation and. You know also was, really popular with? Students he had away with. Students he, connected with them and she'd taken to two courses with him and then came back with this, cockamamie a, patent in After her her summer? In Singapore working at a lab in Singapore so we're now in in the fall two thousand three and the patent was for this device that she envisioned..

The Wall Street Journal John Kerry bureau chief Etta Manhattan Singapore Pulitzer prize Cheney Robertson Europe Stanford engineering school Paris Elizabeth Professor Channing Robertson Stanford fraud New Yorker magazine Brussels Bloomberg Minnesota
"channing robertson" Discussed on Knowledge@Wharton

Knowledge@Wharton

04:46 min | 3 years ago

"channing robertson" Discussed on Knowledge@Wharton

"You know these these really epic making making frauds so john here's another question for you you learn so much about the entire enterprise on every page but one of the things that jumped out for those who hear lisbeth homes on you know you can check on youtube just got lots of interviews there you see how carefully cultivated images she's selfconsciously modeling or on steve jobs down to the the vegan smoothies and the black turtlenecks and all that but one of the things that you you have there's she has a very striking a baritone voice it's quite deep and there was some of the throw at one source we thought that that was also part of the image i don't care particularly about that but i think it's so fascinating how much lisbeth homes invested in this presentation and number one number two how unbelievably successful this was from in all kinds of circles from our sitting secretary of defense tannery kissinger and george shultz for her board to the investors that she brought in to employee's she recruited to journalists who before john rude been largely fawning so i wonder if you could talk a little bit about that image cultivation homes engaged in and then why on earth would it be so successful when there were so many good incentives for people to expose this as a fraud wide and everybody buy in to that sham facade she she cultivated really an image as the female steve jobs she absolutely idolized jobs an apple she started wearing a black turtleneck pretty early on around two thousand six two thousand seven jobs had had famously warned the the black turtleneck as well she she hired the same advertising agency as jobs had because you know she wanted the brand messaging to be similar she she had the meetings with this advertising agencies on wednesday which was the same day of the week that jobs met with this agency shite day and then you mentioned that the divorce the devos i can confirm was put on and there's a an anecdote in the book where newly hired employees in two thousand eleven is meeting with her shortly after getting hired and she forgets to put the berry tone on at at the end of their meeting and and sort of slips back into a young woman's voice and and i think that was actually because she came to the realization early on after dropping out that silicon valley was a man's world she was among woman and she was a young woman and i think she she felt that to be taken seriously she needed to to have a man's voice why did everyone get taken in why didn't people see through this well i think first and foremost is because it was homes is actually very intelligent and she's she's a remarkable pitchwoman one trait that she shared with her idol steve jobs is this reality distortion field she looked at you with her big blue eyes and by the way she has this ability to not blink as often as as most people do makes her even more mesmerizing and she was really passionate and seem genuinely passionate about changing the world and changing the face of lab medicine and so that the combination of these things you know her the way she looked at you the deep voice the intelligence and the passion really made people believe in her and wanna back her and then one thing i'll say that it's controversial to say these days amid the metoo movement but really the the people who were taken with her for the most part and whose reputations she she leveraged we're we're all older men you know it started with channing robertson or her stanford engineering school investor when she dropped out then it was done lucas who had famously groomed larry ellison and helped him take oracle public than after he started developing alzheimer's disease in two thousand ten two thousand eleven she moved on to george shultz the former secretary of state and through schultz she met kissinger's in the sam nunn's and and the bill frist and and on and on and she took in rupert murdoch's she took in david boies these were all older man well it's extremely interesting i mean the the metoo movement i think is is a kind of a key but unspoken implicit character lease important context for the book and part of it might be too just how eager so many people list myself as as one.

"channing robertson" Discussed on Slate's Live at Politics and Prose

Slate's Live at Politics and Prose

04:54 min | 3 years ago

"channing robertson" Discussed on Slate's Live at Politics and Prose

"The in the mind or even just a design they had a working computer built by steve wozniak and perhaps without that steve jobs may have never amounted to anything at all right but you know steve jobs did have a tendency to exaggerate or to announce things before they were completely ready i mean even the the last product laxed feud product the that he unveiled in his lifetime was the iphone in two thousand seven and you know that the the prototype that he showed at the macworld show i think it was in i can't remember the exact month in two thousand seven but it wasn't it was still you know it it wasn't a finished product and so he he's he didn't wait until they had the the fully functioning iphone which they did about six months later to announce it and he you know he had a history of doing that larry ellison who's another silicon valley icon was famous in the early days of oracle for exaggerating what the oracle database software could do and and shipped early versions of that software that was crawling with bugs that that oracle sensually relied on its early users including government agencies to help them de bug i mean that that's how baulky and unreliable the early oracle database software was and eventually they got it to work and oracle is now one of the giants of silicon valley and as a well run company and larry ellison is worth what sixty billion dollars among the ten richest people in the world and and so i think that elizabeth homes is gambit was a pull larry ellison i'm going to be fast and loose in the early years and hope that eventually the product catches up with my promises but it never did if anything the gap between what she promised and claimed she achieved and and the reality got only wider and wider does that answer your question my point was more that i mean people could believe steve jobs when he was such a young age because he had something to show them but but somehow people believed in elizabeth homes at the very beginning i can see later on of course young could conceal or or build a fabrication of lies but somehow it was like robertson in particular must have yeah do you think he actually i think robertson thought that she was full of energy and stubborn and determined and that probably someone like that was going to be successful raising money and would hire people with the appropriate you know training and education and that those that the team that she built with the money she raised would eventually might eventually get her there and that it might be ticket to riches for him i suspect channing robertson is one of the people never agreed to speak to me i suspect that that's what was going on in his head but going back to your you know to the parallel with jobs in the fact that he did have a machine she also had various prototypes the first irritation of the technology was an attempt at a microflora system a cartridge readers system now is actually the most ambitious technology that their nose ever worked on and she would have investors come around and they would do these half bow august demos because this early microphone system didn't work at all and in fact the prologue of the book is a scene where the chief financial officer in late two thousand six learns eight months onto a into his tenure at their knows that the that the these demos are bogus and confronts her and gets fired on the spot so yeah i mean she she people often ask if this was a a made off like fraud and i respond that it's not in the sense that made off at some point in the early eighties stopped investing money and started using new money coming in from new investors to repay old ones and it was a classic ponzi scheme in this very black and white that from that point on it was a fraud elizabeth homes i think wanted to be a successful entrepreneur and did work on different iterations for technology for fifteen years but she over promised and she refused to acknowledge the setbacks that that she encountered and papered over those setbacks and then kept insisting that she had achieved what she hadn't and then the gap between her promises and claims and reality got so enormous that it began this massive fraud that's what happened okay well this this question has actually been asked by others to just can't get around it somehow i it kind.

sixty billion dollars fifteen years eight months six months
"channing robertson" Discussed on Slate's Live at Politics and Prose

Slate's Live at Politics and Prose

04:59 min | 3 years ago

"channing robertson" Discussed on Slate's Live at Politics and Prose

"He he knew that there were issues with the way elizabeth was running the company and you know in particular the scientists in gibbons who committed suicide in two thousand thirteen in two thousand ten he was an old friend and and ex colleague of of channing at a previous company and went to channing and told him that was beth was behaving both unethically and really managing the company incompetently and channing robertson preceded the stab him in the back and go to elizabeth and tell her everything that you can give had said and so ye and was then fired and then rehired but demoted and that was the beginning of a law long spiral that led to him becoming clinically depressed and committing suicide so is she but the simple question simple answer your question is that she didn't go through those channels at all and then you know the people like george shultz and henry kissinger and bill frist and sam nunn and jim manis all of these people could have done what you say or they could have at least tried to do what you say you know it raised the idea with elizabeth of hiring an expert and bringing them in and and what would probably happen is what happened when walgreen's tried to do a monica of due diligence and two thousand ten and hired this outside lab expert named kevin hunter who runs a small abc consultancy firm in chicago who had worked for a decade quest before setting up his own under his own shingle and they walgreens brought hunter in and made him a part of the walgreens invasion team and he tried to kick the tires he went out to palo alto several times and he started asking tough questions he started smelling rat and started trying to raise alarm bills with the walgreens executives and at that point lisbeth homes and sunny bhawani her boyfriend told walgreens that they no longer wanted this guy kevin hunter to participate in the meetings between the two companies in video conference calls they had every week and he was at that point marginalize he was excluded by walgreens you know they were paying him to be to look after their own interests and the reason is that walgreens executives were terrified that if they didn't do as sunny and elizabeth wanted that their nose would end the partnership and turn around and and start one with cvs walgreens is big rival and in rhode island so they headed this this major fear of missing out and you know there were a lot of people over the course of twelve years before i came along as detailed in the book who tried to raise red flags and somehow she overcame you know each of these obstacles to to continue to you know develop her khan and so i suspect that if the if the board members had tried to do what you suggest that she she probably would have just said no and if they had insisted too much she would have made them leave the board if i could follow up a francine for market watch on we've talked about these issues and a little bit on the on the the due diligence and these red flags so you described you know people that saw this in skeptical very early in the process you just described walgreens in their partnership you know having something thousand ten yeah having someone told them you talked about you know a mr murdoch didn't do any due diligence talk about the board who willfully you know serve but didn't do you know their fiduciary responsibility i mean someone told me another journalists told me that i was monday morning quarterbacking by saying you know there were hundred red flags that people could have reacted to and stop this a lot sooner and they didn't and he said no these were smart con artists and you're expecting too much from investors even sophisticated investors i mean why is someone like tim draper one of the early investors still defending her on tv still saying bite of an indictment that she's still visionary i mean what what do you make of this like willful complicity or blindness that is just seems to be so pervasive willingness to do in the in the case of draper you know i didn't know silicon valley that well when i first got their nose tip and then have since gone to the bay area bunch of times and it's become sort.

elizabeth twelve years
"channing robertson" Discussed on Slate's Live at Politics and Prose

Slate's Live at Politics and Prose

04:34 min | 3 years ago

"channing robertson" Discussed on Slate's Live at Politics and Prose

"Traditional soak on valley tech industry there's been an ethos of fake it until you make it you know over promise to investors to everyone basically get the funding and then use the funding to to try to realize the vision and hope that the reality of your of your product catches up to your hype and she really channeled that culture that ethos and it was a fatal mistake and you know she should have modeled herself after say the biotech industry there's a big biotech cluster actually just of silicon valley or at the northern edge silicon valley in south san francisco and instead of you know i'd allies ing steve jobs in modeling herself after steve jobs she she would have done better to model herself after the founder of genetic or you know these people in south san francisco were doing real medical research and who know that when you're working on a product that is going to affect patient lies because it's the product's going to be used to make important medical decisions that you do have to abide by regulations and and that you'd have to have within your company checks and balances and compliance officers and so on and so forth and so she you know she she really modeled herself after the wrong industry and i think it's it's a lesson to draw from this story the scandal because increasingly you're seeing out in the bay area a convergence between the traditional silicon valley and medical research and people in silicon valley are talking a lot about how much health care needs to be disrupted and i think the theranos scandal shows that you know the way of doing business in silicon valley can only take you so far in healthcare hi i i may or may not also work for the fda right i have two questions one can you talk about the environment that it was with homes abandoned at stanford because they have an entire infrastructure for technology transfer they have several incubators that will bring a concept to market and you know no small number of those are in the in the healthcare world that's my first question then secondly you know her actions as a as a dropout may have been a combination of hubris and naievety or whatever but the people that she snowed on her board on her advisory board these people you know are are powerbrokers how difficult would it have been for them to reach out to someone have them signed a nondisclosure agreement and look at the at the you know the level of rigor of the science and what does that say about the general scientific and technological literacy of senior policymakers and their general respect for scientists in the united states i mean okay i'll shut up now thank you oh doesn't doesn't speak well to your first question about the the infrastructure that stanford has in the incubator she didn't take advantage of that at all she operated completely outside of that she you know did an internship at a lab at singapore between freshman and sophomore year and then wrote this patent when she got back home in houston and it was for a sort of an armband that would have these micro needles that would painlessly draw little samples of your blood and then simultaneously diagnose diagnose you with whatever ailed you and and cure you by injecting new provia drug it was like a you know it was a science fiction vision and laid out in this in this patent or proposed patton and somehow she she managed to still convince channing robertson this well respected associate dean and professor at the stanford school of engineering that it was a good idea for her to to pursue this vision and and he encouraged her to do it and even join her board as an adviser and then you know through through the years several people went to him and.

"channing robertson" Discussed on Left, Right & Center

Left, Right & Center

02:02 min | 3 years ago

"channing robertson" Discussed on Left, Right & Center

"Was to lit a gate on their noses behalf a patent case against a childhood neighbor of hers that that's sort of another crazy plot twist here but david boies acted as a scarecrow any employees who had concerns and you know had thoughts of trying to surface them either internally or leaving and then either go to regulators to the press were terrified that the company would come after them and that it would be david boies leading the charge and as the events that that chronicle in the in the latter part of the book show you know they had good reason to have those fears i'm curious about how it is that these incredibly bright accomplished people were so snowed i mean do you have an easy answer for that i mean i know she cultivated this air of like steve jobs in genius wrote she pitched her voice you know very low or that uniform but she fooled so many smart people her trick from from the very beginning was to win n the backing and the support of someone who's older more experienced and generally had a very good reputation first person she did that with was channing robertson who was her engineering professor at stanford and who was sort of a star of the stanford faculty and he joined the board of the company when she was just nineteen she dropped out in the middle of her sophomore year accompanied her to pitch meetings with vc firms and then soon afterwards about a year later she met donald l lucas who's a pretty famous vc who groomed larry ellison the founder of oracle and helped him take oracle public and she sort of wrapped donald lucas around her finger he chaired her company's board for several years helped give her more credibility throughout more funding rounds and then unfortunately two thousand ten two thousand eleven he started developing alzheimer's and she then pivoted to george shultz whom she met at stanford and george.

david boies steve jobs professor stanford donald l lucas larry ellison founder oracle alzheimer channing robertson george shultz
"channing robertson" Discussed on WNYC 93.9 FM

WNYC 93.9 FM

02:16 min | 3 years ago

"channing robertson" Discussed on WNYC 93.9 FM

"And you know this media giant the only thing he did was he picked up the phone and called toby cosgrove who was the ceo of the cleaning cleveland clinic because elizabeth had told him that theranos was about to announce a partnership with the cleveland clinic and and toby cosgrove you know spoke highly of him and that that was essentially the only duediligence that that rupert murdoch did there was one investor in the late round a hedge fund called partner fund management based in san francisco that did actually try to do some due diligence and met several times with sunshine elizabeth and late thirteen or early two thousand fourteen at their noses offices and they were shown these scatter plots that purported to show a theranos clinical data and purported to show that the fairness finger stick tests were super well correlated traditional testing they were shown revenue and profit projections that sonny bono's boyfriend just basically fabricated out of whole cloth i mean they were outright lied to and they invested almost one hundred million dollars and dwi gibson speaking with john kerry ru about his book bad blood secrets and lies in a silicone valley startup published by alfred economic let's talk about the board elizabeth was able to build it was quite powerful how did she recruit those board members who were some of them right and so this goes back to what i was talking about earlier which is that elizabeth's trick from the getgo was to win the backing and support of someone who's older and experience and had credibility and had a a sterling reputation and then leverage that association she did that i with channing robertson her stanford engineering school professor then donald l lucas the venture capitalist who had groomed larry ellison who became the chair chairman of fairness as board by two thousand ten two thousand eleven unfortunately donald l lucas started developing alzheimer's disease so she pivoted to george shultz famous former secretary of state who crafted the ray reagan administration's foreign policy and is credited by many with you know having won the the cold war essentially thing to know about schultz's he lives in a house right off the stanford campus and he's passionate about science.

ray reagan george shultz alzheimer's disease donald l professor stanford engineering school channing robertson alfred economic john kerry partner stanford campus schultz toby cosgrove donald l lucas chairman larry ellison