35 Burst results for "Theranos"
CRYPTO 101
Alex Shipp, CSO of Offshift, Talks the Future of On-Chain Privacy
"Alex ship, welcome to the crypto 101 podcast. How are you doing today? Thank you. It's a pleasure to be here. Already, you guys are sharing a bunch of anecdotes at all. I'm ready to comment on. Well, let's hit it. What's your first, what's your first inkling? Where would you want to take this conversation today? Well, I mean, I'm supposed to be best for me to introduce myself where I should say reintroduce myself. I was actually on here with you one on one in March 2022. Yes, you weren't. Pizza mine, you said pizza mine. I did not get to meet Aaron. So Aaron, this is our first run in here. So I'm looking forward to getting both of you guys this time around. It's a pleasure, Alex. Yeah, yeah. So yeah, I'll just I'll sort of kick off here. I'm the CSO at auction. We are pioneering pride fire private decentralized finance on Ethereum layer one and we're launching our debut platform the week of February 27th, off shifting on. So we're very excited and have sort of a lot to talk about there. And definitely a lot to share with our community and others. And I'm doing the rounds here. But yeah, on chain privacy, in particular, there's so much to be said. And not just not just on the C 5 side, so to speak, whether you're talking about a centralized exchange or the recent stuff with Celsius network and that whole release via the court order of user data and user information. But then, of course, also the centralized exchange stuff with FTX. So there's a whole lot there. That's on the centralized side, but on the DeFi side, a lot of people might not be aware, even though it was a little bit of the news piece from I believe TechCrunch this past week that addressable, which is a sort of digital fingerprint startup, not sure if you guys have heard. But they just raised 7.5 million claiming that they can actually link on chain addresses. That means the theorem addresses EBM addresses to social media accounts, namely Twitter, they claim they've already linked 17 million addresses to social media accounts on Twitter. Using their proprietary algorithms. So that's I'm not going to lie when I read that news report about addressable. I was like calling bullshit. I'm like, this is theranos for crypto. There's no fucking way. Yeah, yeah. You'd like to think that, right? I mean, whether or not whether or not they are the real deal or whether or not they come through on their word. I think it's sort of, it's sort of an ominous note that people are working on this. There is money behind it. There are some VCs who believe in it. And so you can imagine one, two, three years out. There's going to be something that looks like addressable that's going to be operational and functional.
The Readout Loud
"theranos" Discussed on The Readout Loud
"So to kick it off this lovely Thursday, we had a bit of a conclusion to the era of theranos news stories. Damien, what happened this week? Right. So sunny balwani, the former chief operating officer, and number two in command of theranos and ex-boyfriend of theranos founder and CEO Elizabeth Holmes, gut sentenced this week to 13 years where roughly 13 years. In federal prison. This is, well, I mean, I can't tell anyone whether they should care about theranos, but this is notable in the context of Elizabeth Holmes, the founder and CEO, was sentenced to just over 11 years. And in their respective trials, balwani was convicted on every count with which he was charged of fraud, which is to say defrauding investors and defrauding patients who took theranos tests and got results that were not terribly reliable for reasons that I'm sure anyone listening to this already knows with respect to whether theranos technology worked, but Elizabeth Holmes was convicted solely of defrauding investors and not these patients. Because basically in her trial prosecutors, the U.S. attorneys struggled to connect her with the actual day to today operations of theranos lab, which is where the patient defrauding was really taking place, whereas with balwani, who, like I said, was chief operating officer, he presided over that lab, and as such was easier to convince a jury was guilty of presiding over the fraud that there and I was doing. So it is somewhat notable that despite that his sentence was only roughly 18 months longer than Elizabeth Holmes, and it's worth noting that both of them or Holmes is already appealing her sentencing of 11.25 years, I think roughly is what it works out to. And it is expected that balwani will do the same. So Damien, I don't know if there was like an over under on how many years. Sunny balwani was going to get so I don't know where the 13 years they did get. I mean, did people expect him to be sentenced to a longer prison sentence shorter? What was the thinking going into this? I think that's right around at the middle of the ballpark, which I think is what Vegas odds strive for. I mean, each of them faced a maximum of 20 years sentencing for each of the counts they faced. Now no one expected them to do what would have been more than a hundred years. In prison, mostly because sentencing tends to deal with these things can currently and 20 years for white collar crime is very, very rare, even if it's something relatively egregious as someone might describe theranos as being. Yeah, I guess this is right in the middle. And the Vegas zone, if you will, of what people expected for both of these. Now, again, like I said, they'll appeal, ball wanted to turn these heads sought simply probation as a sentence for him. I don't think anyone expected them to succeed in that regard. Part of Holmes attorneys case against a lengthy sentence was predicated on the fact that she is apparently currently pregnant with her second child, obviously bawani, not pregnant, didn't have that exact argument to make. I mean, I don't know, we'll see how many years they actually do, and we'll see, you know, I guess more importantly than the numeral, whether this matters. I mean, there were so many takes that seemed relatively reasonable at the time that theranos was finally dislocating straw for the camel of tech optimism, and then we've already segued into, you know, we don't need to talk about Sam bankman freedom on this podcast that we can alleviate listeners from yet another journalistic source that forces them to think about crypto.
The Doug Collins Podcast
John Berlau Describes Sam Bankman-Fried's Well-Connected Family
"Bikeman free. I mean, this is, let's start with him. And I love your analysis there with a theranos issue which, by the way, I think is we are taping this is getting has been sentenced to prison time and all for what was going on with that. But I think it's an interesting analogy. How did someone of his age and I'm not taking back from age? I got no problem with somebody with great ideas. I don't care what your age is making a lot of money and but how did it go in a special industry such as this? Besides the democratic donor base besides some of the other stuff that they were throwing out a lot of money it places. One, how did he gain the money? I guess the thought that many people have. And then how did it become so quickly marketable in the political world? And then because there's reports that, you know, this issue has, you know, Ukrainian legs back to democratic donors. I mean, there's just all kinds of things going on here. Give us a little in front about him if you can. Right. Well, he is a pretty book smart guy and also smart at making social connections, but there's a saying knowledge doesn't even equal wisdom. But it also certainly helped the fact that he had prominent parents that his name is Sam bankman fried Barbara fried, headed to Silicon Valley pack that gave to democratic donors. And. Also his father, Joseph bankman, helped, according to fortune, draft tax legislation for senator Elizabeth Warren. So, I mean, basically Kevin O'Leary, mister wonderful on Shark Tank said, well, of course I trust him because his parents are compliance attorneys, but something to the effect. I'm paraphrasing what could go wrong. That's like trusting the biker with all the ingredients and never watching because nobody ever would think the biker would put something in there, you know? Exactly. Trust but verify as Ronald Reagan said in everything in politics and in business.
CoinDesk Podcast Network
Assessing Crypto's Challenges Past and Present With Jesse Powell
"How have what we've seen transpire in 2020 two compared to some of the challenges or moments that people thought were kind of existential crises in Bitcoin or crypto has passed. Yeah, well this is the biggest blow up in crypto history for sure in terms of the dollar amount and I think the number of people affected mount gox when it blew up in 2014. It was about $400 million and I think they're only about 20,000 something creditors that actually filed claims there. But that case is still ongoing. People still yet to get their money back. So that wound is still open and definitely another major blow for the industry. Not so much because FTX was critical infrastructure or anything. I think mount gox was much more critical back in 2014 than FTX was today by a long shot, but politicians have been looking for an excuse to hassle us in the crypto industry. And unfortunately, here we are the victims and this blow up is somehow going to be pinned on us and be used as a lever to kind of squeeze more juice out of the crypto orange. Unfortunately, and we're going to have to fight with everything we can to make sure that the narrative stays on point, which is that FTX was a scam a Ponzi, not unlike Bernie Madoff, not unlike theranos, you know, just like Bernie Madoff was not an indictment of the stock market or equities and theranos was not an indictment of the medical profession. FTX is not an indictment of crypto whatsoever. We just happen to be the victims in this case. He could have used anything and I hope that we all stay on message with that and make sure that this doesn't get used as an excuse to shut us down.
AP News Radio
Elizabeth Holmes gets more than 11 years for Theranos scam
"Disgraced CEO Elizabeth Holmes has been sentenced to prison for the theranos scam I Norman hall federal judge Edward Davos senator Elizabeth Holmes to more than 11 years in prison for duping investors in the failed startup that promised to revolutionize blood testing The Senate was shorter than the 15 year penalty requested by federal prosecutors but far tougher than the leniency herd legal team sought for the mother of a one year old son with another child on the way She was convicted in January homes who sobbed in court while expressing remorse must report to prison on April 27th I Norman hall
AP News Radio
Elizabeth Holmes faces judgment day for her Theranos crimes
"The disgraced CEO of theranos Elizabeth Holmes is scheduled to be sentenced today for peddling a bogus blood testing technology Holmes was convicted in federal court in January of four counts of investor fraud and conspiracy her sentencing today will be in the same courtroom in San Jose California prosecutors say the 38 year old should serve 15 years in federal prison and pay $804 million in restitution for duping investors and endangering patients homeless technology was supposed to be able to scan for hundreds of diseases and other ailments with just a few drops of blood but the test produced wildly unreliable results Theranos collapsed in 2018 Her lawyer is expected to ask for a sentence of no more than 18 months preferably served in home confinement Holmes now has a one year old child and is pregnant with her second I'm Donna water
AP News Radio
Prosecution witness stands by testimony in Holmes trial
"A prosecution witnesses standing by damaging testimony the fraud conviction of theranos founder Elizabeth Holmes I Norman hall Prosecution witness and former theranos lab director Adam rosendorff has reiterated his earlier testimony during Elizabeth Holmes fraud trial Holmes is facing up to 20 years in prison for misleading investors about blood testing methods Rosenthal sought to speak with Holmes during an uninvited visit to her home in August following her conviction Rosenthal the federal judges testimony of the trial was truthful but he said he felt remorseful about the possibility that
AP News Radio
Former Theranos exec Ramesh Balwani convicted of fraud
"There's been a second conviction in the theranos case A jury has convicted former theranos executive Sonny balwani of collaborating with disgraced CEO Elizabeth Holmes in a massive fraud involving the blood testing company The 12 jurors found balwani guilty of all 12 felony counts of defrauding both investors and the patients who trusted unreliable blood tests that could have jeopardized their health Holmes was convicted on four counts of investor fraud and conspiracy earlier this year the two each face up to 20 years in prison Holmes is scheduled to be sentenced in late September the date on balwani sentencing is expected to be set in the coming days I'm Shelley Adler
AP News Radio
Elizabeth Holmes' ex-lover, business partner faces own trial
"The ex boyfriend of former Theranos CEO Elizabeth Holmes goes on trial Wednesday sunny bell while he faces charges that he was homes accomplice in the Silicon Valley scam involving a blood testing technology that flopped the fifty seven year old denies the charges home to thirty eight was found guilty of investor fraud and conspiracy in January she's free on half a million dollars bail while awaiting sentencing that is stirred speculation that she might agree to testify against bel Wanty if prosecutors agreed to recommend leniency for homes in exchange for her cooperation I'm Julie Walker
TIME's Top Stories
"theranos" Discussed on TIME's Top Stories
"Theranos founder Elizabeth Holmes convicted of fraud and conspiracy by Michael lido, Associated Press, San Jose, California. In a case that exposed Silicon Valley's culture of hubris and hype. Elizabeth Holmes was convicted Monday of duping investors into believing her startup theranos had developed a revolutionary medical device that could detect a multitude of diseases and conditions from a few drops of blood. A jury convicted homes who was CEO throughout the company's turbulent 15 year history on two counts of wire fraud and two counts of conspiracy to commit fraud after a 7 days of deliberation. The 37 year old was acquitted on four other counts of fraud and conspiracy that alleged she deceived patients who paid for theranos blood tests too. The verdict came after the 8 men and four women on the jury spent three months sitting through a complex trial that featured reams of evidence and 32 witnesses, including homes herself. She now faces up to 20 years in prison for each count, although legal experts say she is unlikely to receive the maximum sentence. The jury deadlocked on three remaining charges, which a federal judge anticipates dismissing as part of a mistrial ruling that could come as early as next week. The split verdicts are a mixed bag for the prosecution, but it's a loss for Elizabeth Holmes because she is going away to prison for at least a few years, said David ring, a lawyer who has followed the case closely. Federal prosecutors depicted homes as a charlatan obsessed with fame and fortune, and 7 days on the witness stand, she cast herself as a visionary trailblazer in male dominated Silicon Valley, who was emotionally and sexually abused by her former lover and business partner, sunny balwani. The trial also laid bare the pitfalls of a swaggering strategy used by many Silicon Valley entrepreneurs, conveying a boundless optimism regardless of whether it's warranted, known as fake it till you make it. That ethos helped hatch groundbreaking companies such as Google Netflix, Facebook, and Apple, the latter cofounded by one of home's heroes, Steve Jobs. Her conviction might lower the wattage at least temporarily on the brash promises and bold exaggerations that have become a routine part of the tech industries innovation hustle. The trial's outcome will send a message to CEOs that there are consequences in overstepping the bounds, predicted Ellen kreuzberg, a Santa Clara university law professor who attended the trial. But she also believes greed will keep hyperbole alive in Silicon Valley. Investors are still going to want to make more money on a promising idea. Kreuzberg sat. They will always go in for the golden ring. Homes remained seated and expressed no visible emotion as the verdicts were read. She bowed her head several times before the jury was polled by U.S. district judge Edward davila, after the judge left the courtroom to meet with jurors individually, Holmes got up to hug her partner, Billy Evans, and her parents before leaving with her lawyers. During a brief break after the verdict was read, a visibly shaken Evans stepped into the courthouse hallway to get a drink from a water fountain while apparently trying to compose himself. Holmes did not respond to questions about the verdicts lobbed at her during a three block walk from the courthouse to the nearby hotel where she has stayed during jury deliberations. She was to remain free on bond while awaiting sentencing, which will be determined by the judge, the judge indicated that he is likely to hold off on the sentencing until the completion of a separate trial involving similar fraud charges against balwani, who once theranos chief operating officer from 2009 to 2016 balwani trial is scheduled to start next month in the same San Jose courtroom, where Holmes's legal saga unfolded..
AP News Radio
Holmes jury to take break after six days of deliberation
"Six six days days isn't isn't enough enough for for jurors jurors in in the the fraud fraud trial trial of of former former Theranos Theranos CEO CEO Elizabeth Elizabeth Holmes Holmes jurors jurors won't won't resume resume deliberations deliberations until until after after the the new new year's year's holiday holiday weekend weekend they they had had been been expected expected to to return return today today but but a a court court filing filing after after they they left left Wednesday Wednesday disclosed disclosed they they will will be be taking taking a a break break until until Monday Monday there there was was no no explanation explanation for for the the pause pause homes homes is is facing facing eleven eleven criminal criminal charges charges alleging alleging she she duped duped investors investors and and patience patience by by hailing hailing her her company's company's blood blood testing testing technology technology as as a a medical medical breakthrough breakthrough when when in in fact fact it it was was prone prone to to wild wild errors errors if if convicted convicted she she faces faces up up to to twenty twenty years years in in prison prison I'm I'm my my camp camp in in
AP News Radio
Holmes jury resumes deliberations after closed-door meeting
"Jury jury deliberations deliberations continue continue in in the the three three month month trial trial of of Elizabeth Elizabeth Holmes Holmes the the Silicon Silicon Valley Valley health health company company founder founder charged charged with with fraud fraud the the jury jury in in San San Jose Jose California California weighing weighing eleven eleven criminal criminal charges charges against against former former Theranos Theranos CEO CEO Elizabeth Elizabeth Holmes Holmes will will resume resume their their deliberations deliberations today today amid amid some some intrigue intrigue raised raised by by a a mysterious mysterious closed closed door door meeting meeting among among her her attorneys attorneys federal federal prosecutors prosecutors and and U. U. S. S. district district judge judge Edward Edward Davila Davila on on Tuesday Tuesday the the hearing hearing transcript transcript is is sealed sealed but but it it would would not not be be unusual unusual for for plea plea agreement agreement discussions discussions to to take take place place during during a a trial trial when when a a jury jury takes takes a a long long time time to to deliberate deliberate last last week week the the jury jury was was allowed allowed to to replay replay of of a a twenty twenty thirteen thirteen recording recording of of homes homes discussing discussing their their own own us's us's dealings dealings with with prospective prospective investors investors prosecutors prosecutors allege allege Holmes Holmes duped duped investors investors and and patients patients claiming claiming her her company's company's blood blood testing testing technology technology was was a a medical medical breakthrough breakthrough when when in in fact fact it it was was prone prone to to gigantic gigantic errors errors if if she's she's convicted convicted homes homes faces faces up up to to twenty twenty years years in in prison prison I'm I'm Jennifer Jennifer king king jury jury deliberations deliberations continue continue in in the the three three month month trial trial of of Elizabeth Elizabeth Holmes Holmes the the Silicon Silicon Valley Valley health health company company founder founder charged charged with with fraud fraud the the
AP News Radio
Jurors in Elizabeth Holmes criminal trial are handed case and begin deliberations as arguments conclude
"Is is scheduled scheduled to to begin begin his his first first full full day day of of deliberations deliberations in in the the trial trial of of a a former former Silicon Silicon Valley Valley CEO CEO jurors jurors began began deliberating deliberating late late Friday Friday afternoon afternoon as as they they try try to to decide decide whether whether former former Theranos Theranos CEO CEO Elizabeth Elizabeth Holmes Holmes turned turned her her blood blood testing testing start start up up into into a a massive massive scam scam she's she's facing facing eleven eleven charges charges of of fraud fraud and and conspiracy conspiracy and and if if convicted convicted on on all all counts counts could could spend spend up up to to twenty twenty years years in in prison prison Holmes Holmes is is accused accused of of duping duping investors investors business business partners partners and and patients patients by by claiming claiming Theranos Theranos testing testing device device could could scanned scanned for for hundreds hundreds of of diseases diseases with with a a few few drops drops of of blood blood taken taken from from a a finger finger **** **** eventually eventually the the flaws flaws in in the the company's company's technology technology were were exposed exposed in in Theranos Theranos collapsed collapsed on on my my campus campus the the jury jury is is scheduled scheduled to to begin begin its its first first full full day day of of deliberations deliberations in in the the trial trial of of a a former former Silicon Silicon Valley Valley CEO CEO jurors jurors
AP News Radio
How Elizabeth Holmes Soured the Media on Silicon Valley
"Their owners founder Elizabeth Holmes has taken the stand at her trial you can't tell your side of the reporters trailed Elizabeth Holmes as you looked at federal courthouse in San Jose California the fall in Silicon Valley star took the stand late Friday afternoon in her trial for criminal fraud will back again on Monday the former entrepreneur will attempt to refute allegations by federal prosecutors that she bamboozled investors and patients about her start up Theranos and blood testing machine called Edison that she claimed would reshape health care homes began her testimony by recounting her early years as a student at Stanford University her interest in disease detection while working with the respected chemistry professor who later joined the company she talked about dropping out of school at the age of nineteen and convincing her parents let her use your college savings to found a startup the government's evidence included internal documents and emails and
AP News Radio
Jury gets chance to hear Elizabeth Holmes' bold promises
"A federal jury in San Jose California weighing the fate of fallen Silicon Valley star Elizabeth Holmes has heard audio evidence in her fraud trial federal prosecutors played a series of recordings of all of the calls boasting to investors about what she claimed was a breakthrough in blood testing technology buyer firm Theranos the government alleges that homes due to sophisticated investors and major retailers about a bogus device called Edison the machine was supposed to be able to use a few drops of blood to scan for hundreds of potential health problems the flurry of investments at one point totaled nine billion dollars with their nose while not being in only forty Walgreen's stores after it invested millions if convicted almost could face up to twenty years in prison I Norman hall
American Scandal
"theranos" Discussed on American Scandal
"The right to demand some of those profits. It's interesting that you say. One of the earliest examples have venture. Capitalism was investment in a medical technology company because this series just looked at why are venture capitalists so often associated with technology. Are they only designed for that. Kind of business is not necessarily. But i went to harvard business loan when i was at. Hp s learned. The willie sutton rule. Willie sutton was a great bank robber. One of the most successful bank robbers win. Eventually he got hot. A reporter came up to him. And they really. Why do you rob banks in willey said well. 'cause that's where the money is and that's why i venture capital is investing in tech right now and for the last one years or so right. It's not the technology is something special. That venture capitalists didn't invest in other things in fact there's lots of venture capitalists who invest in all kinds of other things and in manufacturing companies and supply chain companies. But most of the dollars that were aware of are going to tack. And that's because tech is the fastest growing industry. It's where the money is. Not only that but the thing that we know about technology at least as the industry is constructed right now is that you can get these economies of scale right you give someone a million dollars and they build facebook and suddenly facebook is worth five billion dollars. They don't have to hire a bunch of people. There's also some historical president here. Which is the birth of the tech industry as we think about it. The birth of silicon valley was rooted in venture capitalists. Aw when hewlett packard started which was one of the the original tech companies it really created silicon valley they were backed by a small group of venture capitalists when stanford decided to start really growing aggressively to become a powerhouse university. One of the things that they did is they really put a lot of money into venture capital in the silicon valley area and the thing that they built in silicon valley is they build tech and so since essentially the origins of the contemporary technology industry venture capital has grown up alongside. It's because that's where the money is what sounds like. Venture capitalists then have pretty much fundamentally changed the business landscape in the the last sixty eighty years. What they've done is they've they've definitely created a new source of capital for companies right. They they have supercharged. The ability to create new companies and start new companies. You know if you were to go back to the fifties or sixties starting. A new company was like a big deal right. It was like yet to go find the money and you had to convince other people to join you in and it was. It was a big big risky thing. Most people worked for ibm where they worked for hewlett packard. It was the rebels who often start firms nowadays to start a company. All you really need to know how to put together a powerpoint deck with four or five slides and promise that you're gonna make five billion dollars someday and so you're right. Venture capital has made it much easier to start new companies in part because venture capital has gone from being this small little thing to being a huge asset class with billions and billions of dollars to give away every year. You make it sound like it's almost free money. I mean for is it is free money right. At least at first the problem is that there is no such thing as a free lunch. Free money over the long term. And so when you work with enter capitalist you are definitely giving something up giving up equity oftentimes. You're giving up control. You're giving up the ability to determine your fate. Now that's shifting in the last couple of years particularly among the is on these sort of high flying entrepreneurs and who seem like they have unicorn dust on them the it traditionally venture capitalists. Were in charge. Right they were the guys and some gals. but they're mostly guys they were the guys with the wallets. Who had the cash so they call the rules. But what's happened in the last decade in particular as there's been so much growth so much. Economic prosperity is that so much money has flooded into venture capital that. They're now desperate to give their money away. And that's empowered entrepreneurs entrepreneurs now make demands of venture capitalists. They couldn't make previously. They get to pick and choose who they're going to allow to invest in their companies and as a result of power dynamic shifted another important shift. That's occurred is that venture capitalists used to be the adults in the roads right so there. Is this one. Early venture capitalist. Tom perkins who was a famous venture capitalist who you know helped build sixty or seventy companies. He's one of the founders of kleiner perkins which is one of the best known venture capital firms from the last wave of tech and perkins would go in and he actually like get really involved in these companies right. He would invest in a company hewitt show up at their offices one day a week and he would hold people's feet to the fire. You would ask them. How much are you spending. Show me your budgets. Prove to me that you're making good choices. He brought what's known as good governance to firms. He was really involved. In the companies that funded and this was true. Venture capitalists drew out the sixties and seventies and eighties and nineties. venture capitalists. Were the adults in the room. And then this dynamic that. I mentioned before when all of a sudden there's so much more venture capital money now suddenly entrepreneurs concert calling the shots there in charge because they can say. I'm gonna let you invest in my company. It's one of the demands that entrepreneurs had was to say. Look if i'm gonna let you invest my company. I don't want you sticking your nose in here. I don't want you telling me what to do. In fact i want you to give me enough power so that i have a super voting authority on my board. You can't rein me and even if you want to. And i think many people would argue. That has been changed. Not for the better. Was this the issue at play with with theranos. Elizabeth homes managed to raise a lot of money from investors while maintaining a tight grip over her company. I don't know the fairness story very well. Like i've never reported on theranos but just from reading the coverage but i do know is my understanding is that elizabeth homes and others went to mainstream venture capitalists and that particularly in the biotech space. Right people who know that space really well. People who know the blood technology space particularly well and those folks started doing their due diligence. They started asking things like you know. Can you give me proof that your technology works. How many peer reviewed published papers. Do you have about this technology where other scientists are objectively evaluating it and determining whether it it lives up to its promise and whatever those established venture capitalists heard. It made them decide not to back this company right. The people who backed theranos are like rupert murdoch. Who knows media really really well. But as far as i know doesn't know much about biotech. Betsy devos right. That's invested even earned her own money. She inherited it from people who started amway up the door to door sales company. She was a education secretary under donald trump. So i don't that. She has a degree in biotech. I don't maybe she's an expert in biotech. But as far as i know she isn't so my guess is those people were just in a position where they really weren't qualified to do due diligence and they didn't reach out to ask people who knew how to due diligence on biotech to evaluate this investment before they handed over the muddy american scandal is sponsored by better help online therapy. An ounce of prevention is worth a pound of cure boy. That's an idiom for our age. An ounce of prevention is worth a pound of cure so much of what threatens us now could have been better dealt with a while ago and it's not just big things like politics and pandemics the same ounce of prevention is available to all of us in our individual lives. Therapy is often best as prevention. Not a cure. 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American Scandal
"theranos" Discussed on American Scandal
"Right if the company ends up going bankrupt and they have to sell off all of their assets. The people who gave them debt they get paid. I now standing behind those people who gave them dead in the bank are the venture capitalists the people who gave the money and said you don't have to pay this money back but you do have to give us some stock in your company and that way we own a part of the company and by the way if your company does well if you have lots of profits than we also have the right to demand some of those profits. It's interesting that you say. One of the earliest examples have venture. Capitalism was investment in a medical technology company because this series just looked at why are venture capitalists so often associated with technology. Are they only designed for that. Kind of business is not necessarily. But i went to harvard business loan when i was at. Hp s learned. The willie sutton rule. Willie sutton was a great bank robber. One of the most successful bank robbers win. Eventually he got hot. A reporter came up to him. And they really. Why do you rob banks in willey said well. 'cause that's where the money is and that's why i venture capital is investing in tech right now and for the last one years or so right. It's not the technology is something special. That venture capitalists didn't invest in other things in fact there's lots of venture capitalists who invest in all kinds of other things and in manufacturing companies and supply chain companies. But most of the dollars that were aware of are going to tack. And that's because tech is the fastest growing industry. It's where the money is. Not only that but the thing that we know about technology at least as the industry is constructed right now is that you can get these economies of scale right you give someone a million dollars and they build facebook and suddenly facebook is worth five billion dollars. They don't have to hire a bunch of people. There's also some historical president here. Which is the birth of the tech industry as we think about it. The birth of silicon valley was rooted in venture capitalists. Aw when hewlett packard started which was one of the the original tech companies it really created silicon valley they were backed by a small group of venture capitalists when stanford decided to start really growing aggressively to become a powerhouse university. One of the things that they did is they really put a lot of money into venture capital in the silicon valley area and the thing that they built in silicon valley is they build tech and so since essentially the origins of the contemporary technology industry venture capital has grown up alongside. It's because that's where the money is what sounds like. Venture capitalists then have pretty much fundamentally changed the business landscape in the the last sixty eighty years. What they've done is they've they've definitely created a new source of capital for companies right. They they have supercharged. The ability to create new companies and start new companies. You know if you were to go back to the fifties or sixties starting. A new company was like a big deal right. It was like yet to go find the money and you had to convince other people to join you in and it was. It was a big big risky thing. Most people worked for ibm where they worked for hewlett packard. It was the rebels who often start firms nowadays to start a company. All you really need to know how to put together a powerpoint deck with four or five slides and promise that you're gonna make five billion dollars someday and so you're right. Venture capital has made it much easier to start new companies in part because venture capital has gone from being this small little thing to being a huge asset class with billions and billions of dollars to give away every year. You make it sound like it's almost free money. I mean for is it is free money right. At least at first the problem is that there is no such thing as a free lunch. Free money over the long term. And so when you work with enter capitalist you are definitely giving something up giving up equity oftentimes. You're giving up control. You're giving up the ability to determine your fate. Now that's shifting in the last couple of years particularly among the is on these sort of high flying entrepreneurs and who seem like they have unicorn dust on them the it traditionally venture capitalists. Were in charge. Right they were the guys and some gals. but they're mostly guys they were the guys with the wallets. Who had the cash so they call the rules. But what's happened in the last decade in particular as there's been so much growth so much. Economic prosperity is that so much money has flooded into venture capital that. They're now desperate to give their money away. And that's empowered entrepreneurs entrepreneurs now make demands of venture capitalists. They couldn't make previously. They get to pick and choose who they're going to allow to invest in their companies and as a result of power dynamic shifted another important shift. That's occurred is that venture capitalists used to be the adults in the roads right so there. Is this one. Early venture capitalist. Tom perkins who was a famous venture capitalist who you know helped build sixty or seventy companies. He's one of the founders of kleiner perkins which is one of the best known venture capital firms from the last wave of tech and perkins would go in and he actually like get really involved in these companies right. He would invest in a company hewitt show up at their offices one day a week and he would hold people's feet to the fire. You would ask them. How much are you spending. Show me your budgets. Prove to me that you're making good choices. He brought what's known as good governance to firms. He was really involved. In the companies that funded and this was true. Venture capitalists drew out the sixties and seventies and eighties and nineties. venture capitalists. Were the adults in the room. And then this dynamic that. I mentioned before when all of a sudden there's so much more venture capital money now suddenly entrepreneurs concert calling the shots there in charge because they can say. I'm gonna let you invest in my company. It's one of the demands that entrepreneurs had was to say. Look if i'm gonna let you invest my company. I don't want you sticking your nose in here. I don't want you telling me what to do. In fact i want you to give me enough power so that i have a super voting authority on my board. You can't rein me and even if you want to. And i think many people would argue. That has been changed. Not for the better. Was this the issue at play with with theranos. Elizabeth homes managed to raise a lot of money from investors while maintaining a tight grip over her company. I don't know the fairness story very well. Like i've never reported on theranos but just from reading the coverage but i do know is my understanding is that elizabeth homes and others went to mainstream venture capitalists and that particularly in the biotech space. Right people who know that space really well. People who know the blood technology space particularly well and those folks started doing their due diligence. They started asking things like you know. Can you give me proof that your technology works. How many peer reviewed published papers. Do you have about this technology where other scientists are objectively evaluating it and determining whether it it lives up to its promise and whatever those established venture capitalists heard. It made them decide not to back this company right. The people who backed theranos are like rupert murdoch. Who knows media really really well. But as far as i know doesn't know much about biotech. Betsy devos right. That's invested even earned her own money. She inherited it from people who started amway up the door to door sales company. She was a education secretary under donald trump. So i don't that. She has a degree in biotech. I don't maybe she's an expert in biotech. But as far as i know she isn't so my guess.
American Scandal
"theranos" Discussed on American Scandal
"Money and some advice because you're all scientists and we're all smart business people will give you some advice and give us a stake in the company and if you do well. We'll all get rich. So that's how it's perhaps different from any other financing like data or alone exactly so debtor alone is literally a bank. Saying we're going to give you some money. You don't give us any stock in return but you have to pay us back what we gave you. Plus some interest and debt or alone is the safest kind of investment you can make right if the company ends up going bankrupt and they have to sell off all of their assets. The people who gave them debt they get paid. I now standing behind those people who gave them dead in the bank are the venture capitalists the people who gave the money and said you don't have to pay this money back but you do have to give us some stock in your company and that way we own a part of the company and by the way if your company does well if you have lots of profits than we also have the right to demand some of those profits. It's interesting that you say. One of the earliest examples have venture. Capitalism was investment in a medical technology company because this series just looked at why are venture capitalists so often associated with technology. Are they only designed for that. Kind of business is not necessarily. But i went to harvard business loan when i was at. Hp s learned. The willie sutton rule. Willie sutton was a great bank robber. One of the most successful bank robbers win. Eventually he got hot. A reporter came up to him. And they really. Why do you rob banks in willey said well. 'cause that's where the money is and that's why i venture capital is investing in tech right now and for the last one years or so right. It's not the technology is something special. That venture capitalists didn't invest in other things in fact there's lots of venture capitalists who invest in all kinds of other things and in manufacturing companies and supply chain companies. But most of the dollars that were aware of are going to tack. And that's because tech is the fastest growing industry. It's where the money is. Not only that but the thing that we know about technology at least as the industry is constructed right now is that you can get these economies of scale right you give someone a million dollars and they build facebook and suddenly facebook is worth five billion dollars. They don't have to hire a bunch of people. There's also some historical president here. Which is the birth of the tech industry as we think about it. The birth of silicon valley was rooted in venture capitalists. Aw when hewlett packard started which was one of the the original tech companies it really created silicon valley they were backed by a small group of venture capitalists when stanford decided to start really growing aggressively to become a powerhouse university. One of the things that they did is they really put a lot of money into venture capital in the silicon valley area and the thing that they built in silicon valley is they build tech and so since essentially the origins of the contemporary technology industry venture capital has grown up alongside. It's because that's where the money is what sounds like. Venture capitalists then have pretty much fundamentally changed the business landscape in the the last sixty eighty years. What they've done is they've they've definitely created a new source of capital for companies right. They they have supercharged. The ability to create new companies and start new companies. You know if you were to go back to the fifties or sixties starting. A new company was like a big deal right. It was like yet to go find the money and you had to convince other people to join you in and it was. It was a big big risky thing. Most people worked for ibm where they worked for hewlett packard. It was the rebels who often start firms nowadays to start a company. All you really need to know how to put together a powerpoint deck with four or five slides and promise that you're gonna make five billion dollars someday and so you're right. Venture capital has made it much easier to start new companies in part because venture capital has gone from being this small little thing to being a huge asset class with billions and billions of dollars to give away every year. You make it sound like it's almost free money. I mean for is it is free money right. At least at first the problem is that there is no such thing as a free lunch. Free money over the long term. And so when you work with enter capitalist you are definitely giving something up giving up equity oftentimes. You're giving up control. You're giving up the ability to determine your fate. Now that's shifting in the last couple of years particularly among the is on these sort of high flying entrepreneurs and who seem like they have unicorn dust on them the it traditionally venture capitalists. Were in charge. Right they were the guys and some gals. but they're mostly guys they were the guys with the wallets. Who had the cash so they call the rules. But what's happened in the last decade in particular as there's been so much growth so much. Economic prosperity is that so much money has flooded into venture capital that. They're now desperate to give their money away. And that's empowered entrepreneurs entrepreneurs now make demands of venture capitalists. They couldn't make previously. They get to pick and choose who they're going to allow to invest in their companies and as a result of power dynamic shifted another important shift. That's occurred is that venture capitalists used to be the adults in the roads right so there. Is this one. Early venture capitalist. Tom perkins who was a famous venture capitalist who you know helped build sixty or seventy companies. He's one of the founders of kleiner perkins which is one of the best known venture capital firms from the last wave of tech and perkins would go in and he actually like get really involved in these companies right. He would invest in a company hewitt show up at their offices one day a week and he would hold people's feet to the fire. You would ask them. How much are you spending. Show me your budgets. Prove to me that you're making good choices. He brought what's known as good governance to firms. He was really involved. In the companies that funded and this was true. Venture capitalists drew out the sixties and seventies and eighties and nineties. venture capitalists. Were the adults in the room. And then this dynamic that. I mentioned before when all of a sudden there's so much more venture capital money now suddenly entrepreneurs concert calling the shots there in charge because they can say. I'm gonna let you invest in my company. It's one of the demands that entrepreneurs had was to say. Look if i'm gonna let you invest my company. I don't want you sticking your nose in here. I don't want you telling me what to do. In fact i want you to give me enough power so that i have a super voting authority on my board. You can't rein me and even if you want to. And i think many people would argue. That has been changed. Not for the better. Was this the issue at play with with theranos. Elizabeth homes managed to raise a lot of money from investors while maintaining a tight grip over her company. I don't know the fairness story very well. Like i've never reported on theranos but just from reading the coverage but i do know is my understanding is that elizabeth homes and others went to mainstream venture capitalists and that particularly in the biotech space. Right people who know that space really well. People who know the blood technology space particularly well and those folks started doing their due diligence. They started asking things like you know. Can you give me proof that your technology works. How many peer reviewed published papers. Do you have about this technology where other scientists are objectively evaluating it and determining whether it it lives up to its promise and whatever those established venture capitalists heard. It made them decide not to back this company right. The people who backed theranos are like rupert murdoch. Who knows media really really well. But as far as i know doesn't know much about biotech. Betsy devos right. That's invested even earned her own money. She inherited it from people who started amway up the door to door sales company. She was a education secretary under donald trump. So i don't that. She has a degree in biotech. I don't maybe she's an expert in biotech. But as far as i know she isn't so my guess.
American Scandal
"theranos" Discussed on American Scandal
"That just.
American Scandal
"theranos" Discussed on American Scandal
"Need something on the record if we want to run a story for a moment schultz ways the decision. He meant what he said. He doesn't want people to get hurt but scholz also doesn't want to upend his own life but maybe there's a middle way. It's then that scholz remembers the paper trail before he left theranos he emailed elizabeth homes warning her about issues at the company one day. He printed that email as well as the company's response and tuck the pages under his shirt before leaving the office. Schultz has evidence. He also has his corresponds with the new york department of health in which a state expert suggested that theranos was cheating so while scholz isn't quite ready to be the face of the opposition. He still has plenty that he can share with john kerry and plenty can put a stop to theranos american scandal sponsored by sarah flint. If the clothes make the man the shoes might make the woman but who makes the shoes that makes the woman and better be a woman right. 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As for fifty dollars off sarah flint dot com slash a. s. even for those that love it shopping for clothes can be an ordeal. I there the choices what goes with what then the sizes every brand seems different. Finally the hassle going to one store after another in search of the right. Look the right size and the right brand. Beezer all problems stitch fix has fixed stitch fix your one stop online destination for clothing curated for your fit in style and with stitch. Fix freestyle is like shopping. In a store built just for you that evolves with your taste. I found an outfit from the shirt to the shoes. Perfect for me in a single click. Try stitch fix freestyle today by filling out your style quiz at stitch fix dot com slash wandri. That's stitch fix dot com slash wondering. It's the spring of two thousand fifteen in phoenix arizona. The door opens inside a starbucks. And john kerry ru enters notebook tucked under his arm. Carry ru breeze the smell of roasted coffee as he makes his way through the busy shop. It doesn't look like carry. Reuss source has arrived so he orders a cup of coffee and heads over to a quiet table in the corner. As he waits for his interviewee carry ru flips through the pages of notes. He's spoken with a number of their noses former employees and altogether their testimony painted damaging portrait of the company and its technology. It appears that there are no says at the center of a major fraud and with dozens of its wellness centers. Now operating in storefronts across the country. Their nose is putting patients. Lives at risk is almost ready to publish his first story but before he does he needs to capture. The human toll. Theranos is lies. That's why he's here at this starbucks he's about to meet with a woman who relied on one of their noses. Test results suffered some painful consequence. A few minutes later the front door the coffee swings open and turkey middle aged woman steps inside carry smiles and rises time to meet his newest source. He waves over at maureen glutz. A patient of one of the doctors who carry ru spoken with glance approaches the table and after some small talk she begins sharing the mortifying details about her experience with their wansick's explains that she had some ringing in her ears so she went to get a blood test from theranos machine when the results came back she was terribly worried. Their notes reported the glunz had elevated levels of liver enzymes inclu coz among other issues and with the ring in her ear. Her doctor worried that she might be having a stroke so she went to the er carrier looks from his no pat concerned. He asks whether glances okay. She shakes her head bitterly. She's okay but that doesn't make her any less angry. She spent hours in the er ultimately getting a cat scan an mri. They wanted to take every precaution in case it really was a stroke. The doctors also ordered a new round of blood tests but when those came back the results were normal. So we're all the other tests kerry reuss scribbles down the details in his notebook. Then shoes look of sympathy. He apologizes saying it. Sounds like she had to go through quite an ordeal and all because their noses test results were inaccurate. Did she have a good insurance plan. That might have covered glance shakes her head again. She explains that she pays for her own insurance and her plan has a high deductible altogether. She was on the hook for three thousand dollars. All because theranos is blood. Tests don't work carry. Route takes a final note considers the weight of the story because of theranos. Glenn didn't just endure a frightening health. Scared she had to deal with the financial consequences too and while ultimately she survived other patients with incorrect test. Results might not be so lucky. Carry ruth thanks for her time. He can feel Anger at the inconvenience at the cost and the frightening emotional rollercoaster. glenn was put through all because of an inaccurate test and while it seems like it's just one person may be only a thousand dollars if you multiply at times. The scale of theranos ambition. It's a catastrophe waiting to happen. Carry ru is ready to publish. He's investigation of theranos will reveal how the silicon valley darling is putting people's lives at risk. And how.
American Scandal
"theranos" Discussed on American Scandal
"By two thousand fifteen elizabeth home grown to be a celebrity and an icon of the tech industry. She made magazine covers and was heralded. As a visionary president barack obama invited her to serve as a global ambassador for entrepreneurship and forbes magazine named her the youngest ever self made female billionaire yet for all of the public triumphs their noses. Blood testing devices were still malfunctioning. That left home and her team scrambling to keep the full truth from the public. This complex web of lies would attract the attention of john kerry ru dog journalist and the course of his investigation he would speak with whistleblowers. Who were determined to speak up about their experiences with their nose. The investigation would reach far and wide and soon it would pose an existential risk to elizabeth homes company. This episode three the race to publish. It's february twenty. Six two thousand fifteen in manhattan and john kerry rose clutching his cell phone. Ready to make another call. He's already dialed the number a half dozen times without getting an answer but he knows he needs to keep trying because if he gets through he could uncover a treasure trove of information about theranos. It's been a busy couple of weeks. Ever since carey. I heard from adam. Clapper the doctor and blogger. Clapper did eventually connect carry with a potential sources people who'd associated with elizabeth homes and theranos. But as can reroute dug into their back stories he learned that they were tied up in lawsuits theranos making them poor sources for potential expose soon carry ru learned about another potential source. A man who recently quit their nose after working as the companies lab director unlike the others he wasn't tainted by litigation and even though carry ruse calls. Have all gone to voicemail. It's worth trying again. So carry a cell phone and dials sources number after a few rings. A man's voice answers and carry route. Introduces himself right away. The man clamps up. He says he can't talk. Theranos could sue him. If they discovered he was talking to a reporter from the wall street journal carry roof steadies himself and thinks through his response. He's been down this road many times before. Informants are often jittery and afraid of retaliation but there are ways to earn their trust and to work with them so carry rukam voice me says he completely understands. It's normal for whistle blowers to feel scared. There's a lot on the line but he has an offer. The man can use a pseudonym if he glide there's a pause on the other end of the line then the man says fine. He'll speak but from here on out he'll take the name. Alan bean carry ru agrees and soon beam starts telling him about his first days at their nose back then. He had large hopes that the company would be revolutionary who would transform healthcare but that changed when being learned the truth about their noses blood testing device. It was a dud. The device known as an edison often churned out error messages and failed. Quality control tests carry ru scribbles notes. As fast as he can his pulse quickening he can already tell. This is the beginning of a major story team continues and the information only gets more damaging he explains that because the addison devices didn't work theranos began to use other companies equipment but that created a new problem. Theranos insisted only on drawing a small amount of blood which was central to that. They're no sales pitch. But if you rely on other companies machines you have to use more than just a drop a blood. The company had to come up with a work around technicians diluted the samples so there was enough liquid process but that made the results inaccurate and sometimes badly so according to beam theranos was not only misrepresenting what he was doing but it was reporting test results that could potentially harm patients. Carry roof sets down his pen and shock. This kind of deception is unbelievable. And so he asks beam if he ever tried to intervene beam. Exhales plans he tried to postpone the launch if theranos partnership with walgreens but homes wouldn't do it beam also spoke with sunny bhawani the chief operating officer but he was a bully who used intimidation to crush. Any kind of dissent beams warnings fell on deaf ears. Carry ru continue scribbling furiously. His pat has been revealed bombshell after bombshell after speaking for an hour the to end their call. As carrie ru hangs up he feels a familiar rush of adrenaline. This isn't just a story about a failed starter. Bigger than that. Because if what beam is saying is true. There could be the next enron a tale of hubris and deception. One could end with an incredible downfall two days later. John kerry ru steps through a park in brooklyn new york. The nearby trees are studded with frost and carry rubs his hands together trying to stay warm. It's one of the city's coldest february's on record and kangaroo should be inside but he made a promise he's taking his sons to the park so they can play with their friends and although his face is numb. Carry ru doesn't really mind. He's distracted by more important development in the theranos investigation. Alan bean his confidential source may soon offer up a cache of incriminating records while he was still at their nose being grew concerned that something bad could happen to a patient who used the theranos blood tests that he could be held personally responsible so beam trying to protect himself. He forwarded dozens of work emails to his personal email account. They included messages to sonny bhawani in which he detailed his concerns with. Arnott's kerry ru was thrilled to learn about these emails. They could be exactly what he needs to help corroborate beams and credible accusations so as he paces around the freezing park in brooklyn carry roo decides to give beam another call to check in when beam answers. Carry ru cuts to the chase. He's hoping that beam will send over. Those old were females. There's a moment of silence and then beam announces that he has some bad news. The emails are gone. He was forced to get rid of them. As part of his legal agreement with fairness jerry roof shakes his head watching. His breath turned to steam. This is disappointing. Turn of events trying to compose himself. He asks whether being double checked. His e mails trash whether he tried contacting his email provider for support. There are often ways to get back old delete messages but being apologizes and says he's sorry. Those emails are gone carrier route collapses onto a park bench. Trying to think of another plan. They need someone to corroborate his accusations and so he asks beam whether he has any other way to get these kinds of damning internal communications being pauses. Then says there might be someone worth talking to a younger guy named tyler schultz. His grandfather is george shultz former. Us secretary of state and the theranos board member beam doesn't know all the details but it sounded like tyler scholtz left the company on bad terms. You might be talking to carry rods with his fingers numb from the coal. He takes note tyler. Schultz could be a promising lead. He could also be another dead end. It's impossible to know when you reporting the news but either way carry ru is going to reach out to see what schultz knows about elizabeth homes and theranos..
American Scandal
"theranos" Discussed on American Scandal
"From laundry. This is episode. Two of theranos from american scan on the next episode news of fraud and corruption inside theranos reaches an investigative reporter a wall street journal with the press closing in elizabeth. Holmes does everything she can to keep the facts from week. Now.
American Scandal
"theranos" Discussed on American Scandal
"Then in hopes expression is pained. You'd miss that he. Here's what hunter is saying. But at this point they can't put the brakes on the deal. Walgreens is battling cvs to be the dominant drugstore chain across the country. If walgreens doesn't take this opportunity cvs will bandon hoof then gives a shrug and says he knows this isn't one hundred wants to hear but it's the way things aren't then in half turns to leave but before he can hundred grabs. His arm begins pleading. He says there's another way to vet their noses technology. He could open up one of the devices. The company left behind. They could pull back the curtain and see what homes is really working with. Bannon hosts is widening alarm. You remind hunter that. Their contract prohibits any reverse engineering theranos. Noses devices cracking. One open is out of the question. Van half turns tosses his half eaten sandwich in the trash in walks away under his left standing in a daze. He understands why the situation is difficult. Walking away from a deal with their nose could cause walgreens millions billions over the long term but there is a bigger cost to consider their noses. Products could be defective. If this partnership goes forward walgreens could cost lives hunter. Cise at this point. There's little he can do. He's just a consultant from a small firm and trying to upend a major corporate deal. Like this there's just too much momentum to stop it. it's september two thousand thirteen and three years later at their enosis headquarters in palo alto the company's lab director. Alan beam makes his way through the office surveying landscape of exhausted. Employees engineers product developers researchers. Everyone looks depleted. It's no shock that the company appears to be staffed by zombies. For the last three years theranos employees have suffered through a relentless workload as theranos has prepared a commercial launch of its blood testing technology. Companies deal with walgreens could be a game changer by getting their technology and drugstores across the country. Theranos will be able to reach millions of people. Make an incredible out of money. The stakes couldn't be greater for theranos. Just a few days. they'll open. Its first wellness. Enter inside a walgreens in palo alto but there's a problem one that beam just learned their noses devices still aren't ready for the public. Theranos may be under incredible pressure. Beam knows he has to stop the partnership moving forward. Only one person can make this excruciating decision. The company's founder and ceo elizabeth homes.
American Scandal
"theranos" Discussed on American Scandal
"It's two thousand. Six in palo alto california and late at night by now. Most of the employees at theranos have gone home for the evening but not elizabeth homes. Theranos is founder and ceo is still at the company office. Getting ready for an important meeting. Homes knows it's unusual to do business the slate but some things can't wait. Homes just bought a two million dollar packaging system designed to ship their noses blood testing product as soon as it's ready but the product is still far from done. Her always seems to be some kind of delay. That's left theranos in crisis mode. They've already blown through their first. Six million dollars in funding homes has put on a good performance and managed to raise another nine million dollars. But she's worried that it won't last long theranos runs out of money. It'll be seen as one of the biggest embarrassments in silicon valley. So it's time to put some pressure on one of fairness as top employees homes. Walks through the office and approaches a man with slumped shoulders. His name is edmond coup and he's the head of engineering for their nose. Oh elizabeth. i'm sorry. I'm here so late in my lost track of time. A seems like a habit of yours. Isn't it so. I have no also al stand. This won't take long. Okay for look. I want to apologize. And it's time to stop apologizing. Tell me what. I wanna hear you. I wanna apologize. I'll be honest. My team is still struggling with the prototype now. I know you've had some farms about this. But if we could just if we just use more blind in the samples he could change everything. Product would have a much better chance of working if we weren't using so little blind..
American Scandal
"theranos" Discussed on American Scandal
"I like it. let's get to. Why don't you walk me through your pitch. Oems gathers herself as she launches her powerpoint. She's practiced a speech a thousand times and knows every word by heart. Well let's go back because even though it's unconventional you have to understand something about my childhood. When i was young more than anything i hate it getting my blood drawn. Genetics are funny my mother. She has a terrible fear of needles. If she even sees a syringe she faints. And i guess i inherited that folk and for me it does really make life hard going to the doctors all the needles. But i'm not the only one there are millions of people who can't stand to get their blood drawn and all that made me wonder what if there was a better way homes turns and clicks over to the next slide in her presentation. This is the therapist. It's an patch and this is key. Painlessly draws blood from a patient and then makes a diagnosis for a wide number of medical conditions. After that it directly administers any necessary drugs. I'm sorry this patch draws blood tests diagnosis the disease and then medications the patient. Exactly now i don't have to explain to. You sure you can see the way this transforms medicine. Not only that would change. Patient's lives homes. Takes a sip of water. Pleased with her delivery so far but she notices that campbell. Wind has frowning. This is admirable goal on this homes. But i don't. I don't understand how would a microchip deliver medicine and communicate with your doctor. Everything would be wireless house directly inside the patch. I gathered that the wireless communication requires a set of components completely different from diagnostic components. And then the transdermal medication whole whole new set. That's a lot of tech to cram into a two inch patch. That's true. And i liked the idea of getting test results from a patch but there's already another company that's cornered the market on that sort of product. What's the differentiator house. Theranos better homes feel. Her face grow hon. No i'm sorry. I think you're missing the point miss homes. I listened to word of your presentation. I've seen your deck. I very rarely missed the point. This groundbreaking technology. Yeah in theory. That may be true but you haven't explained how it actually works doesn't work homes tries to steady herself. She feels her face flush again. Then the words come falling out of her mouth. You know a net. I thought you'd be the right partner for my business. I thought you were someone who had vision. But clearly i was wrong. So good luck with everything. Home stands up and leaves the office as she exits. The billy walks through the parking lot homes arms and legs start shaking. She can't believe what just happened. She was supposed to walk away with an offer for millions of dollars. Instead she was made to sound like a child someone who wasn't ready for the real world. It was a humiliating experience. But homes won't be stopped by a small minded venture capitalist. This meeting was just a setback but it taught her an important lesson. She needs to find investors who understand her vision and who won't get bogged down by details. If you can find those people she should have no trouble getting all the money. She needs building theranos into an empire about a year later shock. Roy makes his way through a recently expanded office in palo alto california as he walked through the wide open space. Roy marvels all the employees bustling about the past. Eighteen months have been a whirlwind. But elizabeth homes has managed to raise six million dollars in venture capital. That's not only allow them to open this office which belongs to us but they were able to hire an entire staff and build out a professional lap. Roy looks around and shakes his head and happy disbelief. If feels like only yesterday that the two of them were running a young startup with their backs against the wall but everything seems to have changed overnight and that includes homes herself as roy turns a corner in the new office. He sees his theranos co-founder standing in front of yet another group of investors. She's wearing a black turtleneck and tailored slacks looking just like her hero steve jobs she's also begun carrying herself with swagger of a legendary ceo. So while theranos may not yet be famous that hasn't stopped homes from taking on the role of dynamic. Ceo and hatching ambitious plans. She wants to license their product. To pharmaceutical companies conducting drug trials. Homes has promised that their devices will offer real time data showing the companies whether the patients are having adverse reactions to drugs could be a game changer for the trillion dollar pharmaceutical industry but roy worries about delivering on their promises especially on homes time. It helps that they've scrapped. The original thera- patch idea and in standard developing a hand held machine. Still homes refuses to listen when roy shares his concerns. That's why he's on his way to the theranos lab. He needs to get someone else's point of view to see whether his worries are justified. Roy inside the lab increase one of the technicians who lifts his protective goggles and smiles in a hush tone roy inquires whether they've made any progress on the latest prototype right away. The technician smile fades looking across the gleaming lab equipment. Technician tells roy that they are still facing some fundamental struggles like separating out. The constituencies of blood samples mechanics are proving incredibly. Hard roy knots and ask the lab tech to be straight with them. Does he believe the product is feasible. The technician freezes for unsure what to say. Roy knows that no one wants to be the bearer bad news especially in a company with such large ambitious but then the lab techs miles again. He tells roy that maybe they'll get lucky. And gesturing to the decorations dangling throughout the office he tells roy. Maybe it'll be christmas miracle it's that time of year and the technician puts his goggles back on and returns to work hard. Six as he turns and exits. He told himself he wanted to hear the truth even if it made him uncomfortable. And if he's being honest with himself. What roy really wanted to hear was that they were on track that everything would be all right because if that were true if there are was actually getting closer to a viable pond and roy can rest easy knowing that he made the right choice getting involved startup as things stand now. Roy isn't sure what the future will.
Who? Weekly
"theranos" Discussed on Who? Weekly
"Hot insane the best daily mail headline though about her. Which i think we did briefly mentioned was that she had a giant bubble thing bubble wrap over the pandemic and they loved it. Our winter cuts a casual figure in a white sweater and gray joggers. As she carries a huge role of bubble wrap and packing tape. It was a good foot from november. Twenty twenty and it's honestly the biggest role of bubble wrap. I've ever seen in my whole entire life. I also do think it's been a while since modern family has ended and i think the kind of fervor around her has died down and maybe people have finally like gotten over the fact that she's not a child she's in a dubs because that was a big thing. Because you've grown up on that show people are like oh no. She's an adult now. You know also the other reason is because she has been in a pretty steady relationship with that guy luke so we would get more. Nineteen we get more news about her if she had either dumped or started seeing someone else drama but it seems like her relationship is actually pretty stable and nice and so because of that. There's no drama to report. So that's why you're not definitely like if you're wondering definitely still like takes the imitation. Because she was at that like the the win opening the the wynn hotel opening ocean today took pictures and she said. Hey there delilah. Lv what's it like in a win. Las vegas do you get it. Hey there delilah oh that yeah at would group hashtag delilah hashtag. Las vegas hashtag win. Hasher grand opening hashtag. Justin bieber performed. See my problem my like my brain damage is that i'm looking at these photos from the wynn hotel in las vegas and i'm like i gotta go there. That's really fucking love vegas. Rationally love vegas like it makes no sense that i'm just like i fucking love. This place signed me up. Take me to the wind. Las vegas isn't a nightmare. Should i not support win. It's just like considering the things that you tend to like and dislike the like vegas just absolutely makes no soccer park and i love him museum. Okay interesting interesting. Feels feels fake. Deals like a fake world. Because it's fun it's fun. Yeah and you like to gamble. That's the thing. I like to gamble. I set very strict guidelines and stop okay but that's okay that's not interesting tha- that's the part of you. That's an expected. Oh do what. I like doing it at all. I think maccabee a little surprising. Yeah the fact that you it at the fact that you engage in every time. I'm done gambling. And i'm like okay. I've i've not gonna spend any more money your toe. I'm pissed i like in bed. And i'm like i can. I could win. I could become a millionaire. I do like using lost in america with albert brooks. And what's her name. Julia kaverner is a julie. Cabinet naturally cabinet. What's her name but she ends up being. Oh julie hagerty. She ends up getting becoming addicted to gambling and then like loses all their money at the beginning of the movie. And it's like that would absolutely be me. If i didn't have any self-control it hits me when i'm on that gambling floor drinking. Free vodka vodka tonic next area winter. It's all gone. Do we wanna do another car. We done here. You're there laughing and laughing it or hey delilah jokes no one else is. Her boyfriend is and you're like that's funny. I get it from a fire. Hey can borrow some dough. Can i borrow hundred bucks. I'm good for it. i'm gonna bortles. Those modern family residuals must take up half the house. You'd better give me a hundred bucks. Checks okay actually. I wanna play one more. Call wash or hunchback is elizabeth home queen girl buzzers elizabeth home slash theranos. A who were them. Oh my god. I mean she's like the villain of the moment right now. He's all over the place right now. She's in the court. She's in the courthouse telling her telling her tales lying her lies. I haven't listened to the new episodes of the podcast though. Oh itself fine. It's like the person they have in the person. They have reading her text messages. Doing impression of her is chefs. Kiss give that person in oscar. Give them a daytime emmy. It's honestly incredible like these. Like where are the podcast iheartradio awards. Which doesn't really matter because they are the company that makes the podcast so but we'd love to be nominated but also they don't count you but i'd love to please nominee. Everyone gets wildly jealous. We need to read the utility of the press events. One by one what we're saying in each one and what it brings to being the consumer spokesperson consumer and prevention and then judge elizabeth theranos issue. Were them one two three her name. Is elizabeth theranos sincere at all elizabeth. Well is the serono's elizabeth holmes who or them one. Two three them them. I wouldn't does that until a week ago. And now you can't escape coverage about her. She's all over the play. love her. i'm then her. I'm i just i just think that she's i just i just girl ville whatever and when you listen to her store. You can't help but just be like. Wow she really is crazy. She's incredible she fooled all these people like i can't i saw a tweet that was like Like i have complicated feelings about elizabeth homes. Because i hate. I hate liars. I love people who pranked men who who to see where it's like. Oh they're knows though theranos who were them. One two three who you think there are no says the who answer poems them either. You called her. Elizabeth theranos yeah yeah. Elizabeth homes fairness will be forgotten sooner than elizabeth homesites osha. The blood sugar company. The blood company. 'cause i think it was less about. The name of the company was a fucked up. Thing in the in the podcast. That was like somebody asked him like. If you think she would have gotten away with this for longer. Do you think she would have been making cove nineteen testing and they would have been like they were like one hundred percent yes like she would be all over. This and i was laughing. Because i was like no she would she would have. She would have fucked up worse than it was already fucked up. I was just i. Wow yeah yeah anyway. So elizabeth homes them. Theranos who this podcast over. Thank you for listening to another episode of. Who's there to call in. Show keep coming in at six one nine who them to leave questions. Comments concerns support us on poetry dot com slash weekly for bonus episodes and more thick eighty and eric of the. Who's for providing our read a theme song on tuesdays. Thank you to our new assistant. Timmy for assisting us and researching and helping us with so many things and thank you for listening this far. Keep listening after the.
Rocket
'Holmes Holmies': Theranos CEO Lookalikes Draw Attention as Trial Starts
"Homes has groupies now. Philosophy reported on homes. This trial finally starting. They're doing jury selection. It's very hard because everybody knows about her. To the extent that there are women showing up For to get into the trial looking like elizabeth homes yet. The trial kicked off. Today's we record this on on wednesday. They've given their opening statements and She is groupies. Just like just like charles. Manson it charles manson is. I'm marrying. i'm. I'm not comparing her to charles. I'm saying that dressing up in a certain way like dear leader as fans and going to a court case criminal court proceedings. I'm sorry it is. That's not even that it's not even a stretch. That's literally what the manson girls did.
Slate's Double X Gabfest
"theranos" Discussed on Slate's Double X Gabfest
"Meets next now. We're gonna talk about elizabeth homes the former ceo of theranos a testing startup. That did not exactly do what was promised to the point where homes as you probably have heard is awaiting criminal trial right now and we're gonna talk about we're homes fits into the era of the girl boss. Emily would you consider homes girl boss. Okay so when we. I decided to talk about this. I thought she wasn't a girl boss. Now i've decided she is definitely a girl boss. Elizabeth holmes was definitely girl boss because she just fell into that marketing apparatus of girl boss. She was celebrated as a woman shannon. You pointed out that. She was celebrated as a woman of the year in glamour. She landed on the cover of fortune. Magazine famously. She was widely covered and celebrated for being the first female billionaire entrepreneur. If you watch the documentary about her on. Hbo which i recommend. There's like scenes of her sort of surrounded by women who clearly are looking up to her as a girl boss. It's like she didn't go round. Like sophia amoroso. An an advertiser self as a girl boss but she sought out all that coverage And she she basically leaned into positioning herself as a girl boss. I think lean into being a girl. Lost i agree. I think that. I think that you know people around her treated her like a girl boss. There's a lot of like subtext. Maybe even taxed in john kerry ruse book bad blood where she was this charming sort of like granddaughter like figure to some of her investors. She worked while on the cover of these magazines. Because they could say you know. We're promoting equality We're putting a woman on the cover. Choose a self made woman girl billionaire and also there's other element now as she is solidified in the chronicles of history as kind of a scammer. Where sophia amoruso talks about in her book the little bit that i could stomach really listening to this weekend about how the first thing she sold online was a book. She stole on ebay and how she engaged in like shoplifting and petty thievery before reforming herself to start this multimillion dollar company. And i think that in both of them they're sort of this strain of like being immune to the rules of society in a way and kind of whatever you have to say or do to get yourself to the top kind of is okay because you're furthering this larger cause of like changing the world with like your unit and your but it's interesting you mentioned sort of like do whatever it takes to get to the top pull off the scam because so many men who make it to the top are also doing whatever it takes. The facebook motto. That mark zuckerberg came up with his move fast and break things people loved until recently. Adam newman the co founder of we work who basically another kind of scammer and these people. Adam newman zuckerberg have been criticized for these things. But i think. I think the women the girl bosses get criticized. More harshly i. There is higher expectations. That women aren't gonna scam. You rip you off light. You do whatever it takes right. Yes so. I think one of the things i think about when you know the question of are we harder and women than we are on men comes. Up is the fact that elizabeth homes is actions have consequences for other women who are not in any way. She conducted her except for the fact that they're women there. Is this piece in the new york times. A couple of weeks ago titled based to live in the shadow of their noses elizabeth homes about female entrepreneurs facing comparisons to homes when they're talking to investors and having a little bit of a harder time selling people on it if the marketing apparatus of woman entrepreneur in silicon valley was a good strategy for promoting company. And then the top woman topples it becomes a little bit of like dodgers poisonous strategy but like a way to exist. That's been tainted. It's the curse of the i i think see it for people of color to allot. It's there's so much expectations on you so much expectations on you when you're the first the first female billionaire the first successful entrepreneur. That's a woman that it's going to. It's going to rain on everyone else and it's just it's not fair i don't know i'm i doubt that men are going into you know being compared to like adam knew the same like the same level of toxicity ramifications way. Maybe there's a guy with like a co working idea. I'd the heart. But yeah co working might be tainted by. Adam newman but like there are plenty of. Ceo's named adam that are going to be fine literally. That may look just like him. That will be fine like it's not His downfall doesn't like diminish all the other atoms. All the other longish haired ceos. They're probably going to be okay. But because there are so few women homes her falling off a pedestal. Kind of like shakes everyone else's foundations too. So maybe this is a good time to talk about. If we think home is going to play up the fact that she's a woman and the fact that women are subject to sexism at her trial. John kerry ru on his podcast bad blood. The final chapter talked about the fact that elizabeth homes as a new mom. And he says he's kind of he self-aware implications of s. i thought was like oh my god. She's doing it for sympathy. Yeah like i have to admit that was. That is kind of my main thought. Too hard to look at this person who's been in the public eye as a scammer. Not think that cynically about about her motives. Yeah not only has john kerry and others said oh. Elizabeth home just got pregnant for sympathy to make her the juror. Feel more empathy for her but also the reporting says her her defense will be that her boyfriend at the time when she was at theranos that chief operating officer of theranos sonny bloch wani. was abusing her physically and mentally. And that's why she did her scam. I think it's a it's a longshot. Defense and also puts all of us in a weird the jury the media and in this weird position where we all say we wanna take these kinds of allegations seriously at the same. It's hard to take them seriously when it's coming from elizabeth homes. It's really kind of a mess. It's important to note that sunny by wani. has i think through his lawyers. Spokespersons has denied all those allegations categorically and says there was no such abuse at all so kevin hunter an outside consultant hired tibet theranos who has been subpoenaed to testify at the trial told. Abc's podcast the dropout that during his time interacting with their house. It was very clear that elizabeth was in charge. That it was just ludicrous to think that sunny it was controlling her. Because elizabeth defense. Maybe that she wasn't in charge that this was really sonny's operation..
Reality Life with Kate Casey
"theranos" Discussed on Reality Life with Kate Casey
"Welcome back to another episode of reality. Casey hope that you've had a great week this week. Marks the beginning of the elizabeth homes trial the case. Us versus homes began on tuesday with jury selection. One of my most favorite documentaries on my all time. Favorite list is the inventor executive produced by academy award winner. Alex gibney who also did enron the smartest guys in the room and hbo's emmy winning going clear scientology in the prison of beliefs this. Hbo documentary investigates the rise and fall of theranos the one time multibillion dollar healthcare company founded by elizabeth homes in twenty four elizabeth holmes dropped out of stanford to start a company that was going to revolutionize healthcare in twenty fourteen theranos was valued at nine billion dollars making her touted as the next steve jobs. The youngest self made female billionaire in the world but just two years later. Theranos was cited as a massive fraud by the sec and its value is less than zero so if convicted elizabeth holmes faces up to twenty years in prison plus two point seven five million dollars in fines as well as restitution to be paid out to victims drawing on extraordinary access to never before seen footage and testimony from key insiders. The inventor tells a silicon valley tale. That was too good to be true. It examines how this could have happened. And who is responsible while exploring the psychology of deception elizabeth group in unacademic home of privilege. Her mom noel was a congressional committee staffer and her dad christian worked for enron before moving to government agencies like usa id. She was a bright child. She had a competitive streak and early as age. Nine told relatives that she would one day become a billionaire in high school. She became a straight a student in started her own business selling compilers a type of software that translates computer code two chinese schools she went to stanford to study chemical engineering and while a freshman became president scholar and honor which came with a three thousand dollars stipend to go towards a research project as a sophomore. She went on one of our professors channing. Robertson and said let's start a company so with his blessing. She founded real time cures later. Changing the company's name to theranos she's soon filed a patent application for a medical device for analogue monitoring and drug delivery a wearable device..
Reality Life with Kate Casey
'The Inventor' Documentary Investigates the Rise and Fall of Theranos
"Week. Marks the beginning of the elizabeth homes trial the case. Us versus homes began on tuesday with jury selection. One of my most favorite documentaries on my all time. Favorite list is the inventor executive produced by academy award winner. Alex gibney who also did enron the smartest guys in the room and hbo's emmy winning going clear scientology in the prison of beliefs this. Hbo documentary investigates the rise and fall of theranos the one time multibillion dollar healthcare company founded by elizabeth homes in twenty four elizabeth holmes dropped out of stanford to start a company that was going to revolutionize healthcare in twenty fourteen theranos was valued at nine billion dollars making her touted as the next steve jobs. The youngest self made female billionaire in the world but just two years later. Theranos was cited as a massive fraud by the sec and its value is less than zero so if convicted elizabeth holmes faces up to twenty years in prison plus two point seven five million dollars in fines as well as restitution to be paid out to victims drawing on extraordinary access to never before seen footage and testimony from key insiders. The inventor tells a silicon valley tale. That was too good to be true. It examines how this could have happened. And who is responsible while exploring the psychology of deception
The Economist: The Intelligence
"theranos" Discussed on The Economist: The Intelligence
"Philosopher at the expense of her friend. So it's very moving and it's a short novel but it's a powerful. Thanks very much for joining us. Rachel that's all for this episode of the intelligence if you like us please a rating and review and see a back tomorrow. Hello.
The Economist: The Intelligence
"theranos" Discussed on The Economist: The Intelligence
"Up though elizabeth homes once graced the covers of magazines such as forbes gave talks at tech savvy. Conferences like ted mixed with the political and silicon valley elite. Now she's about to stand trial. As soon as sufficiently balanced jury can be found theranos the startup. She founded in two thousand three claimed to revolutionize the process of blood testing and in so doing to alter healthcare itself. We've created these little tiny tubes which are designed to replace the big traditional tubes and instead allow for all the testing to be done from a tiny drop from a finger. She raised hundreds of millions of dollars to manufacture those tiny tubes and struck deals to ship them to pharmacies across america. By two thousand fifteen the company was valued at nine billion dollars and ms homes was a media. Darling then vice president. Joe biden dropped by calling the company. The future of laboratory science been done have been extremely expensive inconvenient. Louis get them done. But then the story came undone. Thanks in largest part to wall street. Journal reporter john kerry ru she commercialized a of medical product. That she knew did not work. Her machine only did a handful of tests. Did not do them well. At all a year later the company fell apart and a new narrative too cold in books miniseries and forthcoming big budget films. That trail-blazing brilliant woman of the old story could face up to twenty years in prison so there was started by elizabeth homes when she was nineteen years old and she had just dropped out of stanford and the history of people dropping out a great schools. Starting remarkable. things is formidable in america. Tom eastern is the economists american business editor and is based in new york. You had bill gates to the same thing. Mark zuckerberg and steve jobs and i think people thought about her in the same potential light and she came up with an incredible idea and the hope was would problems that have really bedeviled administration of medicine forever. But that isn't how things turned out. I mean how did they go south. So it's a story where many many people who work for theranos doubted its product. They saw that. It really didn't work but they did not speak about it either. Because they're very very strict nondisclosure agreements or because of the very aggressive legal strategy that they're no sad there was pursued at its eighth. That's man who went on the board David boies. Who's probably the most prominent lawyer in america and a wall street journal reporter actually was able to put together the story and get a lot of people to provide information on did a remarkable job and by the end of two thousand fifteen and two thousand sixteen. Disclose what was going on inside. Their house was really broken. So now that has resulted in this court date. What exactly is ms homes accused of in technical terms or two counts of conspiracy. Ten counts of wire fraud. She accused of lying to investors about the success of product and equally perhaps more importantly lying to doctors and patients about the effectiveness of the theor knows tests. You said that a complicated Nondisclosure agreements and kind of aggressive culture contributed to the lead being kept on this for so long but but some part of it was about ms homes herself right. so elizabeth homes managed to combine many many remarkable attributes. She was extremely articulate. She was on the cover of innumerable magazines conferences. Love to have her. She spoke in very very clear idealistic sentences. She could generate tremendous enthusiasm. Both among outsiders and among employees were about to start stub publishing more data from our laboratory. And we really believe in it because we believe that transparency empowers the individual and empowering the individual will change the system and she also fit the box for what people wanted after all non technology companies are run by white guys and the press and the government they wanted someone like elizabeth homes to be a flagship for all sorts of reasons and she played to that as well one of the things that the story really speaks to is that. There's a difference between standard technology companies and a medical product where the consequences of failure are so dangerous and also were. the products. themselves are very complex. I mean to have. Joe biden called the future of laboratory. Science represents not only joe biden's estimate but probably his staff they fundamentally do not understand. The science neither did anyone on the board of directors and the case shows when it comes to things like science. It's very very hard for outsiders to understand what is really going on. And we're going into the process of jury selection this week. How is that coming along. Well the jury selection is difficult in this case. Because there's been so much written already. It's hard to get a clean juror. Who doesn't have some sort of opinion on the subject matter. Apparently half of the people interviewed for the pool and indicated that they have some knowledge of the case for ready. The judge has apparently ruled that merely exposure to the're until this with homes it's not enough to preclude their presence on the case. But do they have a position. This is a really high profile legal exercise and therefore to find a juror has a strictly open. Mind isn't easy. Do you have a sense for how she will bleed well. She's already fled innocent. And there are a couple of likely avenues that she will pursue. But i the most prominent angle is that she believes in the technology that cheat thought things were going as well as could be going for some sort of startup and even if things didn't work they didn't work within the bounds of what happens in technology companies. And you know the prosecution will argue. That's ridiculous that she was endangering patients that clearly her machines didn't do anything like what she said. The machines would do. There's a second defense on the twenty six of august. The court unsealed document that had been filed in early january in which elizabeth homes contends that she was under the sway of her number two at her paramour. A guy named sonny bow wanting now he will go on trial next year and he has adamantly objected to these claims but she says she was abused by mr bhawani and that she was manipulated and controlled by mr bell wani and all sorts of injurious ways and therefore that seems to be a way to suggest that even if what she did was inappropriate. It wasn't really her fault. And however this trial goes there there is some some damage to to reputations done. There has been tremendous damage. I mean this is obviously been embarrassing for all very very prominent people who were involved women in silicon valley who are trying to start a company. Say that the barriers for them. Doing things have become harder because of what happened to elizabeth homes. It displays quite Visibly in viscerally. How much of high-tech can be just hype. And it's a blow to all the government. People like by who actually seemed to put their faith in this sort of thing and it suggests. How much do we really know about this. Sort of ecosystem on the other hand. I would like to say that. It also is supportive of the system. It's important for companies to start up with great ideas and then fail if there was really a crime here. In some ways it was it was allowed to reach commercial fruition if it had never been exposed to individuals that it would just be one of thousands of companies. It started out with a great idea. That didn't pan out in some ways. The most damning part of this is the charismatic founder. Heads accompanies shouldn't be based on whether they wear turtlenecks. They should be based on very serious under wind science and they should be evaluated by people can understand those sort of things. Tom thanks very much for joining us. Thank you very much.
Mark Thompson
Theranos Founder Elizabeth Holmes on Trial as Jury Selection Begins
"Miracle. She promised that a single drop of blood. Could give you information about numerous diseases and conditions that may be in your future. She was the darling of the tech industry until it all came crashing down. And today Elizabeth Holmes goes on trial over three years after she was indicted on fraud and conspiracy charges. Today. Elizabeth Holmes goes on trial Jury selection begins today in the Bay Area. At one point, Holmes was as Silicon Valley superhero dropping out of Stanford and then creating Theranos only to find out her company's blood testing technology. That he did not do what she claimed at trial. The question will be weather. Holmes knew all along that she had a device A didn't work. Holmes is expected to point the finger at the company's CEO, who is also charged and with whom she had a romantic relationship.
Planet Money
Elizabeth Holmes' Lawyers Say She Suffered Partner's Abuse
"The criminal fraud trial of Elizabeth Holmes starts next week in Silicon Valley. She's a disgraced founder of the blood testing company, Theranos. NPR's Bobby Allyn reports on new court documents that shed light on her defense. Holmes is accused of defrauding patients and investors by making false claims about their nose equipment. In newly unsealed court papers. Her lawyers say she plans on pointing a finger at her ex boyfriend, Sonny Bill Joani. He was a top there are no executive and is also charged with fraud, but will be tried separately. Holmes legal team accuses Boudouani of emotionally and sexually abusing homes they say that impacted her state of mind during the alleged crimes. Bonnie's lawyers call this claim salacious and inflammatory Jury selection and Holmes trial starts Tuesday. She faces 20 years in
Slate's If Then
Elizabeth Holmes, From Blood Test to Facing Prison
"In twenty thirteen. Abc news correspondent. Rebecca jarvis was working on a story about high medical costs and we featured a woman who was spending a lot of money on blood tests and after that story ran. Rebecca got a pitch about a new start-up. Hey there's this blood testing company theranos and they can save your viewers a lot of money. She checked it out but couldn't get anyone to independently verify that these theranos blood tests which only used a finger prick and not a traditional vein. Stick we're actually going to be better and cheaper. It was one of those things where This just it. It doesn't fully lineup. it doesn't live up to what it would take for me to even consider covering it as a solution. So rebecca did news story but other reporters did and then shortly after that pitch elizabeth started showing up in all of these places and was very much a celebrity. Elizabeth was elizabeth homes stanford dropout their nose founder and ceo millionaire superstar and media. Darling elizabeth homes left stanford university at the age of nineteen to build a company. A healthcare pioneer is being compared to visionaries like bill gates and steve jobs this morning elizabeth homes is part of the news. Time one hundred list just out. Homes promised to revolutionize blood testing. She was young rich charismatic and seemingly everywhere whenever there's a quote unquote glass ceiling. There's an iron woman rape behind it but the theranos blood testing devices didn't work like they were supposed to. The company was secretly running patient tests on standard commercial machines even as they doctors patients and the media otherwise there nose founder. Elizabeth homes has now officially been indicted on federal wire. Fraud charges the us turning twenty eighteen. The united states filed criminal charges against her and her former. Ceo and boyfriend sunny belt wani next week three years. After she was first indicted homes goes on trial for conspiracy and fraud. She faces up to twenty years in prison and has pleaded not guilty.