on March 2.Read more about the C.D.C . MCHD offers free COVID-19 (PCR) testing every Tuesday and Wednesday from 9am-12pm inside the McLean County Health Department building, 200 W. Front Street in downtown Bloomington, Room 400E. Investors were willing to do this only as long as oil prices, which are not under Americas control, were high and when they believed that one day, profits would materialize. By Bess Levin . [9], In September 2018, she published Saudi America: The Truth about Fracking and How It's Changing the World which examined the "fracking revolution" and U.S. energy independence. The promised profits havent materialized. James Glassman says his seven-year-old prediction that the Dow Jones industrial average will rise to 36,000 wasn't wrong, just early. There were rumblings that shale companies would seek a federal lifeline. These firms not only have a record $1.5 trillion in cash on the sidelines, waiting to be invested, but their CEOs are among Americas richest executives. By early 2019, America was the worlds largest producer of crude oil, surpassing both Saudi Arabia and Russia. The typical fee structure in private equity is the so-called 2 and 20, which means that a fund collects a fee of 2% of the total assets it manages, as well as 20% of any gains on its investments after a certain return is achieved. But among those angling for a federal handout is one of the wealthiest sectors of the American economy: private equity. All that's left to tally is the damage. All rights reserved. In 2018, according to analytics firm eVestment, pension funds in the U.S. and the U.K. pumped 27% of their fresh allocations of money into private-equity funds, up from 25% the year before. Rasmussen points out that after the financial crisis in 2008, the Federal Reserve set a limit on the amount of debt it considered prudent. To keep growing, companies have to keep plowing billions back into the ground. [citation needed], She authored an article on Enron for the March 5, 2001, issue of Fortune entitled, "Is Enron Overpriced? Actually, no. And heres our email: letters@nytimes.com. And more! This location, as with the other County contracted medical sheltering sites, will accept individuals from the local community that are referred through DPH. (And not all private-equity firms care equally about all of the programs.) We could go even further. She is known for her writing on the Enron scandal and the 2008 financial crisis. Hours Because rules for access to this money werent specified in the CARES Act, as ILPA notes, the executive branch will have a fair amount of discretion over who gets access to the moneyand private-equity firms want to take full advantage of that opening. (AP Photo/Rick Bowmer), Connect with the definitive source for global and local news. Making a Killing with Bethany McLean on Apple Podcasts This week, Kate and Daniel talk to Bethany McLean, author most recently of Saudi America: The Truth about Fracking and How Its Changing the World as well as the bestselling The Smartest Guys in the Room: The Amazing Rise and Scandalous Fall of Enron, with Peter Elkind. NEW YORK Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. The fracking boom that drove a decade of record U.S. oil and gas production was never really profitable to begin with. Bethany Lee McLean (born December 12, 1970) is an American journalist and contributing editor for Vanity Fair magazine. But it doesnt have to be a blank check. COVID-19 in McLean County for the week ending 3-3-23 - New Cases (2-23-23 to 3-1-23):129; New Hospitalizations (2-22-23 to 2-28-23):10 ; McLean Countys COVID-19 Community Level is LOW: When Community Level is LOW: Stay up to date on vaccinations, Get tested if you have symptoms. Jack Ewings Faster, Higher, Farther is more than the story of a scandal. David Wallace Wells writes that by one estimate, 100,000 Americans could die each yearfrom the coronavirus. TDD: (800) 526-0844 Bethany McLean. In a January 4 opinion piece for the New York Times, Bethany McLean had this to say about the outcome of the Elizabeth Holmes trial: "A jury's verdict is black-and-white, but the real story is . The value of West Texas Intermediate crude, a U.S. benchmark, dipped below zero for a few hourstrading as low as negative $40 a barrel. Saudi America: The Truth About Fracking and How Its Changing the World., stocks that make up the S.&P. Create a Website Account - Manage notification subscriptions, save form progress and more. Follow The New York Times Opinion section on Facebook, Twitter (@NYTopinion) and Instagram. Driven partly by public pensions, the private-equity industry has mushroomed. Occidental is just one piece of the puzzle. Click here to take a moment and familiarize yourself with our Community Guidelines. Bethany Lee McLean (born December 12, 1970) is an American journalist and contributing editor for Vanity Fair magazine. All rights reserved. Clients who show symptoms of COVID-19 (for example have a fever, cough, or difficulty breathing) and/or are waiting for their test results. They have two children. She resides in Chicago with her children. But that didnt seem to matter, because low interest rates facilitated private equity in another way. Thanks to the $2 trillion bipartisan bailout bill, the industrys coronavirus losses will belong to all of us. Tens of thousands of Texans are being laid off in the Permian Basin and other parts of the state, and the whole industry is bracing for worse. North Dakota Coronavirus Map and Case Count - The New York Times Previous to her current roles, McLean was an editor-at-large at Fortune Magazine. Demian McLean | The Seattle Times Wed like to hear what you think about this or any of our articles. The allies of private equity hope that similar exemptions will soon be forthcoming for their firms.We are in a wait-and-see mode, Chris Hayes, the ILPAs senior policy counsel, told me. Months into the outbreak, no one really knows how well many of the screening tests work, and experts at top medical centers say it is time to do the studies to find out. Copyright 2023 WSLS.com is managed by Graham Digital and published by Graham Media Group, a division of Graham Holdings. Coronavirus May Kill Our Fracking Fever Dream - The New York Times 2023 Cond Nast. Bethany McLean is a Vanity Fair contributing editor. Copyright 2020 The Associated Press. Workers monitoring a hydraulic fracturing operation near Wink, Texas. Bethany McLean - Operations Manager - Smithfield Foods - LinkedIn So the era of low interest rates, which began with former Federal Reserve chairman Alan Greenspan and continues to this day, has been a huge boon to private-equity firms. Yet an exemption for the private-equity industry did not make its way into the CARES Act; according to Bloomberg, Senate Majority Leader Mitch McConnell is trying to pass a $250 billion boost to the PPPwithout provisions opening it to private-equity-backed companies. The book, which she wrote from the couple's home, puts a human face to the crisis. She has been married to Sean Murray Berkowitz since May 2008. NEW YORK (AP) Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic. The Next Financial Crisis Lurks Underground, Coronavirus May Kill Our Fracking Fever Dream. Infuriatingly enough, the financial crisis in 2008 might even have saved private-equity firms from their sins. Confirmed case data are from the Department of Public Health's communicable disease surveillance database. 71 members of Sacramento, California church have coronavirus | The Months into the outbreak, no one really knows how well many of the screening tests work, and experts at top medical centers say it is time to do the studies to find out. We really need Trump to do something or hes going to lose all the energy states in this election, Mr. Sheffield told CNBC in late March. Bethany McLean. Americas energy independence was an illusion created by cheap debt. BLOOMINGTON A total of 208 new COVID-19 cases have been reported by the McLean County Health Department from Jan. 27 through Friday. Hot & Bothered: Has the Fracking Bubble Finally Burst? with Bethany McLean She co-authored a book on the 2008 financial crisis titled All the Devils Are Here. A hydraulic fracturing site in Denton, Texas. More than 100,000 people already have died in this country from the virus. These cookies are used to collect information on how users interact with Chicago Booth websites allowing us to improve the user experience and optimize our site where needed based on these interactions. The Wuhan Institute of Virology, the cutting-edge . Like the big banks in 2008, private equity is holding us all hostage. So if Blackstones investments crater, the teachers, firefighters, and health care workers who are counting on those investments to generate the returns necessary to pay their pensions will suffer. A journalist profiles the developers and devotees who have aided the rise of cybercurrency. Coronavirus May Kill Our Fracking Fever Dream, https://www.nytimes.com/2020/04/10/opinion/sunday/coronavirus-texas-fracking-layoffs.html. Investors in the equity of these companies have already seen the value of their holdings decimated. Unfortunately, there isnt really an alternative to providing private equity with federal funds. The industrys boosters argue that technological gains, such as drilling ever bigger wells, and clustering wells more tightly together to reduce the cost of moving equipment, eventually would lead to a gusher of profits. Music: Mercurias Meet Victor Rice, Carregar (Instrumental), courtesy of Total Running Time. The industry also quietly helps itself to yet more money by having portfolio companies pay fees for consulting and financing services provided by, of course, their private-equity backers. NEW YORK Business writers Bethany McLean and Joe Nocera are collaborating on a critical take of the U.S. response to the coronavirus pandemic.