Theranos: Fraud And Deception In Silicon Valley | 6.7.2018
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- čas přidán 11. 06. 2018
- **Recorded on June 7, 2018**
Sometimes a commitment to an idea can drive the idea’s originator to do unthinkable things. According to journalist John Carreyrou, this is the phenomenon that drove Silicon Valley company Theranos and its founder Elizabeth Holmes down a road that led to charges of “massive fraud.”
The story of Theranos began like many companies in Silicon Valley - as a bold vision. Theranos’s goal was to create a portable mini lab that could capture accurate test results from a drop or two of blood pricked from a finger. To make this goal a reality, Holmes and Theranos lied when the devices did not work. Eager to see her vision through and offer tests to the public, Holmes sidestepped federal regulations and covered up inaccurate test results with high gloss PR.
John Carreyrou, investigative reporter at The Wall Street Journal, dives deep into this conspiracy in his book Bad Blood: Secrets and Lies in a Silicon Valley Startup. He will explore what he calls “a narrative about heroes and villains, and an examination of failed oversight, lax regulation, corporate malfeasance and the lengths some companies are willing to go to in an effort to circumvent the law.” Join us for this can’t-miss discussion!
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![Elizabeth Holmes: 'Valley of Hype' [pre-show and documentary]](http://i.ytimg.com/vi/Sb179GLPNYE/mqdefault.jpg)
She wasn't "ambitious." She was delusional.
She was also "integrity-impaired".
I remember first hearing about this case when the truth was finally coming out and thought to myself, "how did the investors even put in so much money without seeing exactly how this device worked? If I were to invest millions of dollars into such a revolutionary device, I'd want to first understand exactly how it works."
She is a brilliant con artist ...she knew exactly what she was doing and didn't care who got hurt in the process ...rot in Jail!
Well, regardless it is a shame that the technology has not caught up with her idea, because the idea of enfranchising people with their own health care does have merit.
It's really disgusting what George Shultz did to his grandson Tyler. Tyler was honest and found out that Theranos was built on a lie after working there for 8 months. He witnessed lab data being falsified and confronted Holmes. Yet Shultz and Holmes pressured Tyler not to say anything, threatening to sue him for disclosure of trade secrets. Tyler responded that "fraud is not a trade secret" and blew the whistle at great risk to himself. Tyler is a hero, someone who put his own career and relationships within his family at risk to do the right thing. He has so much more integrity than his grandfather, the supposed elder statesman.
it's too bad that george's family doesnt recognize how evil he truly is and has been for decades
Wow! Good insight! I think perhaps Schultz knew early on and was concerned with saving face, above everything else. The fraud that was Theranos could not have been achieved without people artificially inflating their egos at the cost of the truth. The fact that it managed to go on for so long is mind-boggling and a case study in power grabs and pride! If it had been run with a modicum of honesty from the beginning, problems would have been fixed early or the company shut down!! Just goes to show you, "If it seems too good to be true, it probably is!
...apparently George Shultz valued money over family and honor...
Tyler’s book fills in a lot of the backstory, definitely worth a read.
I feel even more disheartened of what happened to Ian Gibbons.
Back in childhood, I remember I asked my grandma, who was a GP, why sometimes they take the blood from the finger and sometimes from the vein, and she immediately explained me the difference between the arterial, venous and capillary blood. I cannot believe the investors did not make their due diligence, much more scrupulous than this question of a child.
There's a reason why it was a child the one pointing that the Emperor was naked
Part of the problem is they all confused naysaying, negativity and lack of vision, with acceptance of basic human physiology. In other words, everything of consequence ever attempted by humans has been met with, "it's impossible, it'll never work". Cars, computers, electricity, flight, and on and on. Cut to 10 years later, everybody in the world owns/uses one, and we can't imagine life without it. This is the result of determined clever people who ignore the naysayers and push their idea to completion. So when Elizabeth was told by medical professionals that this type of blood testing was not possible, she considered it just another lack of vision and imagination, rather than a statement of immutable medical fact. Recognizing the difference between these two scenarios requires wisdom and life experience. Elizabeth had neither. Sometimes letting teenagers run the store produces magical results that revolutionize the world. But most of the time it produces disasters like Theranos. Especially in crucial arenas like medicine.
I went to community college and I know that
The Theranos Klusterphuk has got DS Money Laundering Fukery written all over it.
Funny that not one reporter will go up to Mr Kissinger, Scholtzy, Mad Dog...ask them how much money Theranos paid them as CO. Directors?
You come from an educated background.
Most Americans sadly don't.
I finished reading the book and the only thing I have to ask is why no-one is talking about the 'thug-ish' behaviour of all the Theranos lawyers ? Flat out threatening people, stalking etc... i am not familiar with the whole judicial system in the US but that was insanely horrible on top of the whole fraud actions of the company
exactly!
Savvas Voulgaris well considering that her fraud cost more than 500 million, we are lucky that no one was harmed during the reign.
@@theory816 Ian Gibbons (the named co-inventor on the patents for the Theranos "Edison" device and in other patents) committed suicide hours before he was to give a depostion in a lawsuit related to the patents so i'd say that yeah people were harmed by the Theranos debacle.
@@scjennings well im not suprised
@Savvas Voulgaris -- Lawyers are so often culpable in fraud situations --- unfortunately, accountants and auditors too. ENRON. The lawyers, anyway, greedy and arrogant, charge for time instead of results -- many with undergraduate degrees in the arts, not business or science. Then we have the "investigators," corrupt and arrogant. The kingpin who closed down the whole of Arthur Andersen (worldwide, 70,000+ employees, I believe) instead of closing down just those culpable in the Enron fraud, now sits on a fraudulent Mueller Team. Just as this Theranos fiasco was allowed to play out, people with their heads in the sand, sit back, say nothing, and allow Mueller, the back end of an attempted coup, to continue. We live in a mad world with upside-down, deeply troubling ethics.
Its crazy how much work and actual investigative journalism to get a story like this out but news outlets will publish stuff based on tweets.
It's just being lazy. They don't report the news so much as report scandals and stories that create strong feelings for viewers, and there is no easier way to do that than discuss what some dumbass is saying on the Internet.
Cable news is designed for the 65+ year old demographic, with at least 30% commercial time.
They have no place in their product's design for investigative journalism, or any meaningful journalism.
Which is why nobody trusts the overly simplistic, easily disproved, or practically irreverent cable "news" except old people.
Yes, and it's sad because that generation grew up with a news media you could trust, for the most part, like Cronkite, and there was a cost to reporting false information. The public trust meant something. Now news is about opinion and pushing a narrative, yet that same generation will repeat what they see on the tube as if it is the complete truth.
If you haven’t read the book, I highly recommend it. I read it in one sitting. The audio book I’ve listened to twice. It’s fascinating how so many people were conned by this woman. Also, the whistleblower spent 400k defending himself from baseless litigation and I doubt his parents ever recouped a dime.
Bossafro excellent point!
This guy deserves to be celebrated.he was disregarded for his honesty and trying to expose Holmes,he was ridiculed and finally he makes it.
No, he wasn't. Once he published it on the front page, whole thing unraveled pretty quickly. Pretty much the whole media reprinted it all by the following week, it took only a couple of months for walgreens partnership to collapse, government regulators swooped in pretty soon afterwards.
Theranos lawyers went after him and the WSJ owner Murdoch who was an investor in theranos.
Wayne Rivers
This investigation would be impossible today.
Twitter would #metooed him in 24 hours.
Only after the first hundreds of deaths the truth would start to float in 4chan
No, sir.
It was quite different from the Madoff saga where Markopolos was ignored for years.
He was already a Pulitzer Prize winning journalist. Wtf are you on about?
Elizabeth picked the type of people for her board to prevent people from asking too many questions. Any startup using the same approach should be regarded with suspicion - it should be thought of as a tell.
You need to work for my board of directors.
slovokia That’s exactly what she did But that was the board members fault.t
Exactly. No scientists, no medical experts. No one with the credentials and expertise to say "wtf". That didn't happen by accident.
She actually did have one guy who questioned her early on.
Lad got kicked out promptly. And he was like... her goal. The man had started Apple, and worked very closely with Jobs.
A bunch of egos who couldn't pretend they didn't get it.
I suspect she dropped out of Stanford for academic reasons. People who prefer to live in a fantasy con world don't usually do well with the hard work of science and math. Much better story to drop out for altruistic reasons.
groundcontrol436385 totally agree
Bob Loblaw - And take the credit.
I actually think she dropped out to have that on her story. Which is insane!
If you look at big start ups today, their CEO has dropped out of some big school or the other. Gates did it, Zucc did it, Jobs did it, the Google guys did it.
It's part of the myth and she wanted to tick all the boxes. Too bad that, unlike coding, medical testing is not something you ca just learn in your room at 13 and become rich if you're clever enough.
gay
I really think she dropped out so she could say she was like Steve Jobs or Bill Gates
We all need to remember this nonsense when she tries to make a comeback. An ego like that will not allow her to stay away.
The journalist put more work in theranos and medical testing than Holmes did.
The journalist acknowledged that he didn't know much on the subject and asked basic questions. The evasiveness peaked his interest. His understanding was that progress in this space moved very slowly after decades of rigorous study and work. How does a 19 year old drop out who lacks the credentials to do this sort of work think that they can solve the very challenging questions? It turns out that she shopped around for investors, members for her board of directors and regulators that offered the lowest barrier of entry. A good private sector business is really good at determining the minimal viable product. You get that to market and use the profits to improve the product or replace it with something better. In this case they promised a revolutionary product and failed to meet expectations at all. They took a huge gamble and went to market with a product that didn't work in a field the had strict regulatory frameworks. But it wasn't much different than other tech start up companies who fake the demonstrations and entered the market claiming that they were different and no regulatory framework existed for what they did. Think AirBNB, Uber and streaming services. You can't regulate us like a hotel, taxi service or TV provider. We aren't those things. Vaping. We aren't cigarettes.
This poor guy that wrote the story has to regurgitate the whole story with every interview.
I bought the book 📚 read it twice and still search frantically all his interviews. Listening to him for the work he pulled out over 3,5 years, this is investigating journalism that no longer exist nowadays. I meant imagine that news are made out of a tweet run on all mainstream medias worldwide, John Carreyrou paint here a Mona Lisa of journalism. I’m proud of him as a fellow🇫🇷by his dad side.
Haha, I was just thinking the same thing. Same questions and stories, over and over. He's gotta do the rounds in order to sell the book but it must get old, fast. Hope he's made a pile of cash to ease the pain.
I hope Carryrou is having a great time. He's earned it. I think he's enjoying it. I hope so. He's my new hero.
Are you kidding me? It's what every journalist dreams of. 99% of the journalism they do is totally ignored
He don't care. Every interview probably sells 1000 books and raises his profile.
She should never have dropped out of University in her first year of a chemical engineering programme. The lack of understanding of how to bring a concept to an actual product was seriously lacking in this case and that's the stuff you always get taught in second year at a university engineering programme. It's a shame.
What school did u go to? Second year? Wow. I'll send my son there if u recommend it.
I studied chemical engineering and the main courses were taught in the third and fourth years. The first two years are for getting up to speed with the mathematics, chemistry (e.g. organic chemistry), and physics you need before you get into the chemical engineering courses.
Elizabeth the android designed by Steve Jobs was the product. Not the blood sampler. It didn't matter whether the latter worked or not. It just needed to look good, which any decent product design cosultancy can do.
@@alfalfaforever same thing here.
@@sonicstep Precisely. She was the product.
This is a masterful display of the interviewer’s craft. You can tell he’s read and absorbed the book, and knows how to subtly guide the conversation and interject with insightful comments at appropriate points, without making himself the story. Fantastic interview.
Pray that there are more folks like Carreyrou to disclose fraud and deception in our political realm. Thank you so much for writing this book and thank you so much for sharing this video!
Reminds me of the story "The Emperor’s New Clothes". The truth was so damn self-evident yet everyone chose to believe otherwise.
Quite apropos... the "Emperor's New Clothes" sentiment goes with a ton of "American" ideals...
@I. Wynn Wynn Judge Trump by what he does, ie more jobs. Not by whether or not you like him or the shit that rolls out his mouth. All politicians talk garbage.
@Damo Yeah, Trump’s been judged. Just curious, exactly how did Trump bring more jobs before pandemic? He always claimed that (among other things), that he “brought more jobs”, “helped minorities”, etc, but all seemed like just bragging about natural phenomena when things were going good, shrugging off when things went badly.
www.google.com/amp/s/www.forbes.com/sites/chuckjones/2020/02/07/obamas-last-three-years-of-job-growth-all-beat-trumps-best-year/amp/
Trump was always saying how he built the “greatest economy in the history of” blah, blah, blah... but I also read that economy was better under three other presidents including Bill Clinton.
The idealistic beliefs that young girls can achieve heights beyond Arnold Schwarzenegger
She turned out to be less of a Steve Jobs more a bad Apple.
A rotten one :)
Actually she was very close to being like Steve Jobs. He was a horrible boss and disregarded other people's opinion just like she did.
Ba dum tss
Did you post this on every video, or steal someone else's joke?
Aharhar har
She is a modern day snake oil salesman.
The Two Questions applied to _any_ science claim:
*1) How do **_you_** know?*
*2) Compared to what?*
Investors forgot Day-1 Organic Chemistry
Mr. Carreyrou has more details on this story than anyone else. Fascinating.
A very articulate & intelligent investigative journalist who refused to be intimidated or compromised.
I thought she created a "time machine" when she was 7. How could anyone doubt her "brilliance"????
too wooke
I must admit, this guy John Carreyrou is very knowledgeable about blood-taking technologies. I think he does an exceptional job of understanding something that is such a niche and intricate subject matter and disseminating that information to the general public in a clear and succinct way. It just goes to show the value of being armed with expert knowledge. Irrespective of however intelligent and accomplished Elizabeth Holmes' board of directors were, the reality was that they were very elderly individuals with accolades outside the world of healthcare technology, it's easy to imagine how they could have been led astray by a smart young entrepreneur, which in this case, led to the safety of patients being compromised.
Yep.
He is truly a very gifted journalist.
Yep she duped a bunch of old men who prob wanted to get in her pants
@@NickanM He's a great journalist, but I can only take about fifteen minutes of his monotone before I lose interest.
That's actually a very interesting point come to think of it. Her investors never knew about her relationship with Sunny Balwani. It wouldn't surprise me if she deliberately concealed her relationship in an effort to appear more appealing and interesting to her investors. As much as I hate to admit it, it may have played a part in her ability to deceive and manipulate them. I guess we will never know for sure, but it just goes to show how encompassing her deception was.
He is a health reporter so was skeptical about Therano's technology from the beginning. (His own words in an interview)
This guy is a good dude. I'm buying his book.
The book is really good. You wouldn’t be disappointed.
Excellent book.
@@gcraigw I just got it from the library. Heard Jennifer Lawrence will play this crook.
I've just got it on kindle, l know it's 2 years ago but she's got pregnant and her court case is happening now.
I just finished reading the book. It was phenomenal and you won’t be able to put it down. I’m waiting for his next book.
After seeing this I hope she goes to prison and doesn’t get just a heavy fine and a slap on the wrist. She’s a vulture.
500,ooo fine from the SEC that's it.Oh yeah she also is facing 20 years in prison.
Gregory Reese, I believe the SEC settled for $500,000 because that was all she had at the time. The SEC gets what it can and closes it. She'll do at least 5 years and maybe more - I think she'll end up pleading guilty and negotiating the amount involved - that's how you reduce your guidelines. It's all about how much money was involved in the fraud. But you never know she had the balls to bald face lie all those years. Maybe her bubble hasn't burst yet and she thinks she can win at trial.
Hope the judge is female. She seems very adept at manipulating older men........
@TheBrabon1 Do you think maybe this people she defrauded will work against her?
I mean, if had lost 150 mil to some chick with crazy eyes I'd want her taken down.
She did make a lot of rich people look like absolute fools, one might think that would do her in. Maybe I see it wrong because I have no idea what is like to be able to just gamble those amounts, but I'd be seething.
@TheBrabon1 1. How cool that you were involved in things like that, even if they failed, must be hard work regarldess.
2. I understand the "throwing money without checking" things. Mostly these investors don't understand. And to be honest? Half of the stuff we have now sounded like fiction back in the 90's right? I mean something as simple as having a song as a ringtone seemed crazy when the big nokia phones first came out, so yeah, they are basically just doing to see if something sticks.
3. I think the issue has to do with the field more than anything else, it's fine if "WeWork" goes tits up, it's just real state and a few egos.
THIS was a whole other level. Cancer patients being put through pain (drawing blood from a finger prick is actually pretty painful according to my diabetic family members) and people being lied to about their blood work is potentially catastrophic.
Also, the FDA was involved and that is a whole other ball game.
She should have gone for hardware or something, no one really cares about that, but people's health? shitty
In this age of piss-poor mainstream journalism, Carreyrou is an ice cold beer in a desert.
I have observed a lot of start-up who highly value "beautiful narratives" based on nonsense. I've been on several start-up who ignore pretty basic technical advice to pursue their "beautiful narrative". Lots of money spend on beautiful PR prose which actually says nothing. But people eat it up. Especially if you are good looking, speak well, dress properly and are well connected.
And a fake baritone droid-looking bully Freak? That sells too.
...of the right pedigree too ?
She had the well connected down. The others? Not so sure about.
I just finished Bad Blood, and it is really mind boggling how time after time, Elizabeth and Sunny got their asses (fraudulent asses) covered by hook or crook and the better people had no choice but to quit / get fired or even kill themselves.
The fact she didn’t even take a human anatomy class should have been a red flag. Like just one human anatomy class would have let her know her ideas wasn’t possible.
25:05 - He's 100% correct. You can never trust a pinprick sample for K+ level.
There are labs for every illness. This drive-thru start should of been discovered. The concept of it if that could only be true. One prick would be ideal. but she had a vision so to speak not a medical degree. And only 19? How did anyone find this believeable. Just having been a caregiver at one time. I know it would not be possible. And the amount was not substantial for a reading for various illness. This is so sad that she hadn't been stopped sooner. Thank goodness for those who stopped her in her tracks when they did.
From the start should of been discovered.
thats how an interviewer should be..calm and composed..respect to you sire!
I just finished the book Bad Blood. Awesome story and couldn't put it down until I finished it.
Glenn Charles Does it contain more info than what’s generally discussed in the interviews? I’ve been wanting to get it.
Everyone is saying the same thing....I wonder who'll play Elizabeth in the movie?
Merryl Streepsl's too old, I know THAT *"Johansson"* actress.
Tommy O Donovan that Jhansson broad with computer graphic Mark ZucherFacebook dead eyes.
Book is very detailed. She was a very cold cool and calculating bi...h
Walgreens reminds me of that Greek fable ( I believe) where a dog carrying a bone in its mouth sees its reflection in a body of water. The greedy dog is on a bridge , and seeing its own reflection, drops its real bone so it can grab the other image of a second bone, and thus, ends up with nothing.
Dr. J and Wade come across as buffoons. The Hulu mini series is a bit misleading in showing Walgreens and Safeway being direct competitors in getting Theranos contracts when they were in different sales channels to the general public. Theranos doubled the investment money by signing Walgreens and Safeway to separate contracts.
We have lazy journalists to thank for elevating and legitimizing her based on superficial analogies to Steve Jobs.
Come on, in Europe she wouldn‘t stand a chance founding a med tec company without a degree... it is beautiful that US is giving the opportunity to develop ideas and succeed while not having to overadminitstrate, But... I can’t believe nobody bothered to verify what she was selling
You be surprised to learn that this sort of thing happens in Europe as well. In Italy, before the election of 2018, the minister of Health only had a high school degree and the minister of education only finished 8th grade.
Sam Freeman but there are regulations, which ate not depending on a person, therefore the audits ate much more strickt
But there is a point in the research where you find evidence that accomplishing the agenda is for real. It appears that in all the years that Theranos was moving towards a viable product that they never once found a pathway to success. And it appears to me that success was not even achievable with 2 drops of blood. In the real corporate world and evidence from science the idea would have been abandoned and they would have taken another path. It's as if Edison was convinced that plastic can carry current and by gosh he's going to prove it.
When did dropping out of college become such a golden resume? -- I had 2 room mates my freshman year that dropped out. -- Give them money!
AliensAnonymous i know it’s weird how they keep mentioning that - embarrassing for Stanford
well they have to invent some scifi gadget first and be stubborn about it ;P
btw is anybody working on phaser yet? :D
Because she liked to compare herself to other college drop outs like Bill Gates, Jobs, and Zuckerberg.
The lesson here is, if you're going to try to change the world do so honestly or the truth will bring you down.
She only "wanted to change the world" because she thought that tagline would sell. I don't buy the altruistic take on her - she wanted fame and money and adulation - without putting in the hard work.
Seems to be working for Elon Musk. Another snake oil salesman.
Absolutely worth watching. Also I think the interviewer is great, despite his rather slow articulation :)
This woman did not want to "help people" or save the world. Those were just vehicles she was attempting to use to get what she really wanted ie money, power and ego appeasement.
You hv perfectly described
ALL REPUBLICANS.!!!!!
Damn what a story. Kudos to this investigative journalist who did all this work
In 1973 I was offered position of head of research at Damon Corp. which was proposing to develop a unit to do a full panel of blood tests from 3 drops of blood. I refused the position because I knew that blood could not be treated that way. Damon squandered $980MM over the years on this fools errand. Towards the end even Romney and Bain Capital got in on the gravy train. I missed all that money but I kept my ethics. Theranos prompted my recall.
I've never heard of this and wonder why it wasn't brought to our attention when Holmes scandal was uncovered?
Thank you for sharing. 😊
I'm still looking for any information about this Damon Corporation scandal! It's buried very deeply. 😮
I just finished Carreyrou’s book. An intriguing story of investigative journalism. What struck me was the thuggery from Theranos. I’ve worked in Silicon Valley for a few companies. I never saw anything like what Theranos did.
"You can prick your finger, but don't finger your prick" - George Carlin
🎯🤣🖕😂😅🤣
One thing I really want to know is how she trained to have such a deep voice?
Thats why she is a psychopath. Normal people dont do stuff like that.
ALL you have to do is try to do is sound like your father, brother or any man.
Maybe she's got Balls
@@Carolina.Calabritto definitely had training, nothing about her speaking is natural - not just the deep voice
@@michaelkensington2494 exactly.!!!! Everyone is too much in awe, of her being a genuine SOCIOPATH.
Richard Clark was dumbfounded when he realized our critical infrastructure (FAA, banking, Pentagon, etc.) was on the very same public internet that everything else was. He made quick work to change this.
This is what you get when you have 20-something know-it-alls design and implement important things. They simply lack the experience and understanding required to perform this critical work. Lack of institutional knowledge means they're endlessly recreating the wheel and repeating history's mistakes. Kind of laughable. Just look at the fundamentals of the PC computer to see something systemically flawed and prone to compromise. Thanks Microsoft for foisting a defective design on the world! Thanks high tech! Good job inviting every single scammer into our homes, personal lives, and most private things. Gee, that was great the way we let THAT happen. Too late because the cat's out of the bag. Now it's never-ending updates and closing the barn door after the horse is out.
So it is within this context that Elizabeth Holmes came along, took a couple of college courses, and then knew better than everyone else! What is it about Silicon Valley that they promote this sort of arrogant stupidity? The outright arrogance is mind boggling. And didn't we learn the first time when the dot com bust tanked the economy and a lot of retirement accounts?
Nope, Ms. Holmes came along to prove all the experience and decades of medical science wrong. She knew better because she took a few classes at STANFORD! People were persuaded to give her millions to follow a pipe dream; all over an irrational and stupid fear of needles. If you can't handle a needle, perhaps you should step away from the whole "remaking blood analytical testing" idea!
So sad how many intelligent, wealthy, powerful and influential people were hoodwinked by her bravado (and deep voice). But her behavior graduated from false bravado to crime when she began falsifying data and deceiving clients and investors. Oh and the employee intimidation and wrongful termination. She actively thwarted efforts to improve the product and prevent harm to customers. That's what makes it so serious and should result in several felony convictions and lengthy prison time.
Take a chill pill. Why tf do you hate young people? LMBAO!
Thank you! All these brilliant people swindled by female confidence. They WANTED her to be this brilliant savant. And its fairly obvious why. Woman woman woman! Thats what was important. She juiced that for all it was worth. Then attempted to pivot to "its because I'm a girl" bs after she got busted. What pisses me off that isn't discussed is how she was able to legally strong arm people. With money that was obtained fraudulently. All those lawsuits had to be defended with actual cash that wasn't just handed to them. She should have to reimburse every cent spent on defense of every lawsuit she initiated.
Better question. What did Elizabeth Holmes know about medicine, being 19 year old, and a harvard drop out?
Ultradude
Blood testing is not about medicine. It’s really about the instrumentation of analytical chemistry.
.... it was Stanford.
Stanford drop out. They gave her an Honorary Harvard fellowship while she was "successful".
greed for money lets a girl do this without one successful demonstration of something so outrageous.
The book is a must read! Very detailed and the narrative is compelling.
perhaps she thought the Cold War legends on her board were fighting the common Cold?
This guy is a hero.
What AMAZES me is that people who pumped millions didn't even do due diligence. I mean wouldn't you get a team of Doctors and Lab pathologists to just go through the claims? Some of the Claims made (small tubes of blood making complex diagnosis) were just medically impossible.
Great interview, thanks for the questions and smooth flow of the conversation!
I used to work with couple of Stanford grads, PhD in engineering. They were entitled, frequently mentioning their degree from Stanford. Complained alot, delivered sub par results and placed on probation. Most of us had MS or PhD also but from 'lesser' schools. Almost everyone in our 30 person team outperformed those 2.
Sounds logical!!!!🖕
Often happens. I have worked with people with degrees from top-ranked I stations who were outperformed by folks from less well known universities. It is attitude.
Got my BS and MS ChemE degrees at what was a Big 8 football conference university. Went out west, joined a very large company and more than held my own with people from MIT, Cal Berkeley, and Stanford and Purdue, Notre Dame, etc.. The VP of research at the time always was the last to interview job applicants. As a host for these applicants, I was allowed to sit in the final interview with the VP. He was a real elitist about Cal and Purdue grads and carrying a high GPA. After sitting in several of these, I always gave the people I hosted some coaching on how to get around this guy's arrogance. The guy was about as exciting as a dead fish throughout those interviews, so much so that I thought he was a detriment to the recruiting program. I had to give these job applicants the questions that would make this VP wake up and take notice, otherwise the interviews would fall flat.
Very interesting talk. Thanks for sharing.
This fellow explained the whole Theranos fiasco the best. His voice, detailed and organized manner of explaining is the best! If he is called a witness, the jury would make a well-informed decision.
It boggles the mind how this device could make it to Walgreens without strict government approval. The Feds should have been in that lab, watching, testing, comparing data. Many people failed in this situation.
Its incredible how much support happily poured in for her from a particular set of people like some exclusive clubby sort of guys. And all the way to the bitter end she really believed she'd come out on top.
The interviewer for this video is a loving breathing cure for insomnia.
But what perplexes me is that neither Elizabeth or Sunny liquidated even a single share of theirs which otherwise any person with fraudulent intent would have to cash in on the loot. Either they were delusional or stupid or both. Cant figure that out
Another documentary said she did.
Big fat salary every year for about 15 years and expenses
The painful ripple effect of her lies affect so many people. It is sickening to know how much damage 2 sociopaths can wreak.
Loved this interview.
The interviewer’s tone makes me want to fall asleep, However it is definitely a fascinating story,
Leslie Carleton
I think he’s good. Stays out of the way. Lets Carreyrou talk.
Leslie Carleton - yes fascinating, I agree!… I cannot help but think about having to go to the emergency room so many times in just a few years and if she had or was able to have her nonworking machines checking my blood...I would have been a dead person, given I only had approximately 2 1/2 hours to live at one point. It’s scary to think how many people are still suffering because of her actions and lack of ethics... Moral Compass. PeaCe&ReSPeCt, Shelley
Leslie Carleton ps, Love your pic!!
Beginning at 29:27 is really the perfect analysis of how all this happened. Holmes didn't know her own business... was trying to use a computer business model for medicine. Basically Theranos was trying to beta-test a blood testing technology using unwitting patients.
"Walgreens, You Have Failed Me For The Last Time" - Darth Holmes
Great conversation. Wow.
I work at a company called Minifab, Melbourne, Australia. We specialise in microfluidics. This week I was assembling a fluid channel module capable of executing three tests. Perhaps Liz's dream is closer to reality than you all may think. Just need more time.
She was trying to combine about 2000 tests. So your company is about 0.1% of the way to what she promised.
Three tests? That's a far cry from their goal and what they claimed their technology could do.
Not the way she was doing it. His book describes the fundamental design issues with the machine, which Holmes refused to acknowledge.
Just don't lie and coverup failures while sucking in 100's of millions of investment money, over promise your product capabilities while hiding the fact that all three editions were complete failures and your company should be poised for greatness.
This man deserves a Nobel Prize to put on the shelf with this Pulitzers. This story is scary on so many levels. Not the least of which is how many people will do anything, and I mean anything, for a buck. Ms. Holmes should be in jail already and I hope the chumps up in SF do their job and send her there soon (separate cell for her BFF, Sunny). She will probably get off with a warning not to do it again... sadly.
Elizabeth Holmes' attorneys will no doubt try and prove her innocent with the alibi, "she only had peoples' best interests at heart." To this argument, allow me to quote a phrase from the movie, "V for Vendetta." When V comes to kill the woman who disfigured him, she used the identical excuse, at which time he replied: "I have not come here for what you WANTED to do, I have come here for what you DID."
I brought the book. Very interesting read as well.
How is she not in prison? People go to prison for so much less. Not only did she lie, and effectively steal people's money, but she risked the lives of people.....and she did it voluntarily. You steal $10 from a bank and you're in big trouble. You get caught with a tiny bit of marijuana in your pocket and you're in trouble. She's out there partying with her new boyfriend like nothing happened.
Soon, I think
Just discovered this girl.. I'm fascinated by her..she dresses and even trys to talk like Steve jobs. I love how no one realised she was 🤪
YOU SURE DID MEET YOUR MATCH DIDN'T YOU ELIZABETH??? 😉😂 John, you're my hero.
i knew it! Sherlock's sister is a super villain.
There's a great screenplay in there somewhere.
the cleverest part about it was that they played on the weakness of the silicon valley tech set, they had the ultimate Mary Sue, a woman in tech, a story too good to check.
"Mary Sue" is only a designation for fictional characters dude
He means a woman that could do no wrong, based on the belief that she had to be the first woman billionaire founder of a tech company.
Mary Sue dressed like Steve Jobs. -- That's all you need in Silicon Valley.
wooo weee , A story too good to check. Damn, are people that gullible? Yes!!
AliensAnonymous I’ve got a black turtleneck and I already have a man’s voice.
That is pretty insane that definitely shows where his heart and mind was at the whole time his grandson came to him bringing him information that tells him that he has been a part of a fraud unknowingly and he still took the side of the fraudster 😢😢😮😮.... These are a whole nother set of family values I ain't never seen before
And here we are. Thank you for info on the matter. Now let's see the outcomes.
Well damn!..Have they ever done an episode about this case on American Greed, yet?
Very nice in-depth interview. I agree Elizabeth was a fraud but you can't escape from the fact that the ability to manipulate such a big number of people, including big-time investors, media but also government; for such an extended amount of time, is quite genius.
I totally agree😂😂😂
Did the CEO of Walgreens step down?
Good point. They had a duty to check out this company better for the well fare of their customers.
Theranos is a perfect story for Hitman game. Breaking through fingerprint proof doors and finding clues as to what the hell is goin on. Wish IO replicate this scenario is some mission. Hehe
Good idea!
If it sounds to good to be true...
At least she made donkeys out of some rich folks who do not pay taxes.I applaud her for that - crook or not. I wish I could do that. She made the journalist rich and famous. He should not complain.
betsy devos lost $100 mln? Well at least something good came out of this
Yeh, sure. Now she's education secretary. We know what her specialty is. Being duped. Now,she's the duper.
runcycleskixc- Devos’s family not her personally invested $100 Million. Rupert Murdoch owner of WSJ also invested/lost $100 Million as well. One of the Lame Stream publications that dubbed Holmes “The Next Steve Jobs.”😄🙄He is the journalist’s boss.
runcycleskixc Betsy Devos lost $0.00 dollars.
All these people who invested in the Theranos company must have been looking for where to hide their money from tax system. If not they would have think twice.
George, Henry, et. al., this is no country for old men. Shultz, you should have had some respect for your grandson. It’s his world now. Also, it occurs to me that Martha Stewart and Leona Helmsley went to prison for crimes that seem much less heinous.
It's all about the rise...
Just saw the documentary and series . This woman is a narcissist and sociopath. I’m scared for her children. She should have gotten more jail time at least as much as her partner in crime and not allowed to enter into the business world in any capacity . 😮
John Carryrou is genuinely great reporter. I wish there are more of them. If I was in his shoes, I would have taken a few hundred grand from Ms. Holmes and would have forgotten that incident. But he didn’t . He made more money by selling his book and became a celebrity. My respects to this wonderful man.
Sounds like Elizabeth spent more time and money suing people than anything else
What bothers me the most is...
Not even one pathologist is involved!
He would figure this out in 5min.
Businessmen, journalists, politicians, engineers ... But Not even single pathology doctor!!!
They are so over themselves, they don’t seem to care about Real Medicine!!!
Makes you think how many such companies are out there..
This will make a great film .... cant get enough of this ...
Who should play psycho Droid Woman with a man's voice in the movie??
You know Jennifer Lawrence is already slated for it.. perfect . Her boyfriend and the board will make great roles also ...
@@runningfox9750 Brie Lawson
I would love to get my hands on one of those machines; just so I can look into.
Tyler Shultz is a fucking hero. I’d like to think I too would’ve stuck to my guns under such immense pressure... by I’m honestly not sure.
What's the betting she won't spend 10 minutes in jail.
No shit
Even money...
The title of the book is Bad Blood. Why was the interviewer having trouble with saying it?
Good work.
Thanks!
Why it is helpful to have people on your board who know something about the field!
Then she wouldn't have been able to dupe them for billions, silly.
We must never forget the name Ian Gibbons. She caused his suicide.
Fantastic read
Don't trust anybody with eyes like that.
Goes to show...that in order to innovate, it's not just about the idea...but more importantly it's the execution...
Holmes had the idea...but she executed very poorly...
Yeah this isn’t an idea vs execution cautionary tale here, it’s one for the dangers of our hype culture.