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On the front page of Thursday’s Wall Street Journal is this article, which is another absolutely superb piece by multiple-Pulitzer Prize-winning journalist John Carreyrou. I strongly, strongly encourage you to read it, but I wanted to say a few remarks about it on my own.
As everyone knows, Theranos has become a complete disaster and an embarrassment. The megalomaniac founder, Elizabeth Holmes, claimed a net worth of nearly $5 billion a couple of years ago, and this net worth is now reported to be $0 billion. John Carreyrou has done a yeoman’s job bringing The Truth out about this despicable organization and its husky-voiced, completely fake CEO who was given a huge pass by the public (like Hillary Clinton) because she’s a……….woman. God knows Mr. Carreyrou deserves a third Pulitzer prize for his superb journalism.
Just as heroic, however, is former Theranos employee Tyler Shultz, the grandson of 95-year old George Shultz, of Reagan administration fame. I used to kind of look up to the old fellow, but the way he treated his grandson, who acted with honor and ethical integrity, is revolting.
That actually goes for the entire crew of ancient old white men who populated the Board of Directors, whose principal motivation, I suspect, was to stare at the mildly attractive young woman, fifty years their junior, who ran the place. You know. The new Steve Jobs. That one. Because she wore a black turtleneck.
This is one of those “what were they thinking?” events in the stock market. The stock DRYS had gone from about $200,000 to less than $4 (yes, you read that right). For reasons unknown, people suddenly decided it would be a great idea to bid this piece of crap up like crazy, zipping up to its last major gap (see arrow). Well, they almost made it, except………well……..it’s down over 80% today as I’m typing this. So whatever stooge bought it at over $100 this week is probably feeling pretty goddamned silly right about now.
Earlier this month, I wondered out loud if Obama would pardon Hillary Clinton, giving her sort of an overall amnesty. Folks jumped all over me, especially on Twitter, saying that it was stupid to suggest pardoning someone if they hadn’t been charged with anything. Dutch came to my aid, pointing out the specific legal precedent that would make such a pardon meaningful. I’d also like to present this clipping from the morning paper: