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  • Theranos scam

    One of the biggest scams ever... And a new book about it.
    Elizabeth Holmes had an idea: wouldn’t it be great if we could do hundreds of blood tests with just a tiny thumb prick of blood? And that was it. She was a freshman chemical engineering major who dropped out of Stanford and had no idea how to do this. She literally had nothing. She just thought it was a good idea. Based on that, she was able to raise millions of dollars and hire hundreds of people to see if they could bring her idea to life.

    They couldn’t. It was sort of like someone saying, wouldn’t it be great if we could cure diabetes? It sure would! Now go invent something that does it.

    But as bizarre as this sounds, that was Theranos. And even more bizarrely, it’s not even the weirdest thing about the whole story. For starters, Elizabeth Holmes, who was 22 when she started the company, literally sounds like a modern-day Svengali. She simply stared at people earnestly with her “big blue unblinking eyes” and they were mesmerized into giving her money and letting her do anything she wanted with it.

    https://www.motherjones.com/kevin-dr...bout-theranos/

  • #2
    "She simply stared at people earnestly with her “big blue unblinking eyes” and they were mesmerized into giving her money and letting her do anything she wanted with it."

    Including old favorites of mine, who never miss a possible scam (without investing a penny of their money), Henry Kissinger and Bill Clinton.

    Comment


    • #3
      Originally posted by Conor Dary View Post
      They couldn’t. It was sort of like someone saying, wouldn’t it be great if we could cure diabetes? It sure would! Now go invent something that does it.
      Sounds exactly like the strategy Elon Musk uses to peddle his bullshit transit proposals.

      Comment


      • #4
        The book about this "Bad Blood" by John Carreyrou of the Wall Street Journal, recently came out. I read it in one sitting, it was so absorbing. A true snake-oil salesman, she was. Carreyrou also broke the story along the way with his reporting in the WSJ. She's now been indicted on criminal charges and deserves what she will get.

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        • #5
          What P.T. Barnum said.

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          • #6
            What gets me is the venture capitalists and big institutional investors that must have been involved and who ponied up tons of money. They should have asked bambam or pego or me (or gh or any of the other folks here with some life sciences background.) We could have easily told them there's no way that thing the size of a large four-slice toaster could do all that floozy claimed it could do, and off of one drop of blood. How stupid.

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            • #7
              Originally posted by DrJay View Post
              What gets me is the venture capitalists and big institutional investors that must have been involved and who ponied up tons of money. They should have asked bambam or pego or me (or gh or any of the other folks here with some life sciences background.) We could have easily told them there's no way that thing the size of a large four-slice toaster could do all that floozy claimed it could do, and off of one drop of blood. How stupid.
              What? Listen to experts? That lot....haaaaa

              Of course Holmes grew up in that environment...her neighbor growing up is a venture capitalist who still fiercely defends the fraud....no wonder she thought she had nothing to learn at Stanford...that did not work out well.

              He is also the guy behind the partitioning California nonsense...

              https://www.theguardian.com/us-news/...ote-tim-draper
              Conor Dary
              Senior Member
              Last edited by Conor Dary; 06-20-2018, 08:36 PM.

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              • #8
                It's one thing to defraud private equity investors and venture capital firms.

                To me what makes it so much more egregious is that it appears that innocent doctors and patients were being provided with inaccurate blood test results and that company officials knew the machines were unreliable.

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                • #9
                  Exactly. That rises to a different level of criminality, IMHO.

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                  • #10
                    Originally posted by DrJay View Post
                    Exactly. That rises to a different level of criminality, IMHO.
                    Ditto and this is well described in Bad Blood, the book I mentioned above

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                    • #11
                      Only 63 days remain to send your dollar to wineturtle
                      ;-)
                      Tom Hyland:
                      "squack and wineturtle get it"

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                      • #12
                        Originally posted by DrJay View Post
                        What gets me is the venture capitalists and big institutional investors that must have been involved and who ponied up tons of money. They should have asked bambam or pego or me (or gh or any of the other folks here with some life sciences background.) ....
                        just to clarify, my background was death sciences :-)

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                        • #13
                          Plowing through the book....indeed a great read....Holmes comes across as a delusional sociopath...

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                          • #14
                            Originally posted by Conor Dary View Post
                            Plowing through the book....indeed a great read....Holmes comes across as a delusional sociopath...
                            So does her boyfriend / significant other / 2nd-in-line at Theranos

                            Comment


                            • #15
                              Oh good...he made a brief appearance earlier...

                              You couldn't write a novel with a character like Holmes and make it believable...the level of malevolence is breathtaking....especially since she says she wants to do good for humanity....as long she gets super rich and gets all the credit...and no matter how many people get destroyed along the way.

                              I've followed the Theranos story for years....to a mathematician like I it didn't make much sense....and I thought I knew the details pretty well but this book blows it all away.
                              Conor Dary
                              Senior Member
                              Last edited by Conor Dary; 06-21-2018, 05:37 PM.

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