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Anyone read Bad Blood?
Posted on 3/9/19 at 8:54 am
Posted on 3/9/19 at 8:54 am
It's the story about the Silicon Valley startup trying to revolutionize the blood testing industry. I was somewhat familiar with it from the WSJ articles, but damn this story was nuts.
I read the No One Would Listen book on Bernie Madoff, and this one was right up there with that story, incredible to read how many people she duped.
I read the No One Would Listen book on Bernie Madoff, and this one was right up there with that story, incredible to read how many people she duped.
1
Posted on 3/9/19 at 9:34 am to FootballNostradamus
I read it a couple weeks ago.
What was so crazy to me is how so many seemingly intelligent people bought into her bullshite even when she had absolutely zero evidence, literally not one single piece of evidence, that anything she said was true.
What was so crazy to me is how so many seemingly intelligent people bought into her bullshite even when she had absolutely zero evidence, literally not one single piece of evidence, that anything she said was true.
Posted on 3/9/19 at 10:16 am to memphis tiger
quote:
What was so crazy to me is how so many seemingly intelligent people bought into her bullshite even when she had absolutely zero evidence, literally not one single piece of evidence, that anything she said was true.
100% this.
I was embarrassed for some of the people that jumped on her train.
I also think it's a larger indictment of boards in general when it comes to startups. I'm convinced they're nothing more than cheerleaders in many cases. Individuals come to them, offer them equity in their company to be a member of their board, and then use that person as an indictment of their product.
You'll never be able to convince me that elite business school professors don't have the best jobs on the planet. They're tenured so they probably teach 10 hours a week, and whenever one of their students comes up with a new idea they offer them a bunch of equity to be on their board so they're getting free stakes in Warby Parker and Uber and all these monsters.
I know these guys are as smart as it gets for ever having gotten those teaching positions, but holy hell are they cushy spots.
Posted on 3/9/19 at 10:20 am to FootballNostradamus
Another thing that got me was just how terrifying being sued sounds. I don't know what the solution is, but this book did a great job of painting a picture for how much the little guy is up shite creek against a rich company with an army of lawyers.
They mentioned the whistleblower kid Tyler's parents having to foot $400K+ in legal fees and having to take out a second mortgage on their house.
Fortunately I've never had to go to court, but it sounds terrifying going up against someone who isn't necessarily interested in beating you on grounds of the truth/evidence, they're solely focused on winning the war of attrition/money.
They mentioned the whistleblower kid Tyler's parents having to foot $400K+ in legal fees and having to take out a second mortgage on their house.
Fortunately I've never had to go to court, but it sounds terrifying going up against someone who isn't necessarily interested in beating you on grounds of the truth/evidence, they're solely focused on winning the war of attrition/money.
Posted on 3/9/19 at 11:09 am to FootballNostradamus
Another thing: I’m no attorney or legal expert by any means.
But how is it not a huge conflict of interest/ethics violation for the Thoranos lawyer Boise I think his name was, to have an active financial interest in the company and at one point be on the board?
But how is it not a huge conflict of interest/ethics violation for the Thoranos lawyer Boise I think his name was, to have an active financial interest in the company and at one point be on the board?
Posted on 3/9/19 at 11:14 am to memphis tiger
quote:
But how is it not a huge conflict of interest/ethics violation for the Thoranos lawyer Boise I think his name was, to have an active financial interest in the company and at one point be on the board?
Whether they're paying him in equity or hourly rates, how is it different? Lawyers don't take anything like the hipocratic oath, it's known they're fighting for the side that pays them.
That's my take atleast.
Posted on 3/9/19 at 12:34 pm to FootballNostradamus
Maybe but it seems to me that once he has that much financial interest in the company and is a member of the board one can argue that he is an active part of the ongoing fraud.
I don’t know though. Maybe one of the book board’s legal experts can comment.
I don’t know though. Maybe one of the book board’s legal experts can comment.
Posted on 3/9/19 at 2:46 pm to memphis tiger
quote:
Maybe but it seems to me that once he has that much financial interest in the company and is a member of the board one can argue that he is an active part of the ongoing fraud.
I don’t know though. Maybe one of the book board’s legal experts can comment.
True, I don't know a thing about law so def not speaking from authority at all.
I actually think your point about being accomplice to fraud is the bigger question, though. I realize that this gal was supposedly as charming as they come and I get that once you get one big fish then that dominoes to the next and the next and the next.
But, I'm almost thinking there's more to the behind-the-scenes story than we know yet. I mean by the end of the story the gal is making regular trips to the White House, knows Obama and the Clintons, has the most famous lawyer in America working for her, etc, etc.
Part of me wonders if there's more to how she got all these people on-board, especially when not a single health-care private equity firm would touch her. Something about that sounds crazy fishy to me.
Posted on 3/10/19 at 6:50 am to FootballNostradamus
quote:
Part of me wonders if there's more to how she got all these people on-board, especially when not a single health-care private equity firm would touch her.
There were so many red flags that seemingly intelligent people completely ignored.
I think that the media christening her as "the next Steve Jobs" caused a lot of people to want to get in on the ground floor and ignore the obvious reality. People that blindly believe what the media feeds them are fools.
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