General > General Technical Chat
Elizabeth Holmes to seek mental disease/insanity
tom66:
--- Quote from: bdunham7 on January 04, 2022, 05:38:37 pm ---Frankly I'm a bit dismayed that we prosecute these things as investor fraud. I say screw the investors if they aren't diligent. She should have been prosecuted for fraud against medical patients and for that every person in the company who was fully aware of what was going on deserves hanging. IMO.
--- End quote ---
Yep, fraud against investors, utter bollocks ... do your due diligence, losing money should be enough.
As it stands we have a system of socialised losses and privatised profits.
Bud:
It was a clown show top to bottom. Just look what general Mattis, the former US Secretary of Defence, who was the Board member at Theranos, did:
--- Quote ---Mattis eventually agreed to join, testifying that he went to a bookstore “and picked up two books and two pamphlets to educate myself on being a board member.”
--- End quote ---
Really? Buying two pamphlets was all that was needed? :-DD.
Dear generals, please stick to what you know and do best.
fourfathom:
--- Quote from: tom66 on January 04, 2022, 10:41:36 pm ---Yep, fraud against investors, utter bollocks ... do your due diligence, losing money should be enough.
As it stands we have a system of socialised losses and privatised profits.
--- End quote ---
While I agree that the Theranos investors should have had better sense, I assume that at least some of them were relying on the lead investor's good judgement and didn't want to upset their business relationships by being too difficult. A bad call this time, but maintaining relationships is a real factor in the VC world.
And how are private VC losses socialized? There's no equivalent to FDIC (Federal Deposit Insurance) or other bailout. The best you can do is to write off your losses against other gains. Even after taxes it's still a loss, just not as big.
DrG:
--- Quote from: SiliconWizard on January 04, 2022, 10:08:33 pm ---Those things are going to boom in the next few months/years. That's a guarantee. That's the new goldmine. And if one thinks that there won't be maybe half of them not similar to the Holmes' venture... well... =)
--- End quote ---
While I agree with you, it is definitely not new. Biomarkers are the object of a huge amount of research. We have had some hits, e.g., cancer detection from tumor markers and various proteins but it is never as easy as that https://www.mayoclinic.org/diseases-conditions/cancer/in-depth/cancer-diagnosis/art-20046459 but the claims are always out there https://www.healthline.com/health-news/this-new-test-can-detect-50-types-of-cancer-from-a-single-blood-draw
Because of the need to identify and treat and because of the difficulty of coming up with easy detection and therapeutics, PTSD and mTBI have been huge targets and I do know something about that. Certainly there is a huge amount of high risk / high reward research being funded and it is genuine - but not as close as the proposals often make it appear.
As for the instant case, I remember asking biochemists and microbiologists at the time what they thought - their responses, as I recall, were always, I'd like to see how they do that.
tom66:
--- Quote from: fourfathom on January 04, 2022, 11:55:58 pm ---
--- Quote from: tom66 on January 04, 2022, 10:41:36 pm ---Yep, fraud against investors, utter bollocks ... do your due diligence, losing money should be enough.
As it stands we have a system of socialised losses and privatised profits.
--- End quote ---
While I agree that the Theranos investors should have had better sense, I assume that at least some of them were relying on the lead investor's good judgement and didn't want to upset their business relationships by being too difficult. A bad call this time, but maintaining relationships is a real factor in the VC world.
And how are private VC losses socialized? There's no equivalent to FDIC (Federal Deposit Insurance) or other bailout. The best you can do is to write off your losses against other gains. Even after taxes it's still a loss, just not as big.
--- End quote ---
They're not truly socialised but they expect the courts to prosecute someone for their lack of due diligence.
It's not enough to just go on reputation when you're spending millions!
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