Slashdot Mirror
Theranos Withdraws Two Years of Blood Test Results (cnbc.com)
Reader Major Blud writes: Theranos, the company valued at $9 billion that promised to revolutionize the way blood testing is done, has just announced that it has withdrawn all of the test done using its Edison machine performed in 2014 and 2015. The company recently come under fire from the Centers for Medicare and Medicaid Services for the inaccuracy and unreliability of the machine, and threatened to revoke the company's license as well as ban CEO and founder Elizabeth Holmes, and its president and COO, Sunny Balwani, from blood testing.
Ha ha. Just kidding. Rich people don't go to prison!
More evidence that the geniuses in silicon valley know exactly what they are doing and clearly have earned their vast wealth because they are so f-in smart
Leona Helmsley, is that you?
Pain is merely failure leaving the body
It's a saying from Dr. John Bridges in 1587. But the gist of it is consistent with the teachings of Proverbs, which primarily advocates for scrupulous and discerning use of both words and money.
According to the Bible: "A fool and his money soon departs."
Citation, please. I don't think the Bible says this.
I think the actual text is "A fool and his money will soon party."
Dark Reflection
Just was recently reading a great profile of her as the "healthcare industries steve jobs", becuase of her secrecy and wardrobe.
http://www.newyorker.com/magaz...
Shame that her company is not living up to the hype, but it does say that they were reluctant to reveal any trade secrets about their device all along. Worth the read for some background on theranos (the company she founded when she was 19)
As a potential lottery winner, I totally support tax cuts for the wealthy
This second tech bubble is interesting, in that it's a bunch of mini-bubbles. Theranos is the result of investment in the "market disruptors" bubble. Uber is the king here, but there are a whole bunch of tech companies also (like the software-defined-everything vendors who are currently consolidating.)
I understand that sometimes startups need to bend the truth a little bit to get investors and therefore the time they need to perfect their product or service. However, the problem is that they promoted the fact that they had the answer and all the problems were solved...and look, we're doing it with real world testing!
Something like this actually happened during the past year in the big company I work for, so it's not just startups. A politically well-connected division of our company spent untold sums of money building out stuff for a product that they proclaimed was completely ready with all the problems solved. Turns out they weren't exactly telling the truth and it only started coming out when customers started buying and using said product. Looking from the outside in on that, I felt pretty bad that the money they were wasting could have easily paid salaries in divisions that were making useful products, but life's not a meritocracy unfortunately. When you have executive cover for your actions, like Theranos had big-name backers and unicorn status, results matter less.
Just look at Obama. $10T to $19T sure doing a good job there.
Om, nomnomnom...
Just look at Obama. $10T to $19T sure doing a good job there
Should have been larger. The stimulus was way too small for a robust recovery.
The FDA has been after Therados for years
I hope in my next life I am born as a pretty Caucasian chick from a rich family who gets to go to Stanford. This way people will buy whatever bull$hit comes out of my mouth, no matter how ridiculous it sounds.
Citation needed.
There may be treatments which could be saving people that are on the bench awaiting FDA approval. There are also many treatments which would harm more than they help which are being properly restricted by that same approval process.
The SEC is currently investigating the company for potentially misleading their investors in 2014. With yesterday's article we now know that Theranos was supposedly using traditional blood testing machines instead of their 'Einstein' technology for commercial testing starting in 2014. In that year Theranos was still raising money from investors and approached a $9B evaluation based on claims of efficacy for their 'Einstein' technology. Will be interesting to see what the results of the SEC's investigation will be.
Granting the data is very noisy and cases are not equal.
The data is quite clear between the US (stimulus) versus Europe (austerity).
Why America's economy has recovered while Europe remains stuck near recession is largely a factor of two forces: Europe by and large chose the path of fiscal austerity while America chose stimulus, and America also has control over its own currency, while member states under the euro currency do not. Most economic analyses of the last four years begin and end there, concluding that the dual force of fiscal contraction and monetary skittishness has unreasonably slowed Europe's recovery and cost its economy dearly. Oxfam International estimates austerity across European governments could leave twenty-five million of its citizens in poverty by 2025.
http://www.worldaffairsjournal.org/article/two-speed-recovery-us-vs-eu
Government spending increased by a whopping 18% in a single year 2008-2009, more than doubling the federal deficit, and the deficits have remained enormous throughout Obama's tenure.
If you think that's scary, check out 2030 when all the baby boomers are retired, retirees outnumbers workers, and two-thirds of the federal budget goes to Medicare/Social Security. Taxes and/or debt will have to go way up to pay for everything else.
Cranking up government borrowing to pad the GDP numbers and pretending it's a "recovery" is like running up the balance on all of your credit cards and pretending that you got a raise.
You're confusing personal debt with sovereign debt. They're not the same thing. If you treat government spending like a family budget, the economy will got into a depression. Something that happened periodically during the 19th century before the Fed came into existence.