4 ms·
The company was not a fraud from the beginning. Tim Draper invested before a product was "ready" or FDA approved. Let's not forget that the FDA gave Theranos
by godzillabrennus 8y ago
The company was not a fraud from the beginning. Tim Draper invested before a product was "ready" or FDA approved.
Let's not forget that the FDA gave Theranos a CLIA waiver to sell this thing outside of laboratories.
The CEO lied but the regulators failed massively here as well.
- sabizmil 8y agoI just finished reading Bad Blood and it details how they went to extreme measures to ensure that the FDA never saw their Edison machines like barring entry to the lab on the day of an inspection, putting security guards in front of the door, and lying when asked what was inside. While the inspector could have pushed the issue, I don't think they 'failed massively'.
- godzillabrennus 8y agoThe inspector didn’t inspect anything. That’s a massive failure on their part. How else can you reasonably assess the work of someone titled “inspector” when they fail to “inspect”? Especially when they approve a device they haven’t “inspected” as an “inspector”. If you see logic in calling them something other than a massive failure then I’d like to understand your thought process.
- rdiddly 8y agoI don't understand your point. Draper and the FDA were fooled by it, therefore it wasn't a fraud?