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> Elizabeth Holmes made representations which she knew to be false to secure investments. That is explicitly fraud. the problem - this became an institutionali
by thow-58d4e8b 5y ago
> Elizabeth Holmes made representations which she knew to be false to secure investments. That is explicitly fraud.
the problem - this became an institutionalized modus operandi of Silicon Valley, finance, higher education, IP law, crypto, even real estate - essentially the entire economy of intangible goods and services. As Jim Chanos put in ‘We are in the golden age of fraud’ - lying to investors, public or congress or courts became so normalized that people no longer see any problem with it
- derbOac 5y agoNot to minimize what happened with Theranos but I suspect a lot of discussion around it is and has been shaped by the larger problem it is a small part of. Yes, there was blatant fraud and lots of blame and harm of various sorts to go around the whole network associated with it, but for every one Theranos there's who knows how many more that are part of something more subtle but collectively no less problematic. Maybe Holmes was engaging in outright fraud, but for every one Holmes doing that, there's probably 100s across various fields bending the truth systematically to various degrees short of what Theranos represents.