Comment by siliconc0w
1 day ago
I mean in do you really have a lot of sympathy for the oligarchic tax advantaged zombie family hedge funds that made a bet and lost?
They didn't do their diligence and do kinda deserve to lose their money.
1 day ago
I mean in do you really have a lot of sympathy for the oligarchic tax advantaged zombie family hedge funds that made a bet and lost?
They didn't do their diligence and do kinda deserve to lose their money.
Holmes and Theranos leadership did more than defraud investors. They knowingly ran unreliable tests on actual patients. People were told they were miscarrying when they weren't, or that they had HIV when they didn't. And they drove an employee, Ian Gibbons, to suicide, then threatened his widow with a lawsuit when she talked to reporters about it.
Important to note she was found not guilty of this charge.
That is not because Theranos did not commit such fraud against patients; Balwani was convicted on those charges. It's just the prosecutors were unable to prove that Holmes was culpable.
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As others have noted her current prison time is for fraud against Walton, Ellison, Murdoch etc - the same family funds funneling money to the Trump-klepto-universe.
They are the ones who propped up the company without any independent testing and enabled the bad tests and are ruining our society with their dumb money.
That’s true but not relevant. I have absolutely no sympathy for the rubes who thought FTX was a good place to put their money, but that doesn’t make the fraud any more OK.
This is conflating users and investors. Investors have the obligation of diligence and it's clear here (and with FTX) they didn't. If they did, neither would be happened.
Also it's exactly the opposite, scamming the public is fine - United healthcare can scam the government out of billions, no one goes to jail, minor fees but it's +ROI for them.
Murdoch's lose an investment after YOLO-ing a few hundred mil and no diligence and they get the feds to give jail time?
The people that invested their money did not make these decisions. The people running the fund did. You're victim blaming. Most people don't get a very wide choice where their money goes outside the couple of options the fund managers present. I'd also venture most people do not even look at what stocks are in the fund. They'll look at the past earnings and check the box.
This is family funds - Murdoch, Walton, Ellison. You think they shouldn't be responsible for doing due diligence? The device didn't work. They could've independently verified that at any point.
If there were users that were given bad tests, that was due to these investors not doing their jobs.