A very worthwhile story, behind a paywall. Welcome to modern times.
Theranos Secretly Bought Outside Lab Gear, Ran Fake Tests: Court Filings
111–120 of 182 posts
Re: Theranos Secretly Bought Outside Lab Gear, Ran Fake Tests: Court Filings
#112Companies like this are a good reason to end limited liability for corporations. Corporations arent people, and the people behind them escape with golden parachutes.
The shareholders and investors can go after the executives for fraud. They're not protected in this case.
Until corporate officers and shareholders are subject to lawsuits, Limited liability creates an entity that behaves pathologically - without regard to anyone/anything outside of itself.
Theranos,Enron,Volkswagen scandals are just some of the way too many to count scandals that damage citizens.
Re: Theranos Secretly Bought Outside Lab Gear, Ran Fake Tests: Court Filings
#113HN is on fire today. Zecco and now Theranos. I'm getting the feeling that we are going to see more and more stories like this in the near future.
Theranos running fake tests is just another example of the type of charlatans enabled by socioeconomic lineage.
> Theranos plans to offer investors shares in the company in exchange for them not filing lawsuits against the embattled blood-testing company.
How far removed can you be from reality to even think like this?
Re: Theranos Secretly Bought Outside Lab Gear, Ran Fake Tests: Court Filings
#114Earlier quoted context omitted.
I don't really know why this has to link back to Stanford.
Because Stanford cultivates this type of activity through a deep worship of commercial activities rather than pure pursuit of knowledge to a very smart but very impressionable group. Colleges need to hold learning to the highest regard ... Holmes was constantly invited as a speaker to campus before she became disowned. Look into Clinkle if you want another example. Kids are obsessed with getting rich quick and glamor…
Stanford sells rich parents membership in a club for their children. Their billions is a pile of bribes. Poor smarter children go without.
Re: Theranos Secretly Bought Outside Lab Gear, Ran Fake Tests: Court Filings
#115Earlier quoted context omitted.
It's easy to fool yourself into believing that the fraud is just a temporary necessity while you work out the final kinks in your product.
Yes, it's unfortunate that "fake it 'til you make it" became such a popular meme in SV et. al. There is value in that philosophy in some respects, but claiming that your medical tests are real and reliable when they are not most certainly does not fall under that particular umbrella.
Yes! I had previously noted how Holmes was, in many ways, taking the HN/SV memes seriously, in believing:
- that an entire industry has been doing it wrong
- that it can be fixed by a low-bureaucracy, Angel-funded startup
- that once you have enough success you can just rewrite the laws that were slowing you down
- that no one knows what they're doing anyway, major projects are 100% guesswork, and you should just "fake it till you make it"
- that any skill is just a matter of 10,000 hours of practice
- that you can outsmart an industry before even passing or placing out of sophomore level classes
- that any self-doubt must be Impostor Syndrome, and so it's not worth your time to even check if that doubt has a factual basis
Re: Theranos Secretly Bought Outside Lab Gear, Ran Fake Tests: Court Filings
#116This all sounds preliminary to me. Based on the headline and one paragraph I was able to read (not pay-walled), this doesn't necessarily indicate malicious intent or foul play. Big companies are complicated, and they do things in weird ways sometimes for reasons that aren't immediately obvious. It's amazing how quickly the winds of the internet shift to absolutely condemn a person/company before all (or any) of the f…
There are plenty of facts available around the Theranos situation. Not much benefit of the doubt left here.
Re: Theranos Secretly Bought Outside Lab Gear, Ran Fake Tests: Court Filings
#117Earlier quoted context omitted.
I was curious and googled a bit. Relevant part: > In the past year and a half, the grandson and grandfather have rarely spoken or seen one another, communicating mainly through lawyers, says Tyler Shultz. He and his parents have spent more than $400,000 on legal fees, he says. He didn’t attend his grandfather’s 95th birthday celebration in December. Ms. Holmes did. > “Fraud is not a trade secret,” says Mr. Shultz, wh…
Off topic: he's 95 years old?! I don't care how well connected he is, who thought it would be a good idea to have a nonagenarian on the board of a (supposedly) cutting edge health-tech company?!
Could you state reasons to support your assertion that a nonagenarian shouldn't be on the board of an innovative tech. Company ?
Re: Theranos Secretly Bought Outside Lab Gear, Ran Fake Tests: Court Filings
#118I bet there are many other boardrooms around Silicon Valley who are panicking over this. There's so much pressure to be immediately profitable and show predictable year over year growth. How many have faked user trials or cooked the books in ways that would make Enron blush?
Look at facebook. 1.23 billion active daily users? Really? And this is published in financial and technical press with precious little skepticism. FB must be happily counting every single incidental embedded bit of javascript that phones home from a facebook logo on an otherwise unrelated site count as an active user. And then some. One in 6 people on the _planet_. Every day. Think about the boldness of saying that w…
Are "active daily users" humans checking a Facebook app? Or the app checking in with Facebook?
Re: Theranos Secretly Bought Outside Lab Gear, Ran Fake Tests: Court Filings
#119Earlier quoted context omitted.
> why didn't any one of the medical consultants or partners bring this up sooner? Outside of direct "I physically see this patient", people can forget they work in medicine where their answers can mean life or death decisions. In that situation people end up not wanting to bite the hand that feeds. When you have automated stuff that has high throughput with little or no human interaction, you seriously limit the oppo…
Totally agree, not sure why they've killed your karma. Between taking a pay cheque and whistle blowing, the large majority of people will always not rock the boat and take the money.
I think you're referring to the people working for theranos itself. However, investors generally try and do their due diligence before investing. Did none of the investors seek an expert to verify the claims made by Theranos prior to investing?
Re: Theranos Secretly Bought Outside Lab Gear, Ran Fake Tests: Court Filings
#120So when does "the next Steve Jobs" end up as "the next Jeff Skilling"?