{"id":179345,"date":"2018-03-14T19:02:00","date_gmt":"2018-03-15T00:02:00","guid":{"rendered":"https:\/\/www.panix.com\/~msaroff\/40years\/2018\/03\/14\/silly-rabbit-jail-is-not-for-white-folks\/"},"modified":"2018-03-14T19:02:00","modified_gmt":"2018-03-15T00:02:00","slug":"silly-rabbit-jail-is-not-for-white-folks","status":"publish","type":"post","link":"https:\/\/www.panix.com\/~msaroff\/40years\/2018\/03\/14\/silly-rabbit-jail-is-not-for-white-folks\/","title":{"rendered":"Silly Rabbit, Jail Is Not for White Folks"},"content":{"rendered":"<div style=\"border: 1px solid black; float: right; margin: 0px 10px; padding: 5px; text-align: center; width: 310px;\"><a href=\"https:\/\/i.imgur.com\/hzSYSJA.jpg\"><img decoding=\"async\" border=\"0\" bordercolor=\"white\" src=\"https:\/\/i.imgur.com\/hzSYSJA.jpg\" width=\"300\" \/><\/a><br \/><i>This is one <b><span style=\"font-size: 100%; font-variant: small-caps;\">Very<\/span><\/b> white person<\/i><\/div>\n<p>And corporate criminals <a href=\"http:\/\/www.businessinsider.com\/will-elizabeth-holmes-go-to-jail?r=UK&amp;IR=T\">don&#8217;t come any whiter than Elizabeth Holmes<\/a>:<\/p>\n<blockquote><p><span style=\"color: blue;\">Elizabeth Holmes, the founder of blood testing startup Theranos, has been charged with engaging in a <a href=\"https:\/\/www.usatoday.com\/story\/tech\/2018\/03\/14\/theranos-founder-elizabeth-holmes-charged-massive-fraud\/424670002\/\"> &#8220;massive fraud&#8221;<\/a> by the Securities and Exchange Commission.  The SEC says she and the company&#8217;s president raised more than $700 million using an &#8220;elaborate, years-long fraud in which they exaggerated or made false statements about the company\u2019s technology, business, and financial performance.&#8221;<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">No, she won&#8217;t be going to jail over this. In fact, even though she faces some serious penalties over the charge \u2014 she&#8217;s losing control of the company and won&#8217;t profit if it is sold \u2014 she also doesn&#8217;t have to admit wrongdoing as part of a settlement with regulators.<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">To recap, Theranos was once a Silicon Valley favorite because of its promise that its technology could allow for a wide variety of blood tests with just a droplet of blood. That all began to fall apart when the Wall Street Journal raised serious questions about the <a href=\"http:\/\/www.wsj.com\/articles\/theranos-has-struggled-with-blood-tests-1444881901\">accuracy<\/a>&nbsp;of the tests, prompting a government agency to shut down one of its labs. <\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">\u2026\u2026\u2026<\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">Here&#8217;s are some of the things Holmes&nbsp;<a href=\"http:\/\/www.businessinsider.com\/theranos-ceo-elizabeth-holmes-fraud-charge-sec-2018-3\">has agreed to do to settle with the SEC<\/a>. <\/span><br \/><span style=\"color: blue;\"><br \/><\/span><span style=\"color: blue;\">She&#8217;ll give up&nbsp;financial and voting control of the company.<\/span><\/p>\n<ul>\n<li><span style=\"color: blue;\">Holmes has to pay a $500,000 fine.<\/span><\/li>\n<li><span style=\"color: blue;\">She cannot be a director or officer of a publicly traded company for 10 years. Theranos is a privately-held company, which means she can continue to be CEO.<\/span><\/li>\n<li><span style=\"color: blue;\">She has to return 18.9 million shares of Theranos stock.<\/span><\/li>\n<li><span style=\"color: blue;\">She will give up her majority voting control of the company by converting her shares to Class A Common shares from Class B Common share<\/span><\/li>\n<\/ul>\n<\/blockquote>\n<p>She should be in jail, and she should be banned from managing publicly traded companies for life, but she does not even have to admit liability.<\/p>\n<p>Well, I suppose she&#8217;s commiserating with David Petraeus about how unfair this all is.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This is one Very white person And corporate criminals don&#8217;t come any whiter than Elizabeth Holmes: Elizabeth Holmes, the founder of blood testing startup Theranos, has been charged with engaging in a &#8220;massive fraud&#8221; by the Securities and Exchange Commission. The SEC says she and the company&#8217;s president raised more than $700 million using an &hellip;<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[365,368,456,387,407,440,437,382],"class_list":["post-179345","post","type-post","status-publish","format-standard","hentry","tag-business","tag-corruption","tag-finance","tag-hypocrisy","tag-justice","tag-medical","tag-regulation","tag-technology"],"_links":{"self":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/179345"}],"collection":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/comments?post=179345"}],"version-history":[{"count":0,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/posts\/179345\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/media?parent=179345"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/categories?post=179345"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.panix.com\/~msaroff\/40years\/wp-json\/wp\/v2\/tags?post=179345"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}