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How one company scammed silicon valley . And how they got caught
In 2015, Vice President Joe Biden visited the Newark, Calif. laboratory of a hot new start-up making medical devices: Theranos. Biden saw rows of impressive-looking equipment — the company’s supposedly game-changing device for testing blood — and offered glowing praise for “the laboratory of the future.”
The lab was a fake. The devices Biden saw weren’t close to being workable; they had been staged for the visit.
Biden was not the only one conned. In Theranos’s brief, Icarus-like existence as a Silicon Valley darling, marquee investors including Robert Kraft, Betsy DeVos and Carlos Slim shelled out $900 million. The company was the subject of adoring media profiles; it attracted a who’s who of retired politicos to its board, among them George Shultz and Henry Kissinger. It wowed an associate dean at Stanford; it persuaded Safeway and Walgreens to spend millions of dollars to set up clinics to showcase Theranos’s vaunted revolutionary technology.
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Monday, May 21, 2018
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