Bad Blood

Bad Blood

By John Carreyou

In 2014, Theranos founder and CEO Elizabeth Holmes was widely seen as the female Steve Jobs: a brilliant Stanford dropout whose startup “unicorn” promised to revolutionize the medical industry with a machine that would make blood testing significantly faster and easier. Backed by investors such as Larry Ellison and Tim Draper, Theranos sold shares in a fundraising round that valued the company at more than $9 billion, putting Holmes’s worth at an estimated $4.7 billion. There was just one problem: The technology didn’t work.

A riveting story of the biggest corporate fraud since Enron, a tale of ambition and hubris set amid the bold promises of Silicon Valley.

I finally finally finally got back into reading again (you may have noticed that recent reviews were lackluster, if I even finished the book at all) thanks to Bad Blood.  This one was re-energizing, and you kinda spend the whole thing doing that, "What. the. fuck??" look that I always reference from Chris Rock in Nurse Betty when he sees his dad, played by Morgan Freeman, dancing with no one on the side of the Grand Canyon. Just that sense, you know, that someone very close to you has lost all of their marbles. In this case, that WTF applies to all the people who fell for the cult of Holmes.  For years!  For years they went along with this, although to be fair, it was both a very desirable and beneficial pitch, and also it wasn't immediately apparent that it was rotten to the core.  Although it seems like even a slightly more than cursory look would have taken care of that...?

In retrospect you go, how did they sucker this many people for this long? And the answer apparently is, a combination of complete intimidation of those over whom they held power, and complete ingratiation of those who could have destroyed them.  It's incredible!  When I first heard about it, I definitely gave it a brush off:  pfft, who cares about whether another start-up is toxic and also lied to consumers.  Same shit, different day.  But no!  This was an incredible and incredibly engrossing tale of malignantly bad behavior.  Props to Carreyou for his work, he takes an almost ten year long journey about medical devices and makes it captivating from beginning to end.

For all I've complained in the past, I feel like I have to praise Carreyou's organization of his book, which is both chronological (thank you for an easy to follow and logical progression!) and, because he knows you forget people who only pop in and out occasionally, heavy on the "John-who-ran-the-Edison-room" reminders about who the various people are.  Thank you, Carreyou, for recognizing that I can only retain so much at one time, and minor characters' names and identities in books is not one of them.

Like Five Days at Memorial you kinda leave the book doubting that the villains of the piece even realize that they are in fact the bad guys.  As in that case, Elizabeth and Sunny seem to have kind of doubled down on the position that they've done nothing wrong, although I suppose anyone who has the brazen confidence to do it in the first place doesn't have a lot of room for self-doubt or even second thoughts.

The one thing I wish we'd gotten in this is a bit more wrap up of where the key players stood, particularly (for me) George Shultz, who practically disowned his grandson for whistleblowing this whole house of cards to the ground.  I can't say for sure that I'd have the wherewithal to do what he and Erika did in reporting the misdeeds, but to be personally punished for doing right strikes me as so unfair.   So much collateral damage done.  And for what!  A miracle product that didn't work? Such dishonesty in professing to care about people's health while actually causing harm indiscriminately.  Not to mention poor Ian Gibbons, who carried the shame of it to his death.  It makes you mad, it gets your (forgive the pun) blood up!  And this, for god's sake, explains why regulatory bodies, while annoying, are absolutely and completely necessary.