Audio book length: 11 hrs 37 minutes
Rating: 4 stars
Nowhere Book Bingo: From a genre you've never read (true crime)
CBR16 Bingo: Fiasco (Theranos was a massive fraud and a fiasco)
I've owned this book since 2020 and am pretty sure I picked it up in an e-book sale because of the many Cannonball reviews I've read about it over the years. Not being particularly interested in the tech world or medical science, and certainly, not someone who reads a lot of business news, I didn't really hear about this case as it was unfolding, and I'm aware that there have been podcasts, a documentary and a mini-series starring Amanda Seyfried about the scandal, but this book was pretty much forgotten in my e-book collection until the Nowhere Books bingo required me to find a book from a genre I've never read.
Readers of my reviews will know that I have certain genres I prefer - romance, fantasy, YA, the occasional mystery or sci-fi novel. If I read nonfiction, it's usually historical biographies, celebrity autobiographies or something I need to read for work. Nevertheless, I like to challenge myself, so over the years I've read a LOT of different books in so many different genres. It was genuinely a challenge to come up with one I hadn't already tried. My husband suggested I look up subgenres of nonfiction, as it was clear that was where I'd find something that might fit the bill. When True Crime came up, I realised that would work. I know that lots of people find True Crime fascinating, but I just don't really see the appeal in exploring grisly murder cases or other horrific crimes. This book, which I remembered that I had on my shelf didn't seem to involve any murders, so it would probably not traumatise me too much.
John Carreyrou is the journalist who wrote the Wall Street Journal articles which began to expose Elizabeth Holmes as a fraud and brought attention to the very shady business practices of her tech company Theranos. He later developed his thorough research into this book, where he details how Miss Holmes, a young and charming Stanford dropout managed to bamboozle the tech and business world for years, promising her company could deliver quick, accurate and almost pain-free blood tests with devices so small and portable they would be possible for the public to have in their homes. At one point, Theranos was valued at 10 billion dollars, without ever having actually managed to produce the testing machines or blood testing results they were promising.
Holmes was beautiful and persuasive, and clearly excellent at fundraising for her company. Along with her boyfriend, Sunny Balwani, who was COO of Theranos, they managed to perpetrate their fraud for so long by intimidating and threatening their employees, firing anyone who spoke up about their suspicions of underhanded dealings, and because very few of their investors actually understood the science behind what they were trying to do. Holmes was featured in a number of highly flattering articles, and the board of directors of Theranos at various points included several senators, former secretaries of state (including Henry Kissinger), a former secretary of defence, an admiral, and a general - all seduced by Holmes' promising tale of deception.
Once Carreyrou started investigating the case, he had a hard time finding people willing to talk to him, since Holmes and Balwani made all their employees sign iron-clad NDAs and were fiercely litigious towards anyone they thought might be a threat to their company. However, Carreyrou were able to publish several critical articles, which again led to investigations into Theranos' business practices and inspections of their laboratories. The results were disastrous for the company, proving that not only were the test results their labs produced extremely unreliable and could endanger patients because of it, but they were mostly using equipment from other producers to get their results since none of the proprietary machines made by Theranos worked at all. They had not only misled their investors, they had put countless patients' lives in danger with their inaccurate blood tests.
It was a fascinating story, and I will probably check out the HBO documentary and the mini-series at some point as well. Now, having read this, I can't really think of any genres I haven't tried at least once.
Judging a book by its cover: Some editions of this book feature a gloved hand holding up a tiny vial of blood, but my edition, and most that I've seen, have this fully black cover with the bold red title. Not exactly the most exciting, but the contents of the book more than might up for it.
Crossposted on Cannonball Read
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