Tag: Elizabeth

Categories
Entertainment

Watch Jimmy Fallon and Elizabeth Olsen’s FallonVision Skit

Watch Jimmy Fallon and Elizabeth Olsen's FallonVision Skit

Not even night television is safe from this WandaVision Hex. On March 3rd Today’s show Host Jimmy Fallon was joined by Elizabeth Olsen (aka Wanda herself) for a parody sketch of the popular Marvel series. The duo took time travel and attended iterations of past late night shows, but Olsen’s superpowers tingled – she knew something was wrong.

Olsen took on a Monica Rambeau-like role on the sketch, telling Fallon to “stop” and pretend he had an audience during the pandemic. “I know the present is scary and we all want COVID to be over, but you can’t just run away from your problems,” she said. “Snap out, this is not the reality. I know that you are trying to deal with it, I know that, but you can no longer control it all.” Fallon denies he’s in control (sounds familiar?) But that means someone else is pulling the strings behind the scenes. Who messed it all up? Check out the video above to find out.

Categories
Business

Elizabeth Warren, Bernie Sanders suggest 3% wealth tax on billionaires

Elizabeth Warren, Bernie Sanders propose 3% wealth tax on billionaires

Senator Elizabeth Warren, D-Mass., Holds a press conference to announce laws to tax the wealth of America’s wealthiest people at the U.S. Capitol in Washington on March 1, 2021.

Chip Somodevilla | Getty Images

Loads of Democrats on Capitol Hill – including progressive Sen. Elizabeth Warren, D-Mass., And Sen. Bernie Sanders, I-Vt. – Proposed on Monday an overall 3% tax on assets over $ 1 billion.

They also called for a lower annual wealth tax of 2% on the net worth of households and trusts between $ 50 million and $ 1 billion.

The Ultra-Millionaire Tax Act aims to fill a growing US wealth gap exacerbated by the Covid pandemic.

“The ultra-rich and powerful have rigged the rules so much in their favor that the top 0.1% pay a lower effective tax rate than the bottom 99%, and billionaires’ wealth is 40% higher than it was before the Covid began -Crisis, “Warren said in a statement Monday.

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According to Emmanuel Saez and Gabriel Zucman, economists at the University of California at Berkeley, about 100,000 Americans – or fewer than one in 1,000 families – would be subject to wealth tax in 2023.

They found that politics would make at least $ 3 trillion in a decade.

Warren called for the tax revenue to be invested in childcare and early education, K-12 education, and infrastructure.

In addition to Warren and Sanders, other co-sponsors of the legislation include: Sens. Sheldon Whitehouse, DR.I .; Jeff Merkley, D-Ore .; Kirsten Gillibrand, DN.Y .; Brian Schatz, D-Hawaii; Edward Markey, D-Mass .; and Mazie Hirono, D-Hawaii. Representative Pramila Jayapal, D-Wash .; and Brendan Boyle, D-Pa., are also co-sponsors.

The bill is likely to face significant obstacles in the Senate, where the Democrats have the lowest majority.

Some groups also predict that a wealth tax would have a negative impact.

An analysis by the Tax Foundation 2020 of separate property tax proposals by Warren and Sanders during their presidential election found that they would reduce US economic output by 0.37% and 0.43%, respectively, over the long term.

According to the tax foundation, a wealth tax would also face administrative and compliance challenges, such as B. Difficulties in valuing assets and likely tax evasion programs.

The Ultra-Millionaire Tax Act would attempt to address some of these issues.

The legislation would invest $ 100 billion in IRS systems and staff, ensure a 30% audit rate for the super-rich, and impose a 40% exit tax on wealthy Americans trying to give up their citizenship to avoid a wealth tax.

FIX: Updated this article to indicate that the tax was proposed on Monday.

Categories
Health

Elizabeth Holmes denies destroying proof in Theranos case

Elizabeth Holmes denies destroying evidence in Theranos case

Elizabeth Holmes, founder and former executive director of Theranos, arrives for a hearing in the U.S. District Court in the Federal Building of Robert F. Peckham in San Jose, California on Monday, November 4, 2019.

Yichuan Cao | NurPhoto | Getty Images

The mystery of what happened to critical evidence proving Theranos’ blood testing technology was not working deepened when Elizabeth Holmes accused the government of what she calls an “investigative failure”.

In a file filed late Tuesday, Holmes lawyers shot back prosecutors to rule out evidence of so-called test results, saying they were to blame for losing a database called the Laboratory Information System (LIS) that contained three years of accuracy and failure rates of Theranos tests.

“Rather than accepting responsibility for this investigation failure and the resulting gaps in evidence in their case, the government has taken a different path,” write Holmes’ attorneys, adding, “The government has assumed that the loss of LIS data reflects the woman . Holmes’ alleged guilt, although it had nothing to do with it. “

“The reason the government lacks this evidence is because prosecutors sat on their hands for years before attempting to acquire them and then sat on their hands again after acquiring them. It is entirely their fault,” the lawyers write from Holmes.

“The reason the government built their case on this fluctuating house of cards of irrelevant evidence is because they lost – or, worse, didn’t want to analyze – the actual evidence of the test results in this case,” argued Holmes’ attorneys.

However, prosecutors claim that Theranos executives destroyed the LIS system, which proved their blood test product was inaccurate.

In a filing last month, the government said that three months after a federal grand jury issued a subpoena for a copy of the database in August 2018, “the LIS was destroyed”. They wrote that “the government was never given the full records in the LIS, nor were they given the tools available in the database to search for evidence as critical as any Theranos blood test with validation errors. The Data disappeared “”

Prosecutors say the failure rate in one of these tests was 51.3%, adding that Theranos’ test results “were so inaccurate that it was essentially a toss of a coin whether the patient got the correct result. The data was devastating.” You want to invite 11 patients and 11 physicians to testify about the accuracy and reliability issues.

Holmes says there is a certain amount of expected errors in all laboratory tests: “Just as the fact of a heart attack does not prove what caused the heart attack, the fact of a wrong blood test does not prove what caused the error.”

Prosecutors point to internal emails that prove Theranos and his lawyer tried to cover up the grand jury’s test results in the database. Theranos provided backup copies of the database for investigators to put together. However, prosecutors claim that the backup required a password that Theranos executives could not remember.

Once a Silicon Valley darling, Theranos attracted the who’s who of venture capitalists and a $ 9 billion private valuation before closing in 2018.

Holmes and her co-defendant Ramesh “Sunny” Balwani each face a dozen fraud charges related to deceiving investors, patients and doctors about Theranos technology.

Holmes will face prosecutors next month for believing that evidence should not be presented to a jury that will determine her fate.

The judge’s verdicts will set the stage for her long-awaited trial, due to begin in July.

Categories
Health

Elizabeth Holmes resists authorities efforts to element her CEO life-style

Elizabeth Holmes resists government efforts to detail her CEO lifestyle

Elizabeth Holmes, founder and former executive director of Theranos, arrives for a hearing in the U.S. District Court in the Federal Building of Robert F. Peckham in San Jose, California on Monday, November 4, 2019.

Yichuan Cao | NurPhoto | Getty Images

Elizabeth Holmes’ attorneys strongly opposed the government’s attempts to describe her flamboyant lifestyle in front of a jury, saying the move “risks creating class bias” that are irrelevant to her criminal trial.

Holmes, who faces a dozen fraud charges, earned a salary and accomplishments commensurate with her position as CEO of Theranos, her attorneys wrote in court documents filed late Tuesday.

The government has argued that Holmes’ high-flying lifestyle was fueled by their fraud.

Your lawyers say this is just wrong.

They write that the evidence says nothing about their motive. “If so, a CEO could be said to have a motive for cheating. Rather, the real value of the evidence to the government is to paint a (misleading) picture of Ms. Holmes as a woman, fashion, one prioritized luxury lifestyle and fame and invited a referendum on startup and corporate culture. “

Introducing details of Holmes’ expenses, her lawyers wrote, would be a waste of time, adding that her so-called luxury travel accommodations appear to be approved by the Theranos board and justified by a full itinerary.

“Evidence of the purchase of expensive clothing, makeup, self-care products, and other goods (none of which are allegedly beyond their means) that the government is seeking to introduce through otherwise irrelevant emails from Ms. Holmes’ staff to assistants does not constitute a motive for fraud firm, “wrote Holmes’ lawyers, adding that instead they” are trying to ignite by invoking stereotypes of class and gender “.

Holmes often wore a black turtleneck, an image she cultivated in the print and broadcast media. Her attorneys point out that much of her clothing was bought for work events, adding, “The government ignores the criticism of Ms. Holmes for wearing the same outfit every day.”

Holmes’ attorneys argue that their motive for making money as CEO is “a proposal that can apply to anyone, poor or rich”.

Last month, prosecutors said the fact that Holmes received a variety of benefits, both tangible and intangible, “tends to show that she wanted to cheat in order to obtain those benefits”.

Holmes, a Stanford dropout, had a six-figure salary and a billion dollar stake in Theranos until the company closed in 2018.

One of the issues that emerged in the extensive government files was that Holmes was more motivated by money and fame than revolutionizing the healthcare industry.

Categories
Politics

Elizabeth Warren asks Robinhood to elucidate GameStop commerce restrictions

Elizabeth Warren asks Robinhood to explain GameStop trade restrictions

Senator Elizabeth Warren wrote to Robinhood Tuesday to explain why trading in glowing GameStop stocks was restricted after hedge funds suffered huge losses in a short period of time.

Warren, D-Mass., Noted that last week the online broker abruptly changed the trading rules for individual investors in certain stocks on its fee-free platform, while hedge funds and institutional investors on Wall Street continue to operate in GameStop, Koss , AMC, Entertainment, Express, Naked Brand Group and other companies.

“Robinhood has a responsibility to treat its investors honestly and fairly and to provide them with access to the market according to a transparent and uniform set of rules,” Warren wrote in her letter to Robinhood CEO Vladimir Tenev.

“It is deeply disturbing that the company may not do this,” wrote Warren, a member of the Senate Banking Committee.

The letter asked Robinhood to disclose what resulted in severe trading restrictions being imposed on video game retailer GameStop and the rest of the stocks, and whether its hedge fund investors or other financial services partners who had large stakes in such trading supported the decision of the App companies influenced.

Robinhood had severely restricted purchases of a handful of stocks, so in some cases customers could only buy a single stock. In addition, the margin requirements for certain stocks and options have been increased.

“The public deserves a clear account of Robinhood’s relationships with major financial corporations and the extent to which those relationships could undermine their commitments to their customers,” Warren wrote.

The Senator also wrote that she was “concerned that Robinhood included compulsory arbitration clauses in their client agreement, suggesting that investors will not have sufficient opportunity to pursue their claims and seek relief.”

In the past week, at least 18 lawsuits have been filed against Robinhood over trade restrictions.

Warren wrote that forcing these allegations into “secret arbitration denies customers a fair hearing, undermines public accountability, and hinders efforts to have a thorough and complete understanding of what happened”.

“Investors harmed by Robinhood’s trading restrictions should be able to argue their case in court rather than in closed camera proceedings too often directed against claimants,” she wrote.

A Robinhood spokeswoman did not immediately respond to a request for comment on Warren’s letter.

Warren’s letter came the same day Robinhood said it would allow customers to purchase up to 100 GameStop shares while lifting restrictions on AMC and Koss and lifting restrictions on BlackBerry and Genius Brand.

GameStop shares rose 400% last week and rose more than 1,600% through January as a group of investors on Reddit’s WallStreetBets discussion group hyped the stock.

The massive surge in the share price, in turn, put brief pressure on hedge funds who had bet that GameStop’s share price would fall, so these funds had to buy shares to cover the losses on their positions. These purchases, in turn, added upward pressure on the share price and further exacerbated hedge fund losses.

Short sellers lost nearly $ 20 billion in GameStop positions last month due to the shortage.

Short sellers bet on a stock by borrowing stocks and then selling them. A short seller hopes that the price of the stocks will then fall so that the short seller can pocket the price difference when they later buy stocks to replace those they borrow.

However, when prices go up, a short seller must buy stocks to replace the borrowed stocks at a higher price than they initially sold. This situation results in a loss for the short seller.

Many individual traders and politicians on both sides of the aisle have criticized Robinhood’s decision to restrict purchases of certain stocks like GameStop that are at the center of the controversy.

Tenev, the CEO of Robinhood, told CNBC last week that his company capped 13 stocks on Wednesday as a risk management decision to protect the company and its investors.

Tenev said the decision was based in part on the Securities and Exchange Commission’s net capital rules and clearinghouse deposit requirements that brokers must adhere to.

Last week’s high trading volume put pressure on online brokers like Robinhood, which clients have to pay in cash when they close a position.

The brokers also needed additional cash to provide their clearing facility with additional capital and to protect trading partners from excessive losses.

GameStop stock prices fell Tuesday, falling 51% to about $ 110 per share from noon.

This sharp drop follows a drop of more than 30% during Monday’s regular market session.

GameStop’s share price closed at $ 325 per share on Friday.

If GameStop closes at its current level, the two-day loss would be roughly 66%.

Categories
Business

Prosecutors allege Theranos fraud fueled Elizabeth Holmes’ way of life

Prosecutors allege Theranos fraud fueled Elizabeth Holmes' lifestyle

Billionaire Elizabeth Holmes, founder and CEO of Theranos Inc., and Christian Holmes come to a state dinner hosted by US President Barack Obama and US First Lady Michelle Obama in honor of Japanese Prime Minister Shinzo Abe at the White House in Washington, DC, USA, on Tuesday April 28th, 2015.

Andrew Harrer | Bloomberg | Getty Images

Prosecutors paint a picture of what the public saw: a billionaire entrepreneur who donned designer labels with her black turtlenecks and rubbed shoulders with world leaders.

But like the Hall of Mirrors at Carnival, everything was just an illusion, according to the government.

Elizabeth Holmes intended to use Theranos “as an instrument to improve her personal situation,” the prosecutor wrote in a request to the court on Friday evening.

“The causal link between the defendant’s fraud and the benefits in question is strong,” the government said.

Holmes and her COO, Ramesh “Sunny” Balwani, face a dozen fraud charges each. If convicted, they can spend up to 20 years in prison.

As Theranos CEO, prosecutors said Holmes led an extravagant lifestyle that included “traveling by private jets, staying at luxury hotels and having access to multiple assistants.”

“Although the defendant’s assistant was an employee of the company, she did a variety of non-business tasks for the defendant, including shopping for personal clothing and jewelry, decorating homes, buying groceries and groceries, and other items,” said the government in one file.

The government’s motion was in response to efforts by Holmes’ attorneys to prevent the jury from finding out details about their jet setting lifestyle.

The government intends to produce evidence that the alleged fraud at Theranos is directly related to the money and fame Holmes has gained as the CEO of Theranos.

Prosecutors wrote that Holmes was “the object of admiration in the local and national business community and has appeared in numerous publications and on television. She has been associated with influential figures such as politicians and business leaders. The evidence in the trial will show these benefits for.” mattered to the defendants, who watched the daily news closely to maintain their image. “

Holmes was a Silicon Valley favorite, attracting more than $ 700 million in investor money.

“In addition to the specific benefits she received from her fraud, she has also benefited from a great deal of positive attention from the media, business leaders and dignitaries,” the prosecutor wrote.

The motion comes the same night that Holmes’ lawyers claim their failed firm is no different from any other Silicon Valley start-up trying to make a name for itself.

The government “is calling for an order preventing the defense from focusing on the Silicon Valley start-up culture, arguing that founders in this area often use exaggeration and dramatic promises to get the attention they need for their businesses generate and attract capital, “the court said of Holmes lawyers.

Her lawyers argue that evidence related to the culture of Silicon Valley startups may be relevant to the case: “For example, the government intends to produce evidence of certain practices that the government claims they have in Theranos A culture of ‘secrecy’ created to show that Ms. Holmes was hiding alleged fraud. “

“While Ms. Holmes has tried to rule out such evidence, Ms. Holmes, if admitted, could certainly provide evidence that other Silicon Valley startups have used similar practices and that people at Theranos were aware of these practices.”

Holmes will face their fate in July. When she appeared on Zoom, she sometimes looked grumpy, a sharp contrast to the image she had once projected onto the world.

Categories
Health

California’s Covid surge forces trial delay of Theranos Elizabeth Holmes

California's Covid surge forces trial delay of Theranos Elizabeth Holmes

Elizabeth Holmes, founder and former executive director of Theranos, arrives for a hearing in the U.S. District Court in the Federal Building of Robert F. Peckham in San Jose, California on Monday, November 4, 2019.

Yichuan Cao | NurPhoto | Getty Images

A surge in coronavirus cases in California has resulted in a four-month delay in criminal proceedings against Elizabeth Holmes, the former CEO and founder of the competitive health tech company Theranos.

In an order late Friday evening, US District Judge Edward Davila set a new hearing for the case for July 13, 2021.

“The court was vigilant to keep abreast of the nation and state impact of the COVID-19 pandemic, as well as daily life on San Francisco Bay,” the tripartite ruling reads. “Unfortunately, the court finds that the impact on our lives is grave. California is in the midst of an unprecedented increase in cases and hospitalizations.”

The judge found that California had more than 1.76 million confirmed cases of Covid-19 and 22,160 deaths as of Friday. He also indicated that the Santa Clara County hospitals where the trial would take place are nearing maximum capacity.

Davila said these terms would “affect the jury and public confidence in a personal process that is expected to take several months”.

The move comes two weeks after the judge established a reconfigured courtroom, face mask requirements for study participants, and air filtration systems to move Holmes’ trial forward.

Prosecutors say they have ample evidence that Holmes ran a multi-million dollar program to scam investors, doctors and patients about the accuracy of Theranos’ blood testing technology.

Holmes, once hailed as the next Steve Jobs, pleaded guilty to a dozen criminal offenses – expecting 20 years in prison if convicted.

“The court recognizes that continuation of the trial will cause great inconvenience to victims who wish to spend their day in court, as well as to the defendant who wants a speedy defense against the charges,” he said.

The verdict came in the wake of Holmes’ struggle to prevent prosecutors from using their personal communications with their former lawyer, David Boies, while in Theranos.