Fraud and lies continue to follow the Clintons.
Theranos founder Elizabeth Holmes’s worth went from $4.5 billion to zero in a year after officials found her company failed at blood testing.
Holmes founded the company in 2003 “with plans of revolutionizing the diagnostic test market.” President Barack Obama named her as an ambassador for global entrepreneurship while the Clinton family propped her up at their Clinton Global initiative meeting last year.
But Forbes has found that her stake in the company equals absolutely nothing. The company has faced “allegations that its tests are inaccurate” and investigations from government agencies. Plus their annual revenues equal less than $100 million.
In March, Holmes wanted to host a fundraiser for Clinton for $2,700 a person at the company’s headquarters. But Clinton’s campaign received criticism “for holding an event at the offices of a company under federal investigation.” Holmes still hosted alongside Chelsea Clinton.
Here's Chelsea Clinton w/ Elizabeth Holmes, CEO of Theranos, at the campaign's San Francisco fundraiser today: pic.twitter.com/YHvY4HH2QP
— Ruby Cramer (@rubycramer) March 21, 2016
But now an official invitation to the event, obtained by CNBC, shows that the Clinton fundraiser will not be held at the company’s offices, but instead at the private home of Susie Hwang and Matt Glickman in Palo Alto. Holmes is listed first on a list of 11 female Silicon Valley figures hosting the event. According to the invitation, hosts contribute or raise $2,700 for Hillary for America presidential campaign, and attend a reception with the former first daughter.
The Wall Street Journal found that Theranos only used “a small fraction of the tests then sold to consumers” even though the website said they offer 240 tests. The company received over $400 million, which pushed the company to $9 billion.
One employee said Theranos used a device called Edison for 15 tests, but many employees doubted the accuracy of the machine. Another employee “accused the company of failing to report test results that raised questions about the precision of the Edison system.” This violates federal rules.
Last November, Chris Jennings, who remained a “longtime advisor to both Bill and Hillary Clinton on health care issues that is currently advising Clinton’s presidential campaign,” also advised Theranos. After Bill’s presidency, Jennings became a lobbyist for the pharmaceutical industry where he earned millions.
Obama also hired him to “coordinate health reform for the White House despite his decade of lobbying.” He resigned after six months and returned to his firm.
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