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Updated: Unpopular Fact: Journalist Turned Author John Carreyrou & Theranos Elizabeth Holmes are both Fraudulent & Dangerous

Updated: Unpopular Fact: Journalist Turned Author John Carreyrou & Theranos Elizabeth Holmes are both Fraudulent & Dangerous

Updated: August 30, 2019

PRSpin: Bad Blood Author John Carreyrou leaves WSJ over paid speaking ban #ProfessionalVictim
PRSpinUnspun: Unethical journalist John Carreyrou leaves WSJ, a year after unethical author John Carreyrou’s book’s been on the market. This is inconsistent & contradictory language to action; and, is consistent with using tactics from The Sociopathic Business Model© as originally pointed out below on July 15, 2019.

“The Journal has a pretty blanket ban on its reporters taking money to speak publicly. If I were to do that or my colleagues do that it compromises the Journal. I respect the reasons for their policy but for me it meant leaving quite a bit of money on the table. I’m in pretty high demand due to the success of the book. I’m grateful for everything they’ve done for me.” John Carreyrou DailyBeast

Yes, Carreyrou who has compromised the Journal for a year,  and who left the BIGGEST part of the Theranos fraud story–the venture capitalists out of the story–is worried about “leaving quite a bit of money on the table.”

I discussed John Carreyrou’s lack of ethics & the harm he’s done to startup whistleblowers by neglecting the largest part of fraud, venture capitalists, when I as a guest on TSLAQ Podcast on August 1, 2019.

July 15, 2019

Wall St. Journal, investigative journalist John Carreyrou wrote his truth about Elizabeth Holmes & Theranos.  Carreyrou’s focus on the image of fraud neglected to expose the truth, or substance behind the fraud.  The goal of ethical investigative journalism is to expose & protect the public from fraud that causes potential injury or death that also costs taxpayers billions. Bonus points if the article also helps prevent future fraud.  

People who speak or write the truth are often unpopular–I’m cool with it, it’s never been a goal, so it’s never been a problem. Notice the emphasis on the before the word truth.  That’s because there’s no possessive ownership to the word truth.  It’s a huge #RedFlag warning when someone writes “my truth” or “their truth“.  Simply, it’s an abusive a manipulation of the facts while not recognizing the rights of others. Which is why I inconsistently chose to “his truth” in the first sentence for emphasis of abusive behavior.

Carreyrou’s abusive failure to publicly expose the money behind Holmes, the venture capitalists, encourages the replication and rewarding from a secretive group of Silicon Valley VC billionaires. Nameless, faceless, VCs continue committing fraud in the shadows, without shame, remorse guilt or accountability. VCs really should send John Carreyrou a fruit basket for not knowing or reporting what ever industry insider high enough on the food chain already knows:  

Fact: Silicon Valley venture capitalists (VCs), startup board members, and their carefully groomed first time CEOs, are not victims of fraud. VCs are the architects of fraud.

The Sociopathic Business Model© Fraud Formula© 2011-2019

VC investors knowingly, willingly, predatorily, groom and select a first time CEO: who is insecure, desperate to feel superior, willing to break the law & take the #FedFall for investors. THIS is why Elizabeth Holmes is the face of Theranos fraud, NOT because Carreyrou followed on the heels of a federal investigation.

As a Silicon Valley, VC,  startup, industry insider turned federal whistleblower, I already know it. I suspected it in 2008, federally reported it in 2011, have publicly written about it on this website since 2014 (including Theranos)–all with the goal of helping those outside the Silicon Valley bubble to expose fraud that harms, kills & costs us all billions.  Fraud kills. It’s just not financial.

2014 Snarky call-out to WSJ journalist who cut and pasted an SEC press-release. That’s not journalism. SEC manipulates just like the criminals-it’s important the public understand to read between the lines. What isn’t said from SEC & DOJ is usually much more important that what is said.

White collar, venture capital funded, startup crime is not victimless. Just ask the hundreds of thousands injured or the families of those who lost loved ones due to medical devices.  All of which start out as venture capital funded startups.  Just like Theranos.

Most still don’t know that because someone from WSJ decided to make Holmes the image of crime, and so did the VCs, long before Carreyrou did. He played right into their hand.  The unethical, parasitic journalist turned best-selling author helped his career while protecting the VC architects of startup crime, while riding the coattails of several known federal investigations.

That’s not investigative journalism, it’s little more than cutting & pasting government spoon-fed information.  Investigative journalism happens before a publicly known or suspected crime or in the case of Miami Herald journalist Julie Brown, after the investigation was already closed.  Brown’s excellent investigative reporting re-opened the closed Jeffrey Epstein pedophile case.  Brown is a hero, Carreyrou is a parasite.  

It’s dangerous when an unethical, image-focused, journalist is more concerned about creating a personal brand with the goal of getting a book deal, than reporting the full story, while falsely creating expert status.  Especially when journalistic peers started revering Carreyrou as an expert ultimately promoting not just one fraud, but two. His and her frauds.  Here’s a tip for those outside the industry, ethical journalists don’t have agents, entertainers have agents.


Carreyrou’s dangerous & unethical falsehood’s are continually encouraged, replicated & repeated around the world twice over; and, he was rewarded by Penguin Random House, all based on his strongly held opinion, lacking in factual investigative information, which Carreyrou, either knowingly or unknowingly, positioned falsely as fact.

If we read something enough times, it eventually becomes part of what we think we’ve always known to be true; and, is often repeated as fact, even if it isn’t. Whether it’s an opinion we agree with or a statement that supports a larger already proven fact (Theranos & Holmes = fraud), it’s then woven into our subconscious. This can be both good and or bad.  Let’s start with the bad, well because that’s also unpopular; and very, very dangerous.

Fraudulent: Wall Street Journalist, journalist John Carreyrou, turned Penguin Random House author of Bad Blood, falsely positioned Theranos venture capitalists (VCs) and startup board members as unknowing or uneducated victims of fraud, stating the board “did nothing to verify that her (CEO Elizabeth Holmes’) scientific claims were true.” 

Yeah buddy, that’s because they created the fraud (Part 2: to The Receipts shows the work). Carreyrou and Holmes will forever be linked throughout history, Holmes as the villain & Carreyrou falsely as the hero. I’m in no way suggesting their fraudulent behavior is equivalent.  It also doesn’t mean that Carreryrou’s unethical, half-assed investigative reporting doesn’t get called out for his dangerous lack of understanding of the venture capital funded industry. Or the harm he’s caused future victims by not reporting the whole story.

All whistleblowers and journalists should expect, corrupt CEOs defending their criminal enterprises, to eventually insult and demean them personally, threaten, intimidate, and retaliate, as a means to undermine credibility.

Wait for it…it’s another unpopular fact: Journalists should be challenged, even if, especially if they’ve previously written something that we agree with or liked.  Ethical mainstream media journalists welcome and expect to factually defend their work as it only adds to their credibility.

Inversely, unethical mainstream media journalists want encouragement for misleading the public, while taking credit for others work, inserting themselves in the story falsely as an expert with the goal of replicating the story which was published in a mainstream media outlets. Then rewarded with a book deal.  Carreyrou’s glib response is so repugnant on multiple levels.  His arrogance demonstrates his lack of understanding of journalistic ethics.

There’s a reason every journalist learns in their first college-level journalism course, if not sooner, that a reporter or journalist is never to become part of the story–it taints the truth while crossing ethical boundaries. Carreyrou the journalist, protected by the First Amendment, could have stayed out of the courtroom as a witness in the upcoming DOJ criminal trial against Elizabeth Holmes.  Carreyrou the author will undoubtedly be a federally subpoenaed witness for the defense in the case.

Fun fact: if federally subpoenaed, one cannot sit in the courtroom during the trial. That’s going to hurt Carreyrou’s next book deal, which I’m sure he’ll now parasitically mention venture capitalists. Welcome to the party–better late than never.

The Receipts: Part 2

Coming Soon

John Carreyrou’s not so sudden inconsistent & contradictory language to action, or decision to leave WSJ out of fear of leaving speaking engagement money on the table a year after the release of his book,  is laughable at best, and unethically dishonest at worst.

Carreryou missed the biggest part of Theranos fraudVCs build fraud into the business model.

Carreyrou either knowingly or unknowingly became complicit in concealing fraud that’s still being encouraged, replicated and rewarded in Silicon Valley.

Carreyrou unethically became part of the story and now is desperate to cash in before people discover he’s every bit as much a fraud as Theranos’ Elizabeth Holmes.  Something The Sociopathic Business Model© has been calling out since his first article for WSJ on Theranos.

[caption id="attachment_52483" align="alignnone" width="1024"] August 25, 2015-September 16, 2015 Department of Health and Human Services (OIG-HHS) sent up a red flag Warning Letter, that Theranos was already at the start of a federal investigation.[/caption]

It’s important for everyone reading this to remember that Theranos was FDA approved for ONE blood test; but, with Theranos board approval, where VCs sat on the board,  the company unethically & illegally set the sales quotas based off of 249 ADDITIONAL unapproved FDA tests for a total of 250 tests. This anytime 249 tests ordered and completed, they were straight-up 100%  fraud. This means every rep had to commit fraud or get fired (we’ll get to that part in a bit-so reserve eye-rolling judgment and the urge to tell people to “just get a new job“).

In simple terms, it’s like saying the government said you could sell one thing; and, the money behind your business tells you, you have to sell 250 things despite what the government says. This in NO WAY excuses what Elizabeth Holmes did.  Holmes was knowingly, willingly, and blissfully complicit.  But Holmes was NOT the architect of fraud, she was paid to execute and become the face of fraud.

April 14, 2016 Theranos: Another Venture Capital Funded Startup Fraud Fairy Tale found on this website Killing My Career written by myself (like every article on the website)  exposed how The Sociopathic Business Model© Fraud Formula works. In venture capital funded startups, it doesn’t work without the VCs knowingly & willingly building fraud into the business model.  For decades, this formula was unnoticed by DOJ, OIG HHS, CMS, FDA, DOD, FBI, employees, consumers, the public, long-term investors post IPO or acquisition and taxpayers; and, Silicon Valley VCs knew it and gleefully exploited it without detection.

These were the members of the Theranos Board in 2016:

Sunny Balwani: President and COO – Director

Riley P. Bechtel – Director

William H. Foege

William H. Frist

Henry A. Kissinger

Richard Kovacevich

James N. Mattis – Director

Sam Nunn

William J. Perry

Gary Roughead

George P. Shultz

Theranos Venture Capital:

Partner Fund Management





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