The downfall of the founder of Theranos is a story of hubris and lies – and a parable for a financial system that is badly broken
The story of how Elizabeth Holmes came to defraud some of the richest and most powerful investors in the US, only to end up this week facing decades in prison, is so epic and outlandish that it is no wonder it has already flowered into a prize-winning book and a popular podcast, and is reportedly on its way to becoming a Hollywood film, with Ms Holmes to be played by Jennifer Lawrence, no less. But it is more than superb entertainment; it is a parable about how our financial system is badly broken.
At only 19, Ms Holmes decided to reinvent a fundamental part of healthcare: blood testing. No more painful pinpricks, nor anxious waits for results. She dropped out of Stanford to start Theranos in 2003, and in short order pulled in some of the biggest investors in Silicon Valley, garnered adoring magazine profiles and turned her startup into a firm employing 800 staff and valued at £6.6bn.