The Importance of Corporate Accountability
By Megan Markel
“Corporations are a powerful force in American society and influence the lives of millions of Americans. If left unchecked, these corporations can negatively impact society. The fall of Theranos is an example of this.”
Theranos, once a multi-billion-dollar corporation led by Elizabeth Holmes, shows the world what occurs when corporations are allowed to run unchecked because of their massive control over the economy. Elizabeth Holmes dropped out of Stanford University at nineteen years of age with a revolutionary idea she believed would save millions of lives. Holmes went on to found Theranos which grew rapidly with its radical invention.
The invention that launched Theranos succusses was an blood-drawing device which was “a customized medicine tool that could be used in the home by every patient, so that every day, a patient can get real-time analysis of their blood samples.” Rather than drawing multiple vials of the blood, the promised device would use only a drop. With this promise, investors begin pouring funds into Theranos and the cooperation soon became worth billons. However, close investigations into Theranos led to its ultimate demise after thirteen years of operations.
Stunned by Fraud
Theranos begin losing investors and eventually closed after reports emerged that the Holmes’s miracle device was fake. The device which was supposedly able to test just a drop of blood for many diseases such as cancer, was found to be phony. Investors of Theranos, many of them brilliant businessman, were stunned when the operation was revealed to be scam. Victims of Theranos’ s ploy included patients who were misdiagnosed and investors who lost millions of dollars. The Department of Justice indicted Holmes on eleven counts of wire fraud in 2018 and her trial just finished in January.
The Verdict and Implications
Elizabeth Holmes, the former CEO of Theranos, was found guilty of four charges of wire fraud on January 3, 2022. Holmes now faces up to twenty years in prison for each charge. Theranos was shut down after reports emerged that the Holmes’s miracle device was fake. The device which was supposedly able to test just a drop of blood for many diseases such as cancer, was found to be phony.
Theranos shows the world the importance of corporate responsibility. American society and the government must hold corporations accountable for their actions. If companies like Theranos are not held accountable, hundreds of victims will suffer.
Megan is a junior at Grove City College majoring in Political Science. On campus, Megan serves as Junior Class President for Student Government Association, a Student Ambassador for the Admission’s office and as a student leader for ICO Jamaica. She is a member of the Alpha Beta Tau Sorority, Orientation Board, International Justice Mission, and The Student and Faculty Academic Integrity Committee.
In the summer of 2020, Megan served as an intern for Pennsylvania State Representative Jim Struzzi. This experience allowed her to interact with constituents, work on state legislation, and gain valuable incite into the functions of state and local governments. In the summer of 2021, Megan served as an intern in the Indiana County District Attorney’s Office under the leadership of District Attorney Robert Manzi. This opportunity allowed Megan to explore her passion for criminal law. Throughout the internship, Megan gained valuable knowledge of the criminal justice system and its workings. She also worked alongside District Attorney Manzi to develop an Elder Abuse Prevention task force to protect the residents of Indiana County.
Upon graduation, Megan hopes to attend law school and study criminal law with the goal of becoming a prosecutor. In her spare time, Megan likes to travel, explore new coffee shops, and read the latest novels.