Latest news with #Sonnenfeld
Yahoo
16-05-2025
- Business
- Yahoo
One of America's biggest companies is imploding
UnitedHealth Group, one of America's biggest corporations and a member of the exclusive Dow Jones Industrial Average, is suddenly unraveling. The crisis engulfing UnitedHealth hit a crescendo this week when CEO Andrew Witty stepped down abruptly for 'personal reasons.' UnitedHealth also swiftly abandoned its financial guidance, blaming skyrocketing medical costs. And then The Wall Street Journal dropped the hammer, revealing that UnitedHealth is under federal criminal investigation for possible Medicare fraud. The developments have stunned investors, triggering a dramatic loss of confidence. UnitedHealth's (UNH) stock has lost half its value – a staggering $288 billion – in the span of a month. Its share price plunged on Thursday to its lowest level since April 2020, during the height of the pandemic. It's a spectacular reversal of fortunes for one of America's most powerful companies and the nation's largest health insurer. The trouble at UnitedHealth comes almost exactly six months after the murder of Brian Thompson, one of its top executives. The brazen shooting of Thompson, in Midtown Manhattan, captured international attention and surfaced deep public resentment toward the healthcare industry. The UnitedHealth selloff gathered steam on Thursday, with the Journal report of a federal criminal investigation driving UnitedHealth shares down another 13%, leaving them on track for their worst week since 1998, according to FactSet data. The DOJ's healthcare-fraud unit is overseeing an investigation into possible Medicare fraud at UnitedHealth, the Journal reported. UnitedHealth responded to the report by posting a statement online that described the Journal's reporting as 'deeply irresponsible' because the paper acknowledged the precise nature of the potential criminal allegations is unclear. 'We have not been notified by the Department of Justice of the supposed criminal investigation reported, without official attribution, in the Wall Street Journal today,' UnitedHealth said in the statement. 'We stand by the integrity of our Medicare Advantage program.' The DOJ declined to comment. Jeffrey Sonnenfeld, founder of the Yale Chief Executive Leadership Institute, said the abrupt nature of the CEO transition at UnitedHealth is quite telling. 'The fact the board moved with this much speed means they obviously lost confidence in the CEO. It's got to be pretty bad if they moved this fast,' Sonnenfeld said. 'It's astounding.' UnitedHealth described the CEO switch as a decision Witty made 'for personal reasons' and the company said he has agreed to serve as a senior adviser. But Sonnenfeld suspects Witty was forced out. ''Personal reasons' is the humiliation of this implosion,' he said. UnitedHealth is turning to a familiar face to clean up the mess: Stephen Hemsley, its former longtime CEO and current chairman. Hemsley praised Witty for displaying 'real integrity and compassion during one of the most difficult periods any company could endure.' The new CEO also, however, made clear his displeasure with UnitedHealth's stumbles. 'To all stakeholders, including employees and shareholders, I am deeply disappointed in and apologize for the performance setbacks we have encountered from both external and internal challenges,' Hemsley said during a conference call on Tuesday. Sonnenfeld hailed the decision by UnitedHealth's board to bring back Hemsley, who led the company to success between 2006 and 2017. 'He does know where the bodies are buried, and he's the perfect guy to go to,' he said. Morgan Stanley analyst Erin Wright agrees, describing Hemsley in a research report as 'the most appropriate person to step in as CEO at this juncture in light of the recent setbacks.' UBS analyst AJ Rice, in a report to clients, praised Hemsley as a 'steady hand to lead the company in this turbulent time.' Hemsley will have his work cut out for him. Beyond the reported DOJ investigation, UnitedHealth is facing intense scrutiny from multiple parts of the federal government. In its annual report, UnitedHealth acknowledged the company 'has been involved or is currently involved in various governmental investigations, audits and reviews.' UnitedHealth said these include 'routine, regular and special investigations, audits and reviews' by a wide range of agencies, including the DOJ, the Internal Revenue Service, the Labor Department and the Securities and Exchange Commission. The developments have unnerved investors – especially the decision to abandon 2025 financial guidance. Bank of America downgraded UnitedHealth from 'buy' to 'neutral' on Tuesday, warning that it could take years for the company to recover.
Yahoo
15-05-2025
- Business
- Yahoo
One of America's biggest companies is imploding
UnitedHealth Group, one of America's biggest corporations and a member of the exclusive Dow Jones Industrial Average, is suddenly unraveling. The crisis engulfing UnitedHealth hit a crescendo this week when CEO Andrew Witty stepped down abruptly for 'personal reasons.' UnitedHealth also swiftly abandoned its financial guidance, blaming skyrocketing medical costs. And then The Wall Street Journal dropped the hammer, revealing that UnitedHealth is under federal criminal investigation for possible Medicare fraud. The developments have stunned investors, triggering a dramatic loss of confidence. UnitedHealth's (UNH) stock has lost half its value – a staggering $288 billion – in the span of a month. Its share price plunged on Thursday to its lowest level since April 2020, during the height of the pandemic. It's a spectacular reversal of fortunes for one of America's most powerful companies and the nation's largest health insurer. The trouble at UnitedHealth comes almost exactly six months after the murder of Brian Thompson, one of its top executives. The brazen shooting of Thompson, in Midtown Manhattan, captured international attention and surfaced deep public resentment toward the healthcare industry. The UnitedHealth selloff gathered steam on Thursday, with the Journal report of a federal criminal investigation driving UnitedHealth shares down another 13%, leaving them on track for their worst week since 1998, according to FactSet data. The DOJ's healthcare-fraud unit is overseeing an investigation into possible Medicare fraud at UnitedHealth, the Journal reported. UnitedHealth responded to the report by posting a statement online that described the Journal's reporting as 'deeply irresponsible' because the paper acknowledged the precise nature of the potential criminal allegations is unclear. 'We have not been notified by the Department of Justice of the supposed criminal investigation reported, without official attribution, in the Wall Street Journal today,' UnitedHealth said in the statement. 'We stand by the integrity of our Medicare Advantage program.' The DOJ declined to comment. Jeffrey Sonnenfeld, founder of the Yale Chief Executive Leadership Institute, said the abrupt nature of the CEO transition at UnitedHealth is quite telling. 'The fact the board moved with this much speed means they obviously lost confidence in the CEO. It's got to be pretty bad if they moved this fast,' Sonnenfeld said. 'It's astounding.' UnitedHealth described the CEO switch as a decision Witty made 'for personal reasons' and the company said he has agreed to serve as a senior adviser. But Sonnenfeld suspects Witty was forced out. ''Personal reasons' is the humiliation of this implosion,' he said. UnitedHealth is turning to a familiar face to clean up the mess: Stephen Hemsley, its former longtime CEO and current chairman. Hemsley praised Witty for displaying 'real integrity and compassion during one of the most difficult periods any company could endure.' The new CEO also, however, made clear his displeasure with UnitedHealth's stumbles. 'To all stakeholders, including employees and shareholders, I am deeply disappointed in and apologize for the performance setbacks we have encountered from both external and internal challenges,' Hemsley said during a conference call on Tuesday. Sonnenfeld hailed the decision by UnitedHealth's board to bring back Hemsley, who led the company to success between 2006 and 2017. 'He does know where the bodies are buried, and he's the perfect guy to go to,' he said. Morgan Stanley analyst Erin Wright agrees, describing Hemsley in a research report as 'the most appropriate person to step in as CEO at this juncture in light of the recent setbacks.' UBS analyst AJ Rice, in a report to clients, praised Hemsley as a 'steady hand to lead the company in this turbulent time.' Hemsley will have his work cut out for him. Beyond the reported DOJ investigation, UnitedHealth is facing intense scrutiny from multiple parts of the federal government. In its annual report, UnitedHealth acknowledged the company 'has been involved or is currently involved in various governmental investigations, audits and reviews.' UnitedHealth said these include 'routine, regular and special investigations, audits and reviews' by a wide range of agencies, including the DOJ, the Internal Revenue Service, the Labor Department and the Securities and Exchange Commission. The developments have unnerved investors – especially the decision to abandon 2025 financial guidance. Bank of America downgraded UnitedHealth from 'buy' to 'neutral' on Tuesday, warning that it could take years for the company to recover. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
03-03-2025
- Entertainment
- Yahoo
Hey, It's Baz/Ba/Barry Sonnenfeld
True Stories from a Career in Hollywoodby Barry Sonnenfeld Hachette, 332 pp., $25 AS A LONGTIME DIRECTOR and cinematographer, Barry Sonnenfeld understands the importance of introducing characters quickly and succinctly. You see this principle of characterization in action throughout his latest memoir, Best Possible Place, Worst Possible Time, via the manner with which his famous interlocutors address him. For instance, when Sonnenfeld meets the dulcet-toned Delroy Lindo on the set of Get Shorty, we learn the following: 'By the end of the show, it was common for Delroy's vocal exercises to illicit cow mooing sounds from the crew. Delroy insisted on calling me BARRY SONNENFELD. [All caps in original.] Perhaps he learned this in acting school along with his 'Uuuuuuummmmmaaaahhhhhh' vocalizations.' And, indeed, Delroy Lindo is seen throughout the rest of the chapter thusly addressing his director, as when he makes the case for carrying a briefcase throughout a scene: 'Barry Sonnenfeld. I would not, my character would not, let go of this money. It is my whole raison d'être.' Lindo's intonation of Sonnenfeld's name here is practically audible off the page; it's nearly lyrical. The syllables roll together, and anyone who has heard the actor pronounce 'sesame cake' will pick up on it instantly. Speaking of: Getting access to all of The Bulwark's coverage of politics, culture, and ideas is a piece of cake. Just become a Bulwark+ member. Sometimes it's a matter of punctuation, as when Sonnenfeld recounts running into Martin Scorsese. They hadn't seen each other in 30 years, since Sonnenfeld shot the last two weeks of Goodfellas for the patron saint of gangster movies, and he wasn't sure if Scorsese would remember his well-dressed self. Writes Sonnenfeld: 'He came over to our table, took a look at me, and said, 'Barry. Where's your tie?'' Again, it helps that we know who Scorsese is and how he talks, but the clipped intonation here is key to visualizing Scorsese's rapid-fire patter. 'Mr. Barry' is how Number One, as the director is told to call his star, addresses Sonnenfeld. 'Mr. Barry. Can we do it tomorrow,' Number One begs, nervous about shooting his Men in Black II cameo. 'Mr. Barry. This is my dream. From the time I was a little boy—to be an agent of Men in Black.' But it was time to shoot and movie sets run on tight schedules and if Number One couldn't do it, well, so be it. Next shot, we're moving on. Unless, of course, the producer steps in, as Amy Pascal did when she got wind that Barry Sonnenfeld had just told the King of Pop himself, Michael Jackson, that they were going to move on without him. Then you find a way to make it work. While discussing the inclusion of a pivotal plot point in Men in Black III, Sonnenfeld hears from two bold-faced names. The backstory: Sonnenfeld and script doctor David Koepp (Jurassic Park, Spider-Man, and several dozen more movies that have grossed several billion dollars, combined) want to insert a MacGuffin that will help characters understand the time travel plot at the heart of the film. Producer (and general pain-in-Barry's ass) Walter Parkes hates the idea and demands it not be shot, threatening to go over everyone's head if Sonnenfeld persists. The director decides to shoot it both ways so they can choose which to use. Star Will Smith shakes his head. 'You're the director, Baz. I'm going to do it one way only. What do you want because that's the only version I'll do.' The 'Baz' diminutive is an interesting one: both familiar and friendly sounding, yet (as best as I can tell, not having an electronic version of this book to search) unique to Will Smith, almost inarguably one of the two or three biggest stars in the world during their working relationship. Which, naturally, gives it a different heft. On the one hand, Smith is technically deferring to Sonnenfeld: 'I'm only going to do the thing you want to do.' On the other, it's an ultimatum: 'I'm only going to do one thing, Baz.' Sonnenfeld shoots the MacGuffin, which leads to the other bold-faced name getting in touch: 'Hey, Barry. What's up with the chocolate milk?' The questioner is Steven Spielberg, and that cadence is all him. The disarming 'Hey,' the directness of the question. You can almost see the half-smile as he's asking it, brows furrowed just a hair, dipping them under the signature eyeglasses. (I imagine he's wearing an Indiana Jones hat, but pick whatever dome-topper you want.) This theory of introductory labeling is not foolproof; at various points, John Turturro (who Sonnenfeld worked with on Miller's Crossing), Rob Reiner (Misery, When Harry Met Sally), and Danny DeVito (Throw Momma From the Train) all refer to Sonnefeld as 'Ba.' And none of this should distract from the fact that Sonnenfeld is telling hilarious stories spanning four-plus decades with brilliant actors like Tommy Lee Jones, visionary directors like the Coen brothers, and minor monsters such as Scott Rudin. (Indeed, the story of Rudin accidentally getting a free rewrite out of the Coens is like something out of a Coen brothers movie.) His work as a cinematographer doesn't get a ton of play in this book, but he was crucial to the look and feel of both Blood Simple and Raising Arizona, two early masterpieces that cemented the fraternal directing duo's placement in the pantheon. It's always amusing to be reminded that he, the Coens, and horror visionary Sam Raimi all ran in the same circles during this period. (Indeed, a key shot in Raising Arizona owes its existence to Raimi's The Evil Dead.) I would read a whole book about Sonnenfeld's theory of cinematography; his discussion of film stocks and screening rooms and projector brightness is endlessly fascinating and explained in such a way that even a layman like myself can grok it. All of which is to say that I emphasize the name thing not to diminish his work or reduce it to a series of silly anecdotes; rather, I hope to highlight for you that Sonnenfeld is a masterful storyteller, one who sets the tone with remarkable efficiency throughout. Yes, it helps that we know many of his subjects already. But you work with what you've got, and he's had a career filled with remarkable work. Share
BBC News
02-03-2025
- Entertainment
- BBC News
Gene Hackman 'loved acting and hated everything that went with it'
"He loved being an actor, and hated all the stuff that surrounds being an actor."That, for film director Barry Sonnenfeld, is how he'll remember Gene Hackman, who has died at the age of endless hours in hair and makeup, repeated takes, and studio notes all frustrated Hackman, Sonnenfeld told BBC too did actors who showed up not knowing their lines - notably John Travolta, who Hackman clashed with on the set of 1995 film Get Shorty, which Sonnenfeld the days since the news of Hackman's death, I've been speaking to people who, like Sonnenfeld, knew and worked with immediately clear is how seriously Hackman took acting, and how meticulously he dealt with what's also clear is that he was wary of the trappings of we know about the death of Gene HackmanHackman, a two-time Oscar winner, died alongside his wife Betsy Arakawa, 65, and their dog at his home in New Mexico. No cause of death was given, but police said the situation was "suspicious enough" to merit investigation. Officials said on Friday that evidence points to Hackman having been dead since 17 February, 10 days before the couples' bodies were found. 'He put the fear of God into me' Here in Los Angeles, Hackman's face is everywhere on television bulletins and on death was all anyone was talking about as stars gathered for pre-Oscars parties. At an event on Thursday night, the American actor John C Reilly told me that he expected the Academy to commemorate Hackman on Sunday. "I don't see how you could have the Oscars without mentioning a great like him who's passed."For Sonnenfeld and for the Irish director John Moore – who directed Hackman in 2001's Behind Enemy Lines – it was Hackman's way of dealing with scripts that demonstrated his brilliance. He would remove all of the scriptwriter's notes about how his character should deliver his lines."Because he didn't want any screenwriter to tell him how he was supposed to feel at that moment," Sonnenfeld said."So he had unique cut and pasted scripts that had no information from the writer about anything, because he wanted to make those choices, not the writer." Moore recalls a similar incident from the very first time he filmed with Hackman. "He was just quietly sitting there, taking script pages out, cutting them up, removing extraneous stuff like scene descriptions, and then sticking them back onto blank pages," he said Hackman told him: "Acting is my job, you do the rest.""It put the fear of God into me," Moore said, laughing."It was essentially him saying: 'I don't need anything, as I'm that good. You better bring your A-game, as I'm bringing mine.'" It wasn't just superfluous studio notes that bothered Hackman."He had this conflict in that he was this brilliant actor but he hated the tropes of what it took to act in movies," said Sonnenfeld."[He] hated putting on makeup. The putting on of wardrobe. The wardrobe person after takes, taking their lip brush and rubbing down their wardrobe. The makeup person recombing his hair while he's talking to me," he said."All that sort of fussy hair and makeup and all that stuff, I think that drove him crazy."Nor did he often want to socialise after filming, said Moore."I'd try and have a drink with him after we'd shoot, and go up to the minibar," he said."He'd have one, that was it. [Betsy] would give him that look, and off it would be to bed. And he was in great shape in the morning as a result.""For Gene, it was all about the acting," added Sonnenfeld. "End of story. Get me out of here as fast as possible." Showdown with John Travolta Hackman could be "a hard actor" to work with, said Sonnenfeld. "He suffered no fools."In Get Shorty, Hackman starred alongside Travolta, who plays a Miami mobster sent to collect a debt."Gene was a consummate actor, both technically and artistically. So he came to set every day knowing his lines," Sonnenfeld said."John came to set not knowing his lines, probably not having read the script the night before."Obituary: One of Hollywood's greatest 'tough guys'Pilates, painting and bike rides: Gene Hackman's life in Santa FeThat resulted in a showdown on the first day of recalls Travolta – who he describes as "charming but not self aware" – asking Hackman what he had done on the responded: "Nothing except learn the lines," to which Travolta replied, "Well that's a waste of a weekend," according to filming went on, Hackman grew "angrier and angrier" at his co-star not knowing his said he let Hackman take out his rage on him."For the next 12 weeks, he would yell at me whenever John didn't know his lines," he said."But he's great in a movie. And I knew he was never really mad at me." Travolta reportedly wasn't the only one to rub Hackman the wrong reportedly clashed with others, including The Royal Tenenbaums' director Wes and possibly coincidentally, Hackman named one of his novels Escape from Andersonville."Gene was really rough on Wes," recalled Bill Murray, who co-starred with Hackman in the hit 2001 film, in an interview with the Associated Press."He was a tough nut, Gene Hackman. But he was really good."Moore, for his part, said he didn't ever feel Hackman was difficult to work with."He was patient and relentlessly, flawlessly professional," he said."My memories are of him laughing and smiling, and telling very funny jokes."Moore admitted Hackman might have become irritated with anyone on set who made their role bigger than it was."So I could see how he might be funny about actors who were peacocking themselves," he said."But again it goes back to the point - he just really wanted to make the films exceptional." Hackman retired from acting in 2004 and from then on lived a quiet life in New Mexico with his wife."I suspect that one of the reasons he moved to Santa Fe, again, great outdoors and as far away from Hollywood as you can get," said 2008, Hackman gave a rare interview with Reuters, in which he was asked if he missed responded by saying the business was, for him, "very stressful"."The compromises that you have to make in films are just part of the beast, and it had gotten to a point where I just didn't feel like I wanted to do it anymore."But, he added: "I miss the actual acting part of it, as it's what I did for almost 60 years."And I really loved that."
