Name: Welcome to Medicaid's Biggest Fraud
Uploaded: 2026-03-15T18:00:00Z
Duration: 6 min 3 s
Description: Journal Editorial Report: Autism therapy becomes a license to print money.

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“We don’t see technology undermining our existence, we see technology helping us,” says Max Hollein, the CEO of the Metropolitan Museum of Art.

https://m.wsj.net/video/20260325/2a63586d-e782-4dc5-be2e-df80e32a8ed2/1/hls/manifest-hd-wifi.m3u8

Museums in the Age of AI

Max Hollein, the CEO of the Metropolitan Museum of Art, tells Barron’s Andy Serwer why more people are donating to museums and cultural institutions.

https://m.wsj.net/video/20260325/f1104bdd-a20a-46e0-917c-9292190d83a5/1/hls/manifest-hd-wifi.m3u8

The Changing Landscape of Philanthropy

Jonathan Steinberg, founder and CEO of WisdomTree, tells Barron’s Andy Serwer how gold and metals can be a strong alternative to the dollar and Bitcoin.

https://m.wsj.net/video/20260320/d4b49c1b-42b9-4eaa-b914-6f227f593d6c/1/hls/manifest-hd-wifi.m3u8

WisdomTree CEO Is Going All In on Gold

Max Hollein, the CEO of the Metropolitan Museum of Art, discusses philanthropy, artificial intelligence, museum security, and more.

https://m.wsj.net/video/20260319/1835a4d4-fe5e-422f-b02f-a35b4f6a7272/1/hls/manifest-hd-wifi.m3u8

This CEO Runs One of the Biggest Museums in the World

Jonathan Steinberg, founder and CEO of Wisdom Tree, sat down for an interview with Barron's editor at large Andy Serwer.

https://m.wsj.net/video/20260312/4427cde3-1850-4fbf-92bc-ec8c7f47f1ae/1/hls/manifest-hd-wifi.m3u8

WisdomTree CEO on ETFs, IDing Macro Trends, and More

As remote and hybrid work continues, Elizabeth Brink and Jordan Goldstein, co-CEOS of the architecture firm Gensler, tell Barron’s Andy Serwer how the firm is adapting to office design post-Covid.

https://m.wsj.net/video/20260310/9eee4aa4-a86b-4762-9860-8fe7dce15ef3/1/hls/manifest-hd-wifi.m3u8

Redesigning the Office As a Destination, Not an Obligation

Elizabeth Brink and Jordan Goldstein, co-CEOS of the architecture firm Gensler, discuss how their leadership model works for their company.

https://m.wsj.net/video/20260310/69de6812-eedd-4c37-8d4c-33823d11fd03/1/hls/manifest-hd-wifi.m3u8

Co-Leading and Collaborating at Gensler

Elizabeth Brink and Jordan Goldstein, co-CEOS of the architecture firm Gensler, sat down with Barron's editor at large Andy Serwer.

https://m.wsj.net/video/20260306/da75551e-1f3b-4bb6-9d48-1d7eb40aee2a/1/hls/manifest-hd-wifi.m3u8

Gensler Co-CEOs on Nvidia, AI, and 'the 20-Minute City'

At Barron's

"Your 9-5...is just not going to do it," Nick Magguilli, personal finance expert, said on Barron's Streetwise podcast.

https://m.wsj.net/video/20251216/e6897805-d131-4cc4-9c59-ca03b0c0b958/1/hls/manifest-hd-wifi.m3u8

How to Scale Your Net Worth

TJ Thornton, Head of Global Research Product Marketing at BofA Securities, talks to Jack Hough about his favorite stocks outside of AI.

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BofA’s Favorite Non-AI Stocks

Jack Hough talks to TJ Thornton, Head of Global Research Product Marketing at BofA Securities about diversifying stocks to hedge AI risks.

https://m.wsj.net/video/20251210/8e164ff7-1500-4c2f-8713-e891c640a0f4/1/hls/manifest-hd-wifi.m3u8

Evaluating Investing Opportunities Beyond AI

Steve Quirk, chief brokerage officer at Robinhood, breaks down the value of tokenizing stocks in different markets.

https://m.wsj.net/video/20251126/f86d65ea-bd8b-4777-b6b0-80f7bb12027e/1/hls/manifest-hd-wifi.m3u8

Unpacking Tokenization for Everyday Investors

Jack Hough talks to Steve Quirk, chief brokerage officer at Robinhood, about trends in retail investing.

https://m.wsj.net/video/20251126/a9cbdcc6-f060-4fc9-a15e-396924e25946/1/hls/manifest-hd-wifi.m3u8

How Robinhood Reshaped the Trading Landscape for an Entire Generation

Streetwise host Jack Hough sat down with strategist Scott Wren to discuss how the AI-fueled market run stacks up against the dot-com boom.

https://m.wsj.net/video/20251111/bd2e1a5b-1a6e-4543-8133-dcc63f69b5dc/1/hls/manifest-hd-wifi.m3u8

AI vs. The Dot Com Bubble

Bank of America’s Haim Israel shares what’s next for Nuclear Energy development.

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The Outlook For Nuclear

Jack talks to Lyft CEO David Risher about growth potential in the company.

https://m.wsj.net/video/20250929/ae62b70e-912b-4ce7-ae63-1b2652628bae/1/hls/manifest-hd-wifi.m3u8

Lyft's Ride to Profit

The stock market is expensive. What does that mean for your portfolio? Jack sits down with Franklin Templeton’s Matt Quinlan to talk dividend investing, and whether it’s a good move in a pricey market.

https://m.wsj.net/video/20250911/9c85e132-d710-4458-9467-aa69d4f25ae0/1/hls/manifest-hd-wifi.m3u8

Dividends and Capital Appreciation

Barron's Streetwise

“They don't want to wait for the advisor to hand them the performance report,” says Mollie Colavita, CEO of J.P. Morgan Advisors. “They want to consume on their terms and then have a conversation about it with you.”

https://m.wsj.net/video/20260310/eafd1ea2-90cf-4e84-89ec-38bf035de8c0/1/hls/manifest-hd-wifi.m3u8

Clients Want Direct Access to Information When They Want It

Interviews with top wealth management professionals about topics including compensation, hiring, marketing, next-gen, and more.

Mollie Colavita, CEO of J.P. Morgan Advisors, recommends that advisors seek out a group of trusted people who can act as a sounding board to help address pressing issues.

https://m.wsj.net/video/20260311/f79ee94f-8475-4cea-97a7-5c3dcdc6ea53/2/hls/manifest-hd-wifi.m3u8

The Benefits of Having a ‘Personal Board of Directors’

Mollie Colavita, CEO of J.P. Morgan Advisors, discusses the importance of financial advisors adopting a CEO mindset in their practice.

https://m.wsj.net/video/20260310/d371a9d3-65fe-414e-bade-5b3ed915d16d/1/hls/manifest-hd-wifi.m3u8

Why Advisors Should Think and Act Like a CEO

Mollie Colavita, CEO of J.P. Morgan Advisors, discusses how new AI tools are being rapidly adopted by advisors, resulting in improved efficiency and enhanced client relationships.

https://m.wsj.net/video/20260310/595b6817-9225-4f9a-8ae8-b391eeed555b/1/hls/manifest-hd-wifi.m3u8

How AI Tools Can Help Streamline Advisor Workflows

Eleni Mavromati, private wealth manager with Merrill Private Wealth Management, who serves as COO of the Jones Zafari Group, says that “listening to everybody’s ideas will help make the team great.”

https://m.wsj.net/video/20260224/400c8545-54da-42c8-89a5-e62f8d0ecf8d/1/hls/manifest-hd-wifi.m3u8

‘Leading With Empathy Is the Most Important Thing’

Eleni Mavromati, private wealth manager with Merrill Private Wealth Management, who serves as COO of the Jones Zafari Group, discusses activities that are not work related that encourage mingling and engagement across different roles.

https://m.wsj.net/video/20260224/2d52248b-c26d-45c4-b0bf-cf5786f9e9c2/1/hls/manifest-hd-wifi.m3u8

Ways to Foster a Friendlier and Fun Team Culture 

Eleni Mavromati, private wealth manager with Merrill Private Wealth Management, who serves as COO of the Jones Zafari Group, says her team hosts activities, including nature walks for women, who often become friends and sometimes business partners.

https://m.wsj.net/video/20260224/743c8742-df59-4b75-8c6d-e272e7e366cb/2/hls/manifest-hd-wifi.m3u8

Be More Intentional About Business Development

Eleni Mavromati, private wealth manager with Merrill Private Wealth Management, who serves as COO of the Jones Zafari Group, says COOs must ensure that compliance, human resources, business development, marketing, and team culture are all in sync.

https://m.wsj.net/video/20260224/f894db37-780d-4063-8455-46acc418d2ad/1/hls/manifest-hd-wifi.m3u8

How the COO Role Is Similar to Being an Orchestra Conductor

Nancy Daoud, CEO of Opus: Advice First, a private wealth advisory practice of Ameriprise Financial Services, says that alts have become “one of the most important components of portfolios in more recent years, probably in the last eight to 10 years.”

https://m.wsj.net/video/20260210/0f15cdfa-d2c2-466d-9a75-7f02d1b92ddb/1/hls/manifest-hd-wifi.m3u8

The Growing Importance of Alternative Investments

Barron's Advisor The Way Forward

A “willingness to roll up your sleeves and understand the issues that your clients are facing, not just from an investment perspective,” is common among the industry’s most successful, says Kelly Gaur, a Mercer Advisors regional vice president.

https://m.wsj.net/video/20260319/318adb2f-a888-4f30-b182-c791e27f98ab/1/hls/manifest-hd-wifi.m3u8

Best Advice for Someone Considering Wealth Management as a Career

Kelly Gaur, a Mercer Advisors regional vice president, says she was drawn to working for a registered investment advisor partly because they generally offer a more personalized, modern approach to wealth management.

https://m.wsj.net/video/20260318/5575e9ca-0b48-4fb9-8e43-82aae1b3e3fc/1/hls/manifest-hd-wifi.m3u8

The Appeal of Working for an RIA

“The best client development professionals are those who have served clients in some capacity,” says Kelly Gaur, a Mercer Advisors regional vice president.

https://m.wsj.net/video/20260318/c1638929-6b21-4573-9deb-4f78e1ffa1d7/1/hls/manifest-hd-wifi.m3u8

Client-Facing Experience Can Help Advance Your Career

The Mercer Advisors regional vice president discusses her business development role and tips for breaking into the industry and gaining valuable experience in a non-advisory capacity.

https://m.wsj.net/video/20260318/f2c2c9a5-cb67-4167-a48b-7fe4a9285615/1/hls/manifest-hd-wifi.m3u8

Kelly Gaur: Tips for Pursuing Non-Advisor Roles in Wealth Management

“You want to make sure that everybody's excited and prepared and that you're all pulling the rope in the same direction,” says Nate Fisher, managing director and wealth advisor at Carson Wealth.

https://m.wsj.net/video/20260305/20285ef5-c115-435f-9291-e4f2d5b166a9/1/hls/manifest-hd-wifi.m3u8

A Successful Transition Requires Honesty and a ‘Heavy Lift’

Young advisors considering a succession plan should maximize engagement with clients because “it can take a long time to gain that trust and build those relationships,” says Nate Fisher, managing director and wealth advisor at Carson Wealth.

https://m.wsj.net/video/20260305/236fdaa2-5acb-48e9-b16d-e20b58846487/1/hls/manifest-hd-wifi.m3u8

Succession Planning and Establishing Trust With Clients

The Carson Wealth managing director and wealth advisor says his decision to partner with the firm was driven by the need for increased capacity for holistic services and a clear succession plan for his retiring father.

https://m.wsj.net/video/20260305/33bb1217-c8be-4358-ba17-6238cbab6fa1/1/hls/manifest-hd-wifi.m3u8

Nate Fisher: Lessons Learned From a Successful Partnership

As trust grows, advisors tend to spend less time discussing investments and more time on clients’ families and well-being, says Nate Fisher, managing director and wealth advisor at Carson Wealth.

https://m.wsj.net/video/20260305/d2d3903a-994f-4ae7-82be-706929930b3d/1/hls/manifest-hd-wifi.m3u8

Trusted Advisors Focus Less on Investments, More on Clients' Lives 

Serving tech founders is a full-time, long-term effort that often requires significant upfront work before a successful, revenue-generating relationship is established, says Katie Partridge, a Morgan Stanley private wealth advisor.

https://m.wsj.net/video/20260219/abc63bad-4c7a-474b-b4a8-b4feae461375/1/hls/manifest-hd-wifi.m3u8

Landing Founders as Clients Requires Patience and Hard Work

Barron's Advisor Next Generation

The capture of Venezuela’s Nicolás Maduro and Middle East tensions are reshaping oil supply expectations. The U.S. is intervening in energy markets in decades-unseen ways. Experts break down what’s next for oil, gas and energy stocks.

https://m.wsj.net/video/20260212/9779ec13-602a-4a38-bb73-495ff464a24f/1/hls/manifest-hd-wifi.m3u8

Oil and Gas in a Volatile World

For the first time in decades, U.S. power demand is rising - driven by AI data centers, EVs and electrification. Utility and clean-energy stocks are climbing, but costly buildouts threaten affordability. We explore what’s next for the power trade.

https://m.wsj.net/video/20260212/81a81fdd-47b4-44f6-93d1-7597a7fab032/1/hls/manifest-hd-wifi.m3u8

The Gold Rush in Electricity

Will Nvidia and other technology companies keep powering the stock market in 2026? We'll speak with two veteran money managers about their views on tech and their favorite stocks for the coming year.

https://m.wsj.net/video/20251212/5683d7a0-ed1f-4e3c-b913-bb3367ea3abd/1/hls/manifest-hd-wifi.m3u8

Finding Bargains in a Pricey Market

Explore what could go right for investors, and what could go wrong, in a year that will see the AI trade evolve, the Fed's leadership change, and global competition for resources increase in this 2026 Outlook.

https://m.wsj.net/video/20251212/573f5954-c4ab-43e9-804d-f1ea93fbb70c/1/hls/manifest-hd-wifi.m3u8

Meeting the Challenge

Stocks are expensive, risks abound, and AI is about to change the world. Other than that, building a calamity-proof retirement portfolio should be a cinch. Tune in as two veteran money managers size up the markets and share their investment ideas.

https://m.wsj.net/video/20250211/17a5e7d6-7c36-44b0-a35e-bf5ac3a24194/1/hls/manifest-hd-wifi.m3u8

Saving for a Sunny Day

Research shows that people greatly underestimate the healthcare costs they’ll face in retirement. Learn from experts how to estimate those costs, prepare for potential long-term care needs, and manage healthcare expenses in retirement.

https://m.wsj.net/video/20250211/e7c022d9-badf-4e95-8e7c-0b6fce9f7823/1/hls/manifest-hd-wifi.m3u8

Are You Fiscally Fit?

Surging power demand, new energy sources, and growing competition have spurred the utility industry to become more innovative than ever before. Our panelists will unpack the changes afoot and explore what lies ahead for companies, customers, and investors.

https://m.wsj.net/video/20240917/001ea098-1fcc-4da5-9f0e-a3b149bbb2fb/1/hls/manifest-hd-wifi.m3u8

Not Your Father's Utility

Modernizing America's grid will take creativity and money -- lots of money. Learn how players across the power sector can achieve their electrification goals and serve new customers without breaking the bank for consumers.

https://m.wsj.net/video/20240917/bd6bd43a-bb07-4b7f-9d1c-6ae04220bea9/1/hls/manifest-hd-wifi.m3u8

Ready for a Revamp?

The launch this year of Bitcoin ETFs has made it easier for investors to buy and trade the cryptocurrency. But is that a wise move, and if so, how much crypto should you own?

https://m.wsj.net/video/20240529/cbb77f15-ef70-445d-85ae-5f02c24ea1ef/1/hls/manifest-hd-wifi.m3u8

Investing in Cryptocurrencies

Barron's Roundtable

Whether you're leading a transition, building a scalable team, or just trying to stay ahead of the curve, this episode will give you practical insights to lead smarter and grow stronger.

https://m.wsj.net/video/20251010/fd26d60b-d1e6-409b-b51b-101da4aaa368/1/hls/manifest-hd-wifi.m3u8

Next-Gen Leadership Meets Smart Innovation

Electric vehicles sales are growing but not at the pace some expected. Some would-be buyers worry about the range of EV charging, and others are swayed by politics. But innovators from Detroit to Silicon Valley still envision a dramatic shift in how we get around. What’s going on and what’s next?

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Forces Shaping EV Adoption and the Future of Driving

Success in improving the power grid to accommodate the electricity demands of the future will be a boon for companies doing the work and utilities that succeed. Explore the investing risks and opportunities.

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How to Invest in Initiatives to Bolster the Power Grid

Joanna Rotenberg, Fidelity's president of personal investing, discusses ways to make investing more accessible and how to bolster your own financial security.

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Mind the Gap: Demystifying Investing

Reshma Kapadia sits down with Cozy Wittman of College Inside Track to discuss how to tackle all things college, from what admission officers are seeking today, to navigating the different ways to funding higher education and evaluating the ROIs.

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Decoding the College Search and Financing Puzzle

Nicole Webb, financial advisor and SVP at Wealth Enhancement Group, shares ways to navigate the real estate market this spring whether you are a first-time buyer, a retiree downsizing or someone who is relocating or looking for a second home.

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Pro Tips on Buying and Selling a Home

Reggie Fils-Aimé, former president and COO of Nintendo of America, joins Barron's deputy editor Alex Eule to discuss his unlikely rise to the top, and the risks he took once there to beat the odds and achieve success.

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How Nintendo's Former President Disrupted the Gaming Industry

2050 Wealth Planners co-CEO Lazetta Rainey Braxton, Sequoia Financial Planners vice president Elizabeth Scheiderer, and MoneyZen founder Manisha Thakor offer tips on how to prepare for recession, inflation, caregiving needs.

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Financial Advice for the Inflation-Weary

Families and advisors have a lot to navigate when it comes to generational wealth transfer. Add sustainable investing to the list. Examine strategies to help close the generational divide. From the Dow Jones Energy & Sustainability event series.

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Sustainable Investing and the Wealth Transfer

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Journal Editorial Report: Autism therapy becomes a license to print money. Photo: Megan Varner/Bloomberg News/Leigh Vogel/Getty Images

https://m.wsj.net/video/20260315/6be2b0eb-8321-45bb-904b-a6f724e5febd/1/hls/manifest-hd-wifi.m3u8

Journal Editorial Report: Autism therapy becomes a license to print money.

Welcome to Medicaid's Biggest Fraud

A Minnesota man pleaded guilty last week in a $6 million scheme to defraud a program for children with autism, the latest development in the growing welfare state scandal there. But it's not only Minnesota where people appear to have built Medicaid for millions with recent audits by the inspector general's office at the Department of Health and Human Services turning up similar problems with autism treatment providers in Maine, Wisconsin, Indiana, and Colorado. An IG audit released last week estimated that 99% of Colorado's Medicaid payments in 2022 and '23 for autism treatment were improper, or likely improper, totaling $285 million. We are back with our panel. So, Allysia, give us a sense of just how broad the scandal at Medicaid is, not just autism, but sort of overall.

Well, I think autism, the applied behavioral analysis therapy that has been covered by these audits, are just an illustration of the broader problems, especially in the fee-for-service part of Medicaid in which states pay for services. In addition to home healthcare, you also see, to some extent, hospice, but especially home healthcare and these other add-on services, food deliveries, that the providers make payments or make claims and the states just pay them without actually reviewing the documentation. Now, what these audits found is that these providers of applied behavioral analysis were billing these states for upward of $250 an hour to provide, essentially, glorified daycare. In many cases, the providers took the kids to recreational centers where they were swimming, playing on water slides, and they weren't actually getting treatment for autism. And another thing that these audits uncovered was that many of these kids, who were being treated for autism, actually didn't have an autism diagnosis. In Maine, for instance, about half of them didn't. So this just illustrates the broader problems in the Medicaid program, which states are just paying out money without actually checking the bills and reviewing the qualifications of these providers.

Yeah, Kim, so just to think about this for a second, what this means is that if I set up a little business and I say, "I'm treating people for autism," and I send a bill to Medicaid, and I say, "We got some transportation expenses with that. We've got some other expenses." Medicaid looks at it, in the state of Minnesota or some of the other states, and writes a check, and then they may or may not ever decide to look at whether I'm providing those services or not or what kind of services I'm providing. It's astonishing.

No, think about the many ways in which the system can be bulked and billed, and this is what these audits are showing up. You've got these, these sham companies that are being set up and they encourage doctors to hand out autism diagnoses, which may or may not be correct. They might not even get the diagnosis. They're hiring relatives who are not trained in any kind of behavioral therapy to provide the quote "services." They're sending in outrageous numbers of hours, provided 200 hours in a month, when, in fact it, was more like 45. And, I mean, you can just do this and this is now out there. And I think that's the problem, Paul, is that one of the reasons that this is happening, and this is being discovered everywhere, is that if you are in the kind of criminal class, everyone understands this is just a giant ATM machine waiting to be cashed in on. And one of the problems here too is the entire setup of this, in which we have states that run this, and they have no incentive to police it or stop it because the more people they sign up for Medicaid and provide money to, the more the federal government pays, not them. And so, we've gotta look at the mechanics of this if we ever really wanna stop it.

When she talks about the mechanics, Dan, she means that it's set up as a joint program, state and federal Medicaid is, but the way it's been steered over time is the states, like California and others, Minnesota, pay more and they wanna enroll more because every time they enroll more, they get more from the feds. And that's an incentive, turn your eyes away from potential fraud.

And not only turn your eyes away from potential fraud, Paul, but turn your eyes away from the tragedy that's happening right in front of your eyes. Yes, autism is difficult to diagnose and, in fact, there are no real set standards for autism therapy. But the fact is, there are a lot of children out there who are in big trouble. And, fundamentally, what has been happening here is not therapy, but simply the institutionalization of these kids who are sent to these centers for five to eight hours a day. It is difficult and that is done for reasons that are both bad or good, but the fact that, simply, parents thought they were going to get some help and ended up nothing but having their kids sort of watch television for five hours is a terrible tragedy. That is the moral hazard inherent in these huge public spending programs. They're difficult to police. They should be audited more than they are. But you end up with situations like this. And I'm sure that Medicaid autism fraud is not the only area in where we're seeing this sort of thing happen.

No, there's a lot of others, as Allysia said. Briefly, Allysia, does this vindicate the big, beautiful bill attempt to get fraud under control, briefly?

Oh, I think that that's exactly so. And I wish the Congress were as serious and start mandating that states do something about this.