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batboyblog · 6 days

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Things Biden and the Democrats did, this week #13

April 5-12 2024

President Biden announced the cancellation of a student loan debt for a further 277,000 Americans. This brings the number of a Americans who had their debt canceled by the Biden administration through different means since the Supreme Court struck down Biden's first place in 2023 to 4.3 million and a total of $153 billion of debt canceled so far. Most of these borrowers were a part of the President's SAVE Plan, a debt repayment program with 8 million enrollees, over 4 million of whom don't have to make monthly repayments and are still on the path to debt forgiveness.

President Biden announced a plan that would cancel student loan debt for 4 million borrowers and bring debt relief to 30 million Americans The plan takes steps like making automatic debt forgiveness through the public service forgiveness so qualified borrowers who don't know to apply will have their debts forgiven. The plan will wipe out the interest on the debt of 23 million Americans. President Biden touted how the plan will help black and Latino borrowers the most who carry the heavily debt burdens. The plan is expected to go into effect this fall ahead of the election.

President Biden and Vice-President Harris announced the closing of the so-called gun show loophole. For years people selling guns outside of traditional stores, such as at gun shows and in the 21st century over the internet have not been required to preform a background check to see if buyers are legally allowed to own a fire arm. Now all sellers of guns, even over the internet, are required to be licensed and preform a background check. This is the largest single expansion of the background check system since its creation.

The EPA published the first ever regulations on PFAS, known as forever chemicals, in drinking water. The new rules would reduce PFAS exposure for 100 million people according to the EPA. The Biden Administration announced along side the EPA regulations it would make available $1 billion dollars for state and local water treatment to help test for and filter out PFAS in line with the new rule. This marks the first time since 1996 that the EPA has passed a drinking water rule for new contaminants.

The Department of Commerce announced a deal with microchip giant TSMC to bring billions in investment and manufacturing to Arizona. The US makes only about 10% of the world's microchips and none of the most advanced chips. Under the CHIPS and Science Act the Biden Administration hopes to expand America's high-tech manufacturing so that 20% of advanced chips are made in America. TSMC makes about 90% of the world's advanced chips. The deal which sees a $6.6 billion dollar grant from the US government in exchange for $65 billion worth of investment by TSMC in 3 high tech manufacturing facilities in Arizona, the first of which will open next year. This represents the single largest foreign investment in Arizona's history and will bring thousands of new jobs to the state and boost America's microchip manufacturing.

The EPA finalized rules strengthening clean air standards around chemical plants. The new rule will lower the risk of cancer in communities near chemical plants by 96% and eliminate 6,200 tons of toxic air pollution each year. The rules target two dangerous cancer causing chemicals, ethylene oxide and chloroprene, the rule will reduce emissions of these chemicals by 80%.

the Department of the Interior announced it had beaten the Biden Administration goals when it comes to new clean energy projects. The Department has now permitted more than 25 gigawatts of clean energy projects on public lands, surpass the Administrations goal for 2025 already. These solar, wind, and hydro projects will power 12 million American homes with totally green power. Currently 10 gigawatts of clean energy are currently being generated on public lands, powering more than 5 million homes across the West.

The Department of Transportation announced $830 million to support local communities in becoming more climate resilient. The money will go to 80 projects across 37 states, DC, and the US Virgin Islands The projects will help local Infrastructure better stand up to extreme weather causes by climate change.

The Senate confirmed Susan Bazis, Robert White, and Ann Marie McIff Allen to lifetime federal judgeships in Nebraska, Michigan, and Utah respectively. This brings the total number of judges appointed by President Biden to 193

#Thanks Biden #Joe Biden #student loans #student loan debt #debt forgiveness #gun control #forever chemicals #PFAS #climate change #green energy

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hdfcsales · 1 year

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The HDFC Sales Blog provides information on a variety of topics, including NPS, Mutual Funds, Fixed Deposits, Education Loans, and Home Loans. We can help you make the greatest financial choices for your long- and short-term future. To find out more, read our most recent posts.

#HDFC Home Loan Overdraft Facility #hdfcsales

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forextrendicator · 1 year

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How Does Long Term Capital Management Work?

Using a long term capital management model, such as a Syndicated credit facility, is an important way to help your business stay stable and profitable. When used correctly, this model can help your business avoid costly and time-consuming downturns. While there are many types of models, there are certain characteristics that all models should have. Those characteristics include a rational market,…

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#long term capital management #Long-Term Capital Management #Syndicated credit facility #Syndicated loans

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financesevaloan · 1 year

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Can NRI apply for home loan in India

Yes, NRI can easily apply for can nri apply home loan in India, most banks, housing financial companies (HFCs) and Non-Banking Financial Companies (NBFCs) offer NRI home loans. A tailor-made home loan product for Non-Resident Indians (NRIs) Persons of Indian Origin (PIOs) or Overseas Citizens of India (OCIs) who wish to purchase residential property, construct a home on a plot of land or repair/renovate their existing property in India.

Loan applicants can get NRI home loan in India through the regular home loan product provided by various financial institutions offering within the broader category of home loans. The NRI Home Loan is available at interest rates starting from 7.40% p.a. and for tenures extending up to 30 years.

Loan-to-value ratio

However, the LTV ratio of nri home loan is the total proportion of a property’s value that a bank, NBFCs and housing finance companies. The LTV ratio for NRI home loans cannot exceed the regulatory caps on the home loan LTV ratios fixed by the RBI.

The breakup of loan amount for an NRI Home Loan and the corresponding LTV ratio are as follows:

Loan Amount LTV Ratio

Up to Rs. 30 lakhs Up to 90% of the property’s value

Above Rs. 30 lakhs to Rs. 75 lakhs Up to 80% of the property’s value

Above Rs. 75 lakhs Up to 75% of the property’s value

Lenders initiate the credit risk assessment to determine the final LTV ratio for an NRI home loan borrower. Some factors are considered during the credit risk assessment process include the applicant’s credit profile, repayment capacity, market value of the property and so on.

#can nri apply home loan in india #nri home loan #home loan #home loan without map #home construction loan #home loan overdraft facility #business loan #financeseva

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finaqofinance · 6 months

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Pre-approved personal loan in Noida

Are you Looking for a pre-approved personal loan in Noida? You're at the right place! Our Noida-based business is committed to helping individuals like you achieve financial freedom and accomplish their goals. Our streamlined loan application process ensures a quick and hassle-free experience at finaqo. Let go of your worries and get ready to tackle life's challenges head-on with our exclusive loan offerings. Whether it's funding your child's education or upgrading your Noida home, our Personal loan apply online is designed to suit your needs. Experience our customer-oriented service and competitive interest rates. Apply for home loan in Noida. Visit our website link Apply now: https://finaqo.in/

#Pre approved personal loan in Noida #personal loan apply online in noida #Apply for overdraft facility in Noida #Apply for Credit Card Balance Transfer Loan in Noida #Home loan balance transfer services in Noida #Apply for business loan in noida #Apply for home loan in noida #loan against property in noida

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financemart · 2 years

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Overdraft Loan Facility In Jamnagar, Gujarat, India | Finance Mart

Finance Mart provides overdraft loan facility in Jamnagar, Gujarat, India. We also provide home, business startup, projects, personal loans, GST, and income tax services with 100+ years of combined expertise, faster loan approvals & cost-effective interest rates.

#overdraft facility in jamnagar #overdraft loan facility in jamnagar

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barefoot-joker · 1 month

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Snake in the Garden Pt 4~ Yandere!Lucifer X Reader

Hey, guys! Welcome to Snake in the Garden Part 4! In this chapter we meet a few new characters, so I hope I got their personalities right. I do hope you all like the new chapter as I had a lot of fun writing it. As always, enjoy and I hope you have a great day/night!

Words: 2395

Warnings: Swearing

Part 1 Part 2 Part 3

I heaved as I ran through the streets of Hell. I couldn’t get enough air to my lungs and my legs were growing weary of the journey. However, I kept my eyes on the marquee and just kept going. You’re almost there, Y/n! Come on! Soon you’ll be free!

I didn’t take the time to look at the demons surrounding me but my ears caught all of the screams, moans and conversations as I passed. A couple of times I was grabbed at, but I just shoved them away and continued my trek. When I reached the gate of the hotel I stopped to catch a breather, my hand grasping the iron bars to steady myself. I looked back from where I came, the palace a tiny speck in the distance. I wanted to pat myself on the back but I knew I wasn’t in the clear. Until I was back home Lucifer could rear his head at any moment. Speaking of the Devil, I wondered how long it would be till he noticed I was gone.

Taking in a few more breaths, I walked up the cobblestoned hill to the front door. The marquee shone a bright red and I felt like I was bathed in blood. Stopping at the front door, I marveled at how intricate it was. The stained glass formed a circus tent pattern and the rim held a golden tint to it. Bringing my hand up, I knocked on the glass, a knot forming in my stomach. What if all this work was for nothing? Would the Princess even listen to my case?

I didn’t have much time to think when the door opened. In front of me stood a tall, lean man dressed all in red. Among his red and black hair, black deer antlers stood and what I assumed to be his ears straightened in surprise. His red eyes felt different compared to Lucifer’s, his feeling more sinister. His grin seemed to grow wider as he looked me up and down. “Hello, my dear. Welcome to the Hazbin Hotel. I’m Alastor, the hotel’s facility manager. How can I be of-”

I rushed past him and slammed the door shut, my nails digging into the golden wood. “-service to you?”

I spun around to face him, my eyes blown wide in panic. “I need to speak to Charlie! Please, it’s an emergency!”

I clasped my hands tight in prayer and tried to make myself look as vulnerable as possible. “Charlie isn’t here at the moment, I’m afraid. She’s out on some business with Vaggie. The two of them should be back soon though.”

I groaned and hung my head in despair. How long will she be gone?

I lifted my head back up and let out a slight shriek at how close the deer man was. He was practically on top of me, our noses almost touching. “Though I could speed along the process if I was told what constitutes an emergency.”

I hadn’t noticed it before but as the man spoke his voice held a static to it, almost like an old radio. “Listen, Alastor was it? I don’t feel comfortable sharing that with you.”

“Hmm. I guess you’ll just have to wait then. Husker, make this sinner feel at home.”

I looked to the left and saw a bar that looked way too out of place. Blue boards made up the walls and floor while the dark oak bar top sat in the middle. The cat demon, Husker, looked up from drying a glass and sighed. Alastor wrapped his arm around my shoulder and dragged me over to the bar, shoving me at a stool. I sat on top of it and gulped as the radio man kept eyeing me from his post nearby. “What’ll you be havin’?”

“Oh, um, a water is fine.”

“Not much of a drinker, eh?”

“No. Besides, I don’t really drink around strangers.”

Husker shrugged and turned his back to me. When he returned to my side, he placed a rocks glass in front of me on the bar top. I grabbed it and sipped my water. “So, I couldn’t help but overhear you’re in an emergency. Got some loan sharks after you or somethin’?”

“Oh no, much worse. It’s a long story.”

“I’ve heard my fair share of long stories as a bartender.”

“I just don’t feel comfortable sharing. I’d much rather wait for Charlie.”

“I can respect that. Hell is a rough place and if you’re not careful it can swallow you whole. I learned that the hard way.”

He sighed and continued to dry glasses. As I sipped my drink, I glanced over to see Alastor still staring at me. That maniacal grin never leaving his face and his eyes cool and calculating. “So um, what’s Alastor’s deal? Why does he keep staring at me like I’m fresh meat at the butchers?”

“He’s always like that, scoping out the new guests. But a word of advice, don’t make a deal with him whatever you do. You think your life is horrible now, you got another thing comin’ with him.”

“I see.”

Suddenly I felt something grazing my ankles. I peered down to see a very short woman with a red bob, a stripe of yellow hair in front of her one giant pink eye. My eyes widened upon seeing the silver blade in her hands. The female looked up and a giant grin spread across her thin lips. “You're not meant to be down here, are you?”

“Huh?”

“You smell…human. Sinners have a certain scent and you don’t have it. We’ve got a live one, guys!”

She hopped into my lap and grabbed the top of the nightgown. I gulped at how the knife was slightly pointed at my throat. “You’re pretty for a live one, not that I’ve seen many like you before.”

“T-thanks?”

“How rude of me! I’m Niffty! I clean.”

She shook me back and forth. “A live one, hmm?”

Suddenly I felt a hand tighten on my shoulder. I looked back to see Alastor, the end of his smile reaching well past his eyes. “You didn’t quite introduce yourself to us, did you, my dear?”

“Leave her alone, Alastor!”

“Tsk, tsk, Husker. I just want to know what I should call our newest arrival.”

“I, I, I-”

I stopped when I heard the front door open, two voices chatting as they came inside. I had never been more thankful for a door to open. “Oh, hey guys! What’s going on,” The tall blonde asked.

She looked so similar to Lucifer so she must be Charlie. “We’ve got a live one, Charlie! And to think she was trying to hide,” Nifty replied.

The Princess turned her red gaze to me and I quickly threw off the deer and housekeeper. I got down on my knees and looked up at the blonde. “Please Charlie, you have to help me! Your dad is fucking crazy-”

“Oh you must be Y/n!”

My heart dropped. No. No, no, no, no. How much does she already know?

Lucifer’s daughter scooped me up to my height and pet me on the head. “It’s so lovely to finally meet you! My dad has sent me several pictures but you look much prettier in real life. But what are you doing all the way out here? Shouldn’t you be planning a wedding?”

“That’s my problem! I don’t want to be here! Please, you’ve got to help! I’m begging you!”

I could feel tears come to my eyes as I pleaded my case. Charlie’s eyes softened and she placed her hands on my shoulders. “Here, let’s take a walk. Vaggie, can you put our shopping away?”

“Of course, honey.”

“Come on.”

The blonde took me by the shoulders and led me up the grand staircase. We went up a few floors before stopping in a room that resembled a library. Charlie ushered me to sit in one of the leather armchairs and then she followed my lead. “So tell me everything. I’m sure my dad left out a few key details.”

I did. I told her how the two of us had met up until I had been forced to say yes to marrying him. While I told my tale, she didn’t say anything. She just hummed at key parts. “So can you help me?”

“I want to, I really do. However, my dad-”

“Fucking kidnapped me, Charlie! Do you really want me to go back to that?!”

She opened her mouth to say something when suddenly her phone rang. She pulled it out of her red suit jacket and her eyes widened. “Oh no.”

“What?”

“It’s my dad.”

“Shit! I’m not here!”

“But…”

“You see the good in others don’t you, Charlie? Can’t you see the good in you helping me?”

She bit her lip before sighing. She clicked the answer button and held the phone to her ear. “Hey, dad. What’s up?”

Lucifer didn’t even need to be on speaker as I could hear him shouting from the phone. “Charlie dear, thank goodness you picked up! Look, I’m in serious trouble and need your assistance.”

“What can I do for you?”

“My darling bride Y/n is gone! Vanished! I left her to her own devices and when I came back she’s left me! I thought someone took her but then I found this rope hanging out the bathroom window and have you seen her? I don’t know how long she’s been gone for and I don’t want her out and about by herself. Hell’s too dangerous!”

Charlie and I made eye contact and I begged her to not give me up. Her grip tightened around her phone and I could see the battle going on in her head.

“Sorry dad, I haven’t seen her. I’ll keep an eye out though.”

“If you do find her please make sure she’s unharmed. I want my dear apple to be in one piece after all.”

“You’ve got it. But, hey, I’ve got to go. Vaggie’s calling me. I’ll talk to you later.”

“Okay, thank you sweetie.”

“You’re welcome. Love you. Bye.”

She disconnected the call. I let out the breath I was holding. She did it. She actually was going to help me!

“Okay, I know somebody who can get you back to Earth. But we’d better hurry. My dad sounds like he’s getting close.”

“Thank you so much, Charlie! I really do appreciate it!”

“Hurry now!”

She summoned a dark trenchcoat and fedora from thin air. I quickly put them on and out the front door we went. Our walk felt just as long as when I had run to the hotel, but this time demons didn’t seem to bother us. It was probably because the Princess of Hell was with me. We continued walking until we stopped at a very large mansion. Out front was a cobblestone drive and a fountain spraying water. Charlie and I walked up to the double set of dark blue doors and she knocked. They opened to reveal an imp butler, a small white mustache hiding his lips. “Hello, Princess! What can we do for you?”

“I need to speak with Stolas. It’s urgent, Pringles!”

“Follow me.”

We strutted inside and the little butler led us to a study. “I’ll let him know you’re here.”

“Thank you, Pringles.”

“Of course, Princess.”

The door shut behind him. The study was quite large with several bookcases housing thousands of novels near the walls. A desk with a tall, navy and gold chair sat behind a dark oak desk. The place seemed very fitting for a Prince. As we waited I found myself playing with my engagement ring. I willed myself to stop but my fingers kept rubbing it. Don’t get cold feet now, Y/n. You’re almost home free.

I heard the navy blue door open and I turned to see a very tall, skinny owl man. He wore a dark red jumpsuit with a wine red cape draped on his shoulders. White and black feathers made up the collar and they mingled with his own gray feathers. A smile found its way to his beak when he spotted us. “Charlie! It’s so good to see you, my dear!”

The two hugged and when he pulled away, he looked at me with his four red eyes. “Who might this be? A friend of yours?”

“Stolas, this is Y/n. My dad captured her and brought her down to Hell. We need to send her home to Earth.”

“Ah, so this is the infamous Y/n I’ve heard about. It’s a pleasure to be meeting you.”

He bowed. How many people has Lucifer told about me?

“But why would you want to go back to Earth? You’re getting married in a few months.”

“Because I don’t belong here! I was fucking kidnapped and am becoming a bride against my will! Please Mr Stolas, let me go home!”

“Have you and Lucifer made a contract together?”

“Huh?”

“I mean have you signed anything that he has given you?”

“No, I don’t believe so.”

He bowed his head. “Then I can help. Just let me get my Grimoire.”

He held up his hand and a blue and gold book came flying towards him. The book looked heavy as it floated in the air but the owl Prince paid it no mind. He flipped through each of the pages until he landed on one. “Y/n, if I do this for you I cannot guarantee your safety. I know Lucifer. He’ll be looking for you until you’re in his grasp again.”

“That’s fine. As long as I can go back.”

“Very well.”

He chanted out a spell and before I knew it a purple portal materialized before my very eyes. “Go quickly now. I can’t hold this open for long.”

“Thank you, both of you. I appreciate it!”

“Go!”

I walked through and not a minute later the portal closed behind me. I looked around and smiled. I was back in my house in the hallway. I laughed triumphantly and threw off my disguise, making my way to the living room. I stopped when I heard the crunching of what sounded like…chips? I looked over to my couch and I felt my eyes widen.

“There you are! It took you long enough!”

~~~~~~~~

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mostlysignssomeportents · 2 months

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When private equity destroys your hospital

I'm on tour with my new novel The Bezzle! Catch me TOMORROW in PHOENIX (Changing Hands, Feb 29) then Tucson (Mar 9-10), San Francisco (Mar 13), and more!

As someone who writes a lot of fiction about corporate crime, I naturally end up spending a lot of time being angry about corporate crime. It's pretty goddamned enraging. But the fiction writer in me is especially upset at how cartoonishly evil the perps are – routinely doing things that I couldn't ever get away with putting in a novel.

Beyond a doubt, the most cartoonishly evil characters are the private equity looters. And the most cartoonishly evil private equity looters are the ones who get involved in health care.

(Buckle up.)

Writing for The American Prospect, Maureen Tcacik details a national scandal: the collapse of PE-backed hospital chain Steward Health, a company that bought and looted hospitals up and down the country, starving them of everything from heart valves to prescription paper, ripping off suppliers, doctors and nurses, and callously exposing patients to deadly risk:

https://prospect.org/health/2024-02-27-scenes-from-bat-cave-steward-health-florida/

Steward occupies a very special place in the private equity looting cycle. Private equity companies arrange themselves on a continuum of indiscriminate depravity. At the start of the continuum are PE funds that buy productive and useful firms (everything from hospitals to car-washes) using "leveraged buyouts." That means that they borrow money to buy the company and use the company itself as collateral: it's like you getting a bank-loan to buy your neighbor's mortgage out from under them, and using your neighbor's house as collateral for that loan.

Once the buyout is done, the PE fund pays itself a "special dividend" (stealing money the business needs to survive) and then starts charging the business a "management fee" for the PE fund's expertise. To pay for all this, the PE bosses start to hack away at the company. Quality declines. So do wages. Prices go up. The company changes suppliers, opting for cheaper alternatives, often stiffing the old company. There are mass layoffs. The remaining employees end up doing three peoples' jobs, for lower wages, with fewer materials of lower quality.

Eventually, that top-feeding PE company finds a more desperate, more ham-fisted PE company to unload the business onto. That middle-feeding company also does a leveraged buyout, pays itself another special dividend, cuts wages, staffing and quality even further. They switch to even worse suppliers and stiff the last batch. Prices go up even higher.

Then – you guessed it – the middle-feeding PE company finds an even more awful PE bottom-feeder to unload the company onto. That bottom feeder does it all again, without even pretending to leave the business in condition to do its job. The company is a shambling zombie at this point, often producing literal garbage in place of the products that made its reputation. Employees' paychecks bounce, or don't show up at all. The company stops bothering to pay the lawyers that have been fending off its creditors. Those lawyers sue the company, too.

That's the kind of PE company Steward Health was, and, as the name suggests, Steward Health is in the business of stripping away the very last residue of value from community hospitals. As you might imagine, this gets pretty fucking ugly.

Steward owns 32 hospitals up and down the country, though its holdings are dwindling as the company walks away from its debt-burdened holdings, after years of neglect that have rendered them unfit for use as health facilities – or for any other purpose. Tcacik's piece offers a snapshot of one such hospital: Florida's Rockledge Regional Medical Center, just eight miles from Cape Canaveral.

Rockledge is a disaster. The fifth floor was, at one point, home to 5,000 bats.

Five.

Thousand.

Bats.

(Rockledge stiffed the exterminators.)

The bats were just the beginning. One of the internal sewage pipes ruptured. Whole sections of the hospital were literally full of shit, oozing out of the walls and ceiling, slopping over medical equipment.

That's an urgent situation for any hospital, but for Rockledge, it's catastrophic, because Rockledge is a hospital without any hospital supplies. Steward has stiffed the companies that supply "heart valves, urology lasers, Impella catheters, cardiac catheterization balloons, slings for lifting heavier patients, blood and urine test reagents, and most recently, prescription paper." Key medical equipment has been repossessed. So have the Pepsi machines. The hospital cafeteria had its supply of cold cuts repossessed:

https://www.reddit.com/r/massachusetts/comments/1agc1j4/comment/kolicqo/

It's not just Steward's nonpayments that reek of impending doom. Its payments also bear the hallmarks of a scam artist on the brink of blowing off the con. The company recently paid off a vendor with five separate checks for $1m, each drawn on "a random hospital in Utah" (Steward recently walked away from its Utah hospitals; its partners there are suing it for stealing $18m on their way out the door).

This company – which owns 32 hospitals! – has resorted to gambits like sending photos of fake checks to doctors it hasn't paid in months as "proof" that the money was coming (the checks arrived 22 days later).

Steward owes so much money to its employees – $1.66m to just one doctors' group. But the medical staff keep doing their jobs, and are reluctant to speak on the record, thanks to Steward's reputation for vicious retaliation. Those health workers keep showing up to take care of patients, even as the hospital crumbles around them. One clinician told Tcacik: "I watched a bed collapse underneath a [patient] who had just undergone hip surgery."

Rockledge has nine elevators, but only five of them work – the other four have been broken for a year. The hospital's fourth floor has been converted to "a graveyard of broken beds." The sinks are clogged, or filled with foul gunk. There's black mold. Nurses have noted on the maintenance tags that the repair service refuses to attend the hospital until their overdue bills are paid. The fifteen-person on-site maintenance team was cut to just two workers.

Steward is just the latest looting owner of Rockledge. After the Great Financial Crisis, private equity consultants helped sell it to Health Management Associates. The hospital's CEO took home a $10m bonus for that sale and exited; Health Management Associates then quickly became embroiled in a Medicare fraud and kickback scandal. Soon after, Rockledge was passed on to Community Health Systems, who then sold it on to Rockledge.

Steward, meanwhile, was at that time owned by an even bigger private equity giant, Cerberus, which then sold Steward off. That deal was performatively complex and hid all kinds of mischief. Prior to Cerberus's sell-off of Steward, they sold off Steward's real-estate. The buyer was Medical Properties Trust, who gave Cerberus $1.25b for the real-estate: three hospitals in Florida and three more in Ohio. Steward then contracted to operate these hospitals on MPT's behalf, and pay MPT rent for the real-estate.

This complex arrangement was key to siphoning value out of the hospital and to keeping angry creditors at bay – if you can't figure out who owes you money, it's a lot harder to collect on the debt. The scheme was masterminded by Steward founder/CEO Ralph de la Torre. De la Torre is notorious for taking a massive dividend out of the company while it owed $1.4b to its creditors. He bought a $40m yacht with the money.

De la Torre was once feted as a business genius who would "disrupt" healthcare. But as Steward's private jet hops around "Corfu, Santorini, St. Maarten and Antigua" as its hospitals literally crumble, he's becoming less popular. In Massachusetts, politicians have railed against Steward and de la Torre (Governor Healey wants the company to leave the state "as soon as possible").

Florida, by contrast, is much more friendly to Steward. The state Health and Human Services Committee chair Randy Fine is an ardent admirer of hospital privatization and is currently campaigning to sell off the last community hospital in Brevard County. The state inspectors are likewise remarkably tolerant of Steward's little peccadillos. The quasi-governmental agency that inspects hospitals has awarded this shit-and-bat-filled, elevator-free, understaffed rotting hulk "A" grades for quality.

These inspectors jointly represent a mismatched assortment of private and public agencies, dominated by a nonprofit called Leapfrog, the brainchild of Harvard public-health prof Lucian Leape, who founded it in 2000. Leapfrog likes to tout its "transparent" assessment criteria, and Steward are experts at hitting those criteria, spending the exact minimum to tick every box that Leapfrog inspectors use as proxies for overall quality and safety.

This is a pretty great example of Goodhart's Law: "every measurement eventually becomes a target, whereupon it ceases to be a good measurement":

https://xkcd.com/2899/

But despite Steward's increasingly furious creditors and its decaying facilities, the company remains bullish on its ability to continue operations. Medical Properties Trust – the real estate investment trust that is nominally a separate company from Steward – recently hosted a conference call to reassure Wall Street investors that it would be a going concern. When a Bank of America analyst asked MPT's CFO how this could possibly be, given the facility's dire condition and Steward's degraded state, the CFO blithely assured him that the company would get bailouts: "We own hospitals no one wants to see closed."

That's the thing about PE and health-care. The looters who buy out every health-care facility in a region understand that this makes them too big to fail: no matter how dangerous the companies they drain become, local governments will continue to prop them up. Look at dialysis, a market that's been cornered by private equity rollups. Today, if you need this lifesaving therapy, there's a good chance that every accessible facility is owned by a private equity fund that has fired all its qualified staff and ceased sterilizing its needles. Otherwise healthy people who visit these clinics sometimes die due to operator error. But they chug along, because no dialysis clinics is worse that "dialysis clinics where unqualified sadists sometimes kill you with dirty needles":

https://www.thebignewsletter.com/p/the-dirty-business-of-clean-blood

The bad news is that private equity has thoroughly colonized the entire medical system. They took hospitals, fired the doctors, then took over the doctors' groups that provided outsource staff to the hospital:

https://pluralistic.net/2020/04/04/a-mind-forever-voyaging/#prop-bets

It's illegal for private equity companies to own doctors' practices (doctors have to own these), but they obfuscated the crime with a paper-thin pretext that they got away with despite its obvious bullshittery:

https://pluralistic.net/2020/05/21/profitable-butchers/#looted

The financier who decides whether you live or die depends on an algorithm that literally sets a tolerable level of preventable deaths for the patients trapped in the practice:

https://pluralistic.net/2023/08/05/any-metric-becomes-a-target/#hca

Private equity also took over emergency rooms and boobytrapped them with "surprise billing" – junk fees that ran to thousands of dollars that you had to pay even if the hospital was in network with your insurer. They made billions from this, and spent a many millions from that booty keeping the scam alive with scare ads:

https://pluralistic.net/2020/04/21/all-in-it-together/#doctor-patient-unity

The whole health stack is colonized by private equity-backed monopolies. Even your hospital bed!

https://pluralistic.net/2022/01/05/hillrom/#baxter-international

Then there's residential care. Private equity cornered many regional markets on nursing homes and turned them into slaughterhouses, places where you go to die, not live:

https://pluralistic.net/2021/02/23/acceptable-losses/#disposable-olds

The palliative care sector is also captured by private equity. PE bosses hire vast teams of fast-talking salespeople who con vulnerable older people into entering an end-of-life system before they are ready to die. Thanks to loose regulation, the nation is filled with fake hospices that can rake in millions from Medicare while denying all care to their patients (hospice patients don't get life-extending medication or procedures, by definition):

https://pluralistic.net/2023/04/26/death-panels/#what-the-heck-is-going-on-with-CMS

If you survive this long enough, Medicare eventually tells the hospice that you're clearly not dying and you get kicked off their rolls. Now you have to go through the lengthy bureaucratic nightmare of convincing the system – which was previously informed that you were at death's door – that you are actually viable and need to start getting care again (good luck with that).

If that kills you, guess what? Private equity has rolled up funeral homes up and down the country, and they will scam your survivors just as hard as the medical system that killed you did:

https://pluralistic.net/2022/09/09/high-cost-of-dying/#memento-mori

The PE sector spent more than a trillion dollars over the past decade buying up healthcare companies, and it has trillions more in "dry powder" allocated for further medical acquisitions. Why not? As the CFO of Medical Properties Trust told that Bank of America analyst last week, when you "own hospitals no one wants to see closed." you literally can't fail, no matter how many people you murder.

The PE sector is a reminder that the crimes people commit for money far outstrip the crimes they commit for ideology. Even the most ideological killers are horrified by the murders their profit-motivated colleagues commit.

Last year, Tkacic wrote about the history of IG Farben, the German company that built Monowitz, a private slave-labor camp up the road from Auschwitz to make the materiel it was gouging Hitler's Wehrmacht on:

https://pluralistic.net/2023/06/02/plunderers/#farben

Farben bought the cheapest possible slaves from Auschwitz, preferentially sourcing women and children. These slaves were worked to death at a rate that put Auschwitz's wholesale murder in the shade. Farben's slaves died an average of just three months after starting work at Monowitz. The situation was so abominable, so unconscionable, that the SS officers who provided outsource guard-labor to Monowitz actually wrote to Berlin to complain about the cruelty.

The Nuremberg trials are famous for the Nazi officers who insisted that they were "just following order" but were nonetheless executed for their crimes. 24 Farben executives were also tried at Nuremberg, where they offered a very different defense: "We had a fiduciary duty to our shareholders to maximize our profits." 19 of the 24 were acquitted on that basis.

PE is committed to an ideology that is far worse than any form of racial animus or other bias. As a sector, it is committed to profit above all other values. As a result, its brutality knows no bounds, no decency, no compassion. Even the worst crimes we commit for hate are nothing compared to the crimes we commit for greed.

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2024/02/28/5000-bats/retaliation#charnel-house

#pluralistic #Rockledge Regional Medical Center #private equity #looting #Steward Health #ponzis #maureen tcacik #Medical Properties Trust #Ralph de la Torre #Massachusetts #florida #Cerberus #too big to fail #pe #guillotine watch

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financing007 · 10 months

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