Fund the fight demanding reform, challenging Wall Street's octopus-like network, and reining in the private equity industry now!
The sudden crisis in the Steward hospital system in Massachusetts is yet another cautionary -- and outrageous -- tale of how Wall Street’s predatory practices in healthcare are crippling the healthcare institutions that we all depend on.
Steward Health Care was created by private equity firm Cerberus Capital Management in 2010 after it gained control of several Massachusetts hospitals through a leveraged buyout. Cerberus then pursued various strategies that drained cash from the company -- such as paying itself dividends and selling much of the real estate it owned to an investment trust, forcing the hospitals to pay $400 million a year in rent.
Cerberus then exited the ownership of Steward, taking with them a cool $800 million in profit -- while leaving the company massively indebted.
Now, the Boston Globe is reporting that Steward may need to shutter some of its Massachusetts hospital facilities -- a disaster for healthcare availability given that four out of the nine hospitals Steward owns are considered safety net hospitals, and 70 percent of Steward’s hospitals’ patients are covered by various government-sponsored healthcare such as Medicare or Medicaid.
We’ve been fighting back and exposing the private equity industry -- and are one of the leading advocacy groups demanding reform and challenging the octopus-like private equity takeovers in multiple sectors across our economy. But as a grassroots nonprofit we can’t fight these battles without your financial support.
Contribute to Americans for Financial Reform and fund the fight demanding reform, challenging Wall Street's octopus-like network, and reining in the private equity industry now!
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