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Dennis Donovan

(22,005 posts)
Sat Sep 7, 2024, 03:10 PM Sep 7

Robert Reich: Steward Health's CEO raked $250M as his company saddled 30+ hospitals with billions in debt



Robert Reich
Steward Health's CEO raked $250M as his company saddled 30+ hospitals with billions in debt, leading to mass layoffs and medical supply shortages.

He spent his lavish earnings on a $40M yacht, $15M luxury fishing boat, $62M private jet, $33M backup jet, and a $7.2M ranch.

Textbook corporate greed


Healthcare sector of the economy is rife with greed and fraud - and it's virtually unregulated despite ACA and associated legislation.
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Robert Reich: Steward Health's CEO raked $250M as his company saddled 30+ hospitals with billions in debt (Original Post) Dennis Donovan Sep 7 OP
What can be done about this??? It just criminal....how is this allowed?? a kennedy Sep 7 #1
It needs to be regulated, but... Dennis Donovan Sep 7 #2
It's a private for-profit company VMA131Marine Sep 7 #3
Will he become Governor now? Asking for Florida. Arne Sep 7 #4
WTF? oasis Sep 7 #5
That's what Steward Health calls "value for investment." DJ Synikus Makisimus Sep 7 #6

Dennis Donovan

(22,005 posts)
2. It needs to be regulated, but...
Sat Sep 7, 2024, 03:29 PM
Sep 7

We need both Houses and an end to Citizen's United to get real reform. Virtually unreachable goal, but keep hope alive!

VMA131Marine

(4,443 posts)
3. It's a private for-profit company
Sat Sep 7, 2024, 03:32 PM
Sep 7

I guess the executive compensation board was made up of the CEOs cronies. The company filed for bankruptcy back on May 7. This CEO has just left a trail of financial devastation in his wake and he is refusing to respond to a Senate subpoena.

Wonder what other financial mismanagement he’s been up to. I’m wondering how much Medicare and Medicaid fraud they did.

https://www.nbcboston.com/news/local/steward-ralph-de-la-torre-senate-committee/3478927/?amp=1

https://www.healthcaredive.com/news/steward-massachusetts-hospital-sales-ceo-refuses-subpoena/726053/

https://www.azfamily.com/video/2024/08/17/steward-health-cares-bankruptcy-spells-trouble-4-arizona-hospitals/


6. That's what Steward Health calls "value for investment."
Sat Sep 7, 2024, 04:08 PM
Sep 7

He did exactly what they wanted him to. Why would anyone expect differently? Corporations aren't there to provide benefit to society, they're there to provide benefit to a select few who hold stakes. Medicine is one of the most profitable industries in the U.S. That's why we don't have socialized medicine; we have Obamacare, where all sorts of corporations (and this, their stakeholders) profit.

Also, non-profit status is no guarantee of being run as a benefit to society. It's often where the surplus offspring of the elite land sinecure positions, and/or where the directors and executives are the stakeholders and are rewarded lavishly at everyone else's expense. When I lived in Hawai'i, the two highest paid executives in the state were the president of a non-profit university and the CEO of the biggest non-profit health care provider. Don't know about here yet; haven't been long enough.

If medical care was truly a right, not a privilege, it would be done by the government without profit. It's not. "The business of America is business," and all.

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