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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsRobert Reich: Steward Health's CEO raked $250M as his company saddled 30+ hospitals with billions in debt
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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.
a kennedy
(31,373 posts)🤬 🤬 🤬 🤬 🤬
Dennis Donovan
(22,005 posts)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)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 hes been up to. Im 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/
Arne
(3,411 posts)oasis
(51,282 posts)DJ Synikus Makisimus
(523 posts)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.