"Is Private Equity as Dangerous to Your Dog as Kristi Noem?"
Fully 20% of American business is now controlled by private equity, which is draining billions out of our economy every week to stash in the money bins of its morbidly rich owners...
Predatory behavior has no place in civilized society. Perhaps we need a Financial Anti-Predatory Act that would impose a stiff prison terms on any entity engaging in such behavior.
Vanguard, Black rock and State Street are the three biggest they are the major institutional shareholders in just about every media, health care, chemical and defense industry company in the U.S; and more without exaggeration it can be said that they are USA Inc.
Peace Health in the Pacific NW was created and owned by the Sisters of St Joseph, and as far as I know they still own it, thus set policy like no abortion or end of life assistance.
When ever I do a search for "who owns _______" I invariable come up with Vanguard, Black Rock and State street,plus others
For fans of the Resident, you might recall that Chastain memorial, a non profit, was sold to a Doctors conglomerate then sold to Red Rock, and at that point it became a profit center, with patients that didn't have insurance even turned away from Emergency or dying in the hall on gurney's.
However they have contracted their services, operation, to Black Rock, and quality of care is degraded. Physicians are held to a 15 min per patient schedule, unless the expected case will require more, If they run over with one patient they have to make it up with another.
How disgusting! William, I recently snapped to the reality that healthcare has become a predatory
business. Between you and Prof. Reich I now see how it happened. Most patients don’t realize they’re
being taken advantage of by the entire system, how
could they? The only possible exceptions are those who get healthcare via the Affordable Care Act.
Patients are like widgets now—fully interchangeable. I’m sure computer software exists that allows physicians to plug in a list of symptoms and get back
a list of possible diagnoses with a list of tests to be done to narrow the possibilities. As an RN & an attorney, the potential liability for this scenario
boggles my mind. Medical negligence will be determined not based on the standard of care as determined by expert testimony, but based on
software that may or may not be flawed and that couldn’t possibly take into account every permutation/complication of every potential illness. Medical science doesn’t cover everything. There’s also an art to it that’s just as important as the science—in my opinion.
It traps Drs. in a very tricky situation and their hapless patients will be put through batteries of both invasive & non-invasive tests that cost a lot of money—not to make certain the physician got the right diagnosis, but to make sure their physician
can protect him or herself if they get sued. The standard of care will be determined by the person or
entity that created the software. So if the physician did everything the software suggested, they won’t be found negligent. (I’m not saying this is the way it is now—because I don’t know. It’s been a long time
since I worked as a nurse and a long time since I handled medical malpractice litigation.) I’m saying
And prosecutions. The best regulations, not enforced, result in the public paying for Sadistic, Deliberate, Malpractice. But not care for your health. Merely insurance, under that guise, and acting as an auto-payer to the criminals.
Aleithia, In my opinion healthcare needs to be de-privatized and turned into medicare for all. People with health issues are being soaked for money &
private health insurance is a scam.
The average cost of an MRI in the U.S. is around $1,200-$3,000, while the average cost of a CT scan is around $500-$1,000. A new MRI machine can cost up to $3 Mil. A refurbished MRI machine can cost between $200,000 and $700,000 and apparently it can cost thousands of dollars/yr for maintenance.
If a hospital does 4 MRIs/day, at an average cost of $1500, that’s $6,000/day. $6,000/day x 260 work days in a year=$1,560,000/year.
My point is, hospitals don’t need to charge patients
While what you write is certainly true, Susan, in my own situation, and still ongoing for decades, it is far, far, worse than that. Even if I pay out of pocket, $20 Billion, on TOP OF what they are billing insurance for, they STILL
1. Outright refuse me healthcare of any type, and,
2. DO commit Deliberate, Sadistic, Malpractice. That is, they make a bad situation worse, whereby NO CARE AT ALL would be LESS BAD. You aren't getting this point, while you do, indeed, make certainly valid additional points.
Why? REVENGE. (18 USC 1513 violations) because I brought the initial Deliberate, Sadistic, Malpractice, over broken bones, to the attention of law enforcement, years ago. Never got any bone fracture treatment. Ever. Never got any subsequent health care for anything whatsoever, at any outlet, in any state. But DID get plenty of abusive spleen venting with no explanation. These people feel ENTITLED.
ONLY PROSECUTIONS will put a top to his ongoing criminal enterprise. NOTHING ELSE.
Here's what I said at the time. Republicans screwing Republicans.
People who represent creditors in bankruptcy often describe the law as "legalized theft." Consider the employees and suppliers, contractors, subcontractors etc. All are usually "screwees" in that if they are lucky, they get a fraction of their debit. In many cases, the phenomenon that Thom is describing, starts a ripple effect and those employees and suppliers, contractors, subcontractors etc. have to seek bankruptcy protection.
A judge in bankruptcy has the capacity to act as a hypothetical lien creditor and knock out "preferential transfers" usually 90 days prior to filing.
Want to flip MAGATS? Head to bankruptcy court. Give them Thom's article and ask if it sounds familiar.
BTW most of the debtors are there due to medical bills. Also inchoate Democrats.
Every MAGAt is an inchoate Democrat, yet they are loyal to Trumpism (not Trump)
and I find it hard to understand how that can be so, then I learn that the Teamsters Union is taking a neutral position in the election, because 58% of the union are Trump humpers, and it doesn't take much to understand why. Truckers spend their work day in trucks, listening to the only radio available, Hate Radio, Sinclair, I Heart, etc.
The well has been poisoned and it started with Rush, continues the Glen Beck and a thousand over shock jocks.
But it isn't that alone, as my wife told me, you have lonely, sexually frustrated men, fantasizing and pissed at the world because they are sexually frustrated and need to blame their situation on something outside of themselves.
The terminology that MAGAt = inchoate Democrat is odd to me. I really don’t understand the logic behind it. Maybe I don’t understand the context in the use of inchoate.
HORRIBLE!!!! Sounds like a meat packing plant to me!😡😡😡😡😡😡 These predators need to be held accountable! They are also partly responsible for the unaffordable rents and mortgages in this country!!!
I remember reading this excellent article by Thom Hartmann. Amoung the sins described was the purchase of a senior care facility that owned its building. They sold the building and told the people running the company they had to raise prices in order to pay the rent. These are the actions of someone who has no concern for the mission or health of the company. This article literally made me want to punch somebody. A lot.
BTW, do you have any idea why your reply ended up in my Spam folder? My email client program doesn't offer any option to mark you as, "not spam." Only to mark your message as phishing, which it clearly isn't. It isn't doing this with all repliers or likers. Just selective ones.
Thank you, Robert. Particularly disgusting is the involvement of private equity firms in for-profit medical care. 'Medical' and 'profit' don't fit together in an advanced society. These firms are like a school of leeches upon the less fortunate. My brother, after having a coronary bypass, suffered the added trauma of a 'surprise' $20000 bill because some of his surgical services were 'out of district'.
Then Ascension Medical Group in Wisconsin placed the bill into collections, which turned into a twice- weekly harassment project by the agency. People who run these firms are criminals against society.
How wonderful to have pulled this video explainer together for us all in such a short time. Everyone at Inequality Media is fantastic. Thank you Robert and Heather et al.
We have to stop the ruinous behavior in healthcare, absolutely ridiculous, they are looting the system while hospitals and providers are getting nickle and dimed. Over 700 hospitals, mostly rural, in danger of closing short term, expenses rising unsustainably simply for the unbridled greed of PE ... absolutely unacceptable.
Several in my congested area have closed too! Trying to get an ambulance through city traffic halfway across town because the neighborhood hospital closed is literally a matter of life and death
C Fox-Accurate Appellation. The Ludicrous, smarmy names for what is now known as medical conglomerates, that used to be Drs’ Office, are pathetic: They are 95% business, with pods of Support “teams” of flunkies-minor Low level assistants, PA’s, nurse assistant’s, lab techs, office staffs, acting as gate guards, limiting Access to Drs: the 5% at Top of the Heap-Even with an Appointment, the multitude of Flunkies usher doctor briefly in and out: for the BRIEFest of face time. The “guard” whisks Dr.
out fast, on the next patient. Follow up “crew” get you out, with near military precision.
Healthcare? What healthcare, more like being a cog in a Factory Assembly line. Mechanistic. Does not resemble Healing. Efficiency for maximum Greed, check That Box, yes.
Private equity reminds me of a Lamprey Ell. They attach themselves to a victim, they drain its life force and then they detach and find someone new to torment. Leaving only a scar to represent their past efforts. All the while getting fatter and fatter.
Same here. Private equity just bought out our local veterinarian. We’ll be switching when we find a small shelter dog to keep us company in our dotage.
IT workers earn good money and spend thousands on pet care. They are an attractive prey for venture capitalists. Yet maternal mortality in the US is the worst in the developed world.
Cats are better in your dotage, you don't have to walk them. Dogs require walking, a good exercise when physically capable and weather permits, a little more difficult when you has deficits, and in inclement, freezing, weather and snows.
Private equity has taken over a high percent of Salem, Oregon veterinary clinics. Pity our poor pets!! Incredible price gouging and seriously bad service: oftentimes there was not a vet around for miles, only slightly trained "techs" who conferred with licensed folks 2 or 3 States away. Awful, plain frigging awful!!
Yes they are buying veterinary clinics, mobile home parks, housing, doctor offices and more. They are constantly finding new scams to take our money. Start calling the Predatory Investors instead of Private Equity.
I saw this coming back in 1989, ‘90-For Profit Medicene. Translated it immediately to mean Greed. It’s started then, and here we are.As horrific as I knew it would be and sinking fast.
Half of America is blaming the higher prices of gas and food on a President.
Could you give your thoughts on this?
I believe it to be the best corporate scam in history. Raise prices during a pandemic, make record profits, get half of the people to blame a President.
Private equity and it’s grotesque levels of greed is destroying our country and the world, but the trillionaires (there will be some soon) and their insatiable addiction don’t care one iota.
I have a friend who was a senior management person at TWA and she will never forgive Karl Icann for destroying that company. Private equity is currently destroying our health care system and will continue to destroy our corporations until "shareholder value" is no longer the sole focus of businesses. This can only be done via Federal government law.
Fantastic! Such a clear and easy to follow explanation of what is wrong with the economy and why so many people feel behind the 8 ball. I will share it widely. Please consider doing a similar video elaborating on how Private Equity took advantage of the Mortgage crisis and Great Recession to scoop up bargain basement properties and turn around and exploit the same people who lost homes to mortgage defaults. It would also be interesting to educate the public on whose political campaigns Private Equity supports. Thank you for all you do.
Thom Hartmann wrote a good piece on this in
"Is Private Equity as Dangerous to Your Dog as Kristi Noem?"
Fully 20% of American business is now controlled by private equity, which is draining billions out of our economy every week to stash in the money bins of its morbidly rich owners...
Thom Hartmann
May 13, 2024
https://hartmannreport.com/p/is-private-equity-as-dangerous-to-615?utm_source=post-email-title&publication_id=302288&post_id=144563005&utm_campaign=email-post-title&isFreemail=false&r=1bto4q&token=eyJ1c2VyX2lkIjo4MDMyNjI1MCwicG9zdF9pZCI6MTQ0NTYzMDA1LCJpYXQiOjE3MTU2MDgwNDgsImV4cCI6MTcxODIwMDA0OCwiaXNzIjoicHViLTMwMjI4OCIsInN1YiI6InBvc3QtcmVhY3Rpb24ifQ._TlWehDiorbtRJw-8gC5ixbUic9BYxnfpcC0ZUZTCDw&triedRedirect=true
Predatory behavior has no place in civilized society. Perhaps we need a Financial Anti-Predatory Act that would impose a stiff prison terms on any entity engaging in such behavior.
Vanguard, Black rock and State Street are the three biggest they are the major institutional shareholders in just about every media, health care, chemical and defense industry company in the U.S; and more without exaggeration it can be said that they are USA Inc.
Peace Health in the Pacific NW was created and owned by the Sisters of St Joseph, and as far as I know they still own it, thus set policy like no abortion or end of life assistance.
When ever I do a search for "who owns _______" I invariable come up with Vanguard, Black Rock and State street,plus others
For fans of the Resident, you might recall that Chastain memorial, a non profit, was sold to a Doctors conglomerate then sold to Red Rock, and at that point it became a profit center, with patients that didn't have insurance even turned away from Emergency or dying in the hall on gurney's.
However they have contracted their services, operation, to Black Rock, and quality of care is degraded. Physicians are held to a 15 min per patient schedule, unless the expected case will require more, If they run over with one patient they have to make it up with another.
How disgusting! William, I recently snapped to the reality that healthcare has become a predatory
business. Between you and Prof. Reich I now see how it happened. Most patients don’t realize they’re
being taken advantage of by the entire system, how
could they? The only possible exceptions are those who get healthcare via the Affordable Care Act.
Patients are like widgets now—fully interchangeable. I’m sure computer software exists that allows physicians to plug in a list of symptoms and get back
a list of possible diagnoses with a list of tests to be done to narrow the possibilities. As an RN & an attorney, the potential liability for this scenario
boggles my mind. Medical negligence will be determined not based on the standard of care as determined by expert testimony, but based on
software that may or may not be flawed and that couldn’t possibly take into account every permutation/complication of every potential illness. Medical science doesn’t cover everything. There’s also an art to it that’s just as important as the science—in my opinion.
It traps Drs. in a very tricky situation and their hapless patients will be put through batteries of both invasive & non-invasive tests that cost a lot of money—not to make certain the physician got the right diagnosis, but to make sure their physician
can protect him or herself if they get sued. The standard of care will be determined by the person or
entity that created the software. So if the physician did everything the software suggested, they won’t be found negligent. (I’m not saying this is the way it is now—because I don’t know. It’s been a long time
since I worked as a nurse and a long time since I handled medical malpractice litigation.) I’m saying
I’m disturbed by the predatory potential.
The health care market, if we may call it that, is notoriously inelastic. It calls for strict regulation.
And prosecutions. The best regulations, not enforced, result in the public paying for Sadistic, Deliberate, Malpractice. But not care for your health. Merely insurance, under that guise, and acting as an auto-payer to the criminals.
Aleithia, In my opinion healthcare needs to be de-privatized and turned into medicare for all. People with health issues are being soaked for money &
private health insurance is a scam.
The average cost of an MRI in the U.S. is around $1,200-$3,000, while the average cost of a CT scan is around $500-$1,000. A new MRI machine can cost up to $3 Mil. A refurbished MRI machine can cost between $200,000 and $700,000 and apparently it can cost thousands of dollars/yr for maintenance.
If a hospital does 4 MRIs/day, at an average cost of $1500, that’s $6,000/day. $6,000/day x 260 work days in a year=$1,560,000/year.
My point is, hospitals don’t need to charge patients
nearly as much as they charge for these services,
but they’ve been getting away with it for decades
by partnering with health insurance companies.
... stop to this ...
Furthermore, the Get Paid when you Get Revenge scam, in my ongoing situation, is under public health insurance: both Medicare and Medicaid.
While what you write is certainly true, Susan, in my own situation, and still ongoing for decades, it is far, far, worse than that. Even if I pay out of pocket, $20 Billion, on TOP OF what they are billing insurance for, they STILL
1. Outright refuse me healthcare of any type, and,
2. DO commit Deliberate, Sadistic, Malpractice. That is, they make a bad situation worse, whereby NO CARE AT ALL would be LESS BAD. You aren't getting this point, while you do, indeed, make certainly valid additional points.
Why? REVENGE. (18 USC 1513 violations) because I brought the initial Deliberate, Sadistic, Malpractice, over broken bones, to the attention of law enforcement, years ago. Never got any bone fracture treatment. Ever. Never got any subsequent health care for anything whatsoever, at any outlet, in any state. But DID get plenty of abusive spleen venting with no explanation. These people feel ENTITLED.
ONLY PROSECUTIONS will put a top to his ongoing criminal enterprise. NOTHING ELSE.
Here's what I said at the time. Republicans screwing Republicans.
People who represent creditors in bankruptcy often describe the law as "legalized theft." Consider the employees and suppliers, contractors, subcontractors etc. All are usually "screwees" in that if they are lucky, they get a fraction of their debit. In many cases, the phenomenon that Thom is describing, starts a ripple effect and those employees and suppliers, contractors, subcontractors etc. have to seek bankruptcy protection.
A judge in bankruptcy has the capacity to act as a hypothetical lien creditor and knock out "preferential transfers" usually 90 days prior to filing.
Want to flip MAGATS? Head to bankruptcy court. Give them Thom's article and ask if it sounds familiar.
BTW most of the debtors are there due to medical bills. Also inchoate Democrats.
Every MAGAt is an inchoate Democrat, yet they are loyal to Trumpism (not Trump)
and I find it hard to understand how that can be so, then I learn that the Teamsters Union is taking a neutral position in the election, because 58% of the union are Trump humpers, and it doesn't take much to understand why. Truckers spend their work day in trucks, listening to the only radio available, Hate Radio, Sinclair, I Heart, etc.
The well has been poisoned and it started with Rush, continues the Glen Beck and a thousand over shock jocks.
But it isn't that alone, as my wife told me, you have lonely, sexually frustrated men, fantasizing and pissed at the world because they are sexually frustrated and need to blame their situation on something outside of themselves.
The terminology that MAGAt = inchoate Democrat is odd to me. I really don’t understand the logic behind it. Maybe I don’t understand the context in the use of inchoate.
HORRIBLE!!!! Sounds like a meat packing plant to me!😡😡😡😡😡😡 These predators need to be held accountable! They are also partly responsible for the unaffordable rents and mortgages in this country!!!
I remember reading this excellent article by Thom Hartmann. Amoung the sins described was the purchase of a senior care facility that owned its building. They sold the building and told the people running the company they had to raise prices in order to pay the rent. These are the actions of someone who has no concern for the mission or health of the company. This article literally made me want to punch somebody. A lot.
Nor any concern for the seniors there.
Many of whim have no where else to go
Exactly right.
BTW, do you have any idea why your reply ended up in my Spam folder? My email client program doesn't offer any option to mark you as, "not spam." Only to mark your message as phishing, which it clearly isn't. It isn't doing this with all repliers or likers. Just selective ones.
Thanks for the link, Bret. I’ll follow up after I get my tea and cookies.
Thank you, Robert. Particularly disgusting is the involvement of private equity firms in for-profit medical care. 'Medical' and 'profit' don't fit together in an advanced society. These firms are like a school of leeches upon the less fortunate. My brother, after having a coronary bypass, suffered the added trauma of a 'surprise' $20000 bill because some of his surgical services were 'out of district'.
Then Ascension Medical Group in Wisconsin placed the bill into collections, which turned into a twice- weekly harassment project by the agency. People who run these firms are criminals against society.
How wonderful to have pulled this video explainer together for us all in such a short time. Everyone at Inequality Media is fantastic. Thank you Robert and Heather et al.
We have to stop the ruinous behavior in healthcare, absolutely ridiculous, they are looting the system while hospitals and providers are getting nickle and dimed. Over 700 hospitals, mostly rural, in danger of closing short term, expenses rising unsustainably simply for the unbridled greed of PE ... absolutely unacceptable.
Several in my congested area have closed too! Trying to get an ambulance through city traffic halfway across town because the neighborhood hospital closed is literally a matter of life and death
I call it "Pirate Equity."
That is an insult to pirates!
C Fox-Accurate Appellation. The Ludicrous, smarmy names for what is now known as medical conglomerates, that used to be Drs’ Office, are pathetic: They are 95% business, with pods of Support “teams” of flunkies-minor Low level assistants, PA’s, nurse assistant’s, lab techs, office staffs, acting as gate guards, limiting Access to Drs: the 5% at Top of the Heap-Even with an Appointment, the multitude of Flunkies usher doctor briefly in and out: for the BRIEFest of face time. The “guard” whisks Dr.
out fast, on the next patient. Follow up “crew” get you out, with near military precision.
Healthcare? What healthcare, more like being a cog in a Factory Assembly line. Mechanistic. Does not resemble Healing. Efficiency for maximum Greed, check That Box, yes.
Well said
Private equity reminds me of a Lamprey Ell. They attach themselves to a victim, they drain its life force and then they detach and find someone new to torment. Leaving only a scar to represent their past efforts. All the while getting fatter and fatter.
Call it Cannibalistic Capitalism. It sucks the life out of society for the benefit of the few.
Private equity has surely purchased dental practices and veterinary practices in Alameda Co., CA.
Same here. Private equity just bought out our local veterinarian. We’ll be switching when we find a small shelter dog to keep us company in our dotage.
IT workers earn good money and spend thousands on pet care. They are an attractive prey for venture capitalists. Yet maternal mortality in the US is the worst in the developed world.
Cats are better in your dotage, you don't have to walk them. Dogs require walking, a good exercise when physically capable and weather permits, a little more difficult when you has deficits, and in inclement, freezing, weather and snows.
Private equity has taken over a high percent of Salem, Oregon veterinary clinics. Pity our poor pets!! Incredible price gouging and seriously bad service: oftentimes there was not a vet around for miles, only slightly trained "techs" who conferred with licensed folks 2 or 3 States away. Awful, plain frigging awful!!
I suspect the tentacles reach very far and wide as the video indicates.
I wonder if that’s why I had to choose between a $3500.00 down payment for a reliable car or get my teeth fixed? RIDICULOUS!!!!!
Also, here in Wisconsin.
Yes they are buying veterinary clinics, mobile home parks, housing, doctor offices and more. They are constantly finding new scams to take our money. Start calling the Predatory Investors instead of Private Equity.
I believe that ‘Blood Sucking Parasites’ would be a better description… I believe that $$$ is their True God, and they consider themselves Righteous…
🧛♂️ Vampires
I saw this coming back in 1989, ‘90-For Profit Medicene. Translated it immediately to mean Greed. It’s started then, and here we are.As horrific as I knew it would be and sinking fast.
Diane Beaulaurier, or vampires.
Half of America is blaming the higher prices of gas and food on a President.
Could you give your thoughts on this?
I believe it to be the best corporate scam in history. Raise prices during a pandemic, make record profits, get half of the people to blame a President.
Alot of MAGAS are blaming Biden for high prices! Tell them to do their research and they will only read articles with pictures
Another operation that is out of control in our nation! Who is watching these economic activities?
Has Congress noticed this harsh action? Or do they even care? Maybe they a party to the move?
Anything to make a wad of money! Sounds like a Trump family interest!
Applebaum explains a lot in her book "Autocracy Inc." Sick scumbags are doing this to us.
Thanks on my Amazon list! (Anne A is marvelous writer!)
Probably is!!!!
I think this is one of Bob's best videos, and such an important topic that most people don't understand.
Jane Andrews, San Diego
Dark Money by Jane Mayer will be eye opening as well.
Private equity and it’s grotesque levels of greed is destroying our country and the world, but the trillionaires (there will be some soon) and their insatiable addiction don’t care one iota.
I have a friend who was a senior management person at TWA and she will never forgive Karl Icann for destroying that company. Private equity is currently destroying our health care system and will continue to destroy our corporations until "shareholder value" is no longer the sole focus of businesses. This can only be done via Federal government law.
Yes, and this is why Project 2025 is about destroying the federal government. It is a corporate wet dream, a nightmare for humankind.
💙💙💙💙💙💙💙💙🩵
Let's hear it for the corporate raiders! Ugh...
Isn't Mitt Romney a corporate raider? Asking for a friend.
Fantastic! Such a clear and easy to follow explanation of what is wrong with the economy and why so many people feel behind the 8 ball. I will share it widely. Please consider doing a similar video elaborating on how Private Equity took advantage of the Mortgage crisis and Great Recession to scoop up bargain basement properties and turn around and exploit the same people who lost homes to mortgage defaults. It would also be interesting to educate the public on whose political campaigns Private Equity supports. Thank you for all you do.
Would love a Presidential debate on this very topic
Yes, we keep speaking about the housing crisis, healthcare crisis and the gutting of industrial jobs and the root cause is the same!
Surely you don’t believe tRump would offer any lucid insight into this? He has dealings with Blackstone! His son-in-law’s family are up to their elbows with hedge funds. Just yesterday, hedge fund billionaire, John Paulson, signaled to his pals, stating he would “crash” the economy if Harris won. If that isn’t extortion and organized crime, I don’t know what is. https://ground.news/article/hedge-fund-billionaire-and-trump-donor-john-paulson-says-market-would-crash-under-harris-tax-plans_920b5c