HomeUncategorized7/30-31 News Roundup and Open Thread

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polarbear4

T&R, JCB!🌺🐭🐳💓🌼🐻🐰🔥⭐️⭐️💓🐴🐹🐠🌺

Even though it starts with the Grifters Sacklers, this is really a thread (my desktop emojis are so old there is no thread)/article on Private Equity (PE).

tons of links in the article.

polarbear4

Snippet:

For these judges, impunity is a feature, not a bug – a way to embolden “risk takers.” And while the economists who espouse this theory wring their hands about the “moral hazard” of public health care and housing, they’re oddly sanguine about limited liability.

Small wonder that PE-owned companies are 10 times likelier than traditionally structured companies to declare bankruptcy – bankruptcies that free looters from both their financial and moral obligations to the rest of us.

Whether PE murdered your grandmother by buying her care-home and putting each worker in charge of 30 seniors:

https://www.washingtonpost.com/local/portopiccolo-nursing-homes-maryland/2020/12/21/a1ffb2a6-292b-11eb-9b14-ad872157ebc9_story.html

or poisoned your kids by filling your neighborhood with carcinogens:

https://www.webmd.com/special-reports/ethylene-oxide/20190719/residents-unaware-of-cancer-causing-toxin-in-air

limited liability wipes the slate clean.

But while PE loves buying up and looting real businesses, they’re even more fond of buying up criminal enterprises and looting them. Take Millennium Health, a con that stole millions from Medicare and Medicaid.

Millennium’s founder, a former general contractor turned drug-testing kingpin named James Slattery, found kindred spirits in Voya Capital, who bought into the company and then helped it borrow $1.8b, $1.3b of which went straight into Voya’s pockets.

https://www.wsj.com/articles/voya-sues-over-millennium-health-1-8-billion-financing-1449791185

The company paid $256m to settle its fraud lawsuits. It got a full release from any liability, as did Voya. Voya kept $1.3b. Slattery (whose LLC was called “Pissed Away”) kept hundreds of millions, and his collection of 40 vintage airplanes.

Tkacik points out the lawyer who represented Millennium in its bankruptcy deal is now a federal bankruptcy judge himself – the honorable John T Dorsey, of the Delaware bankruptcy court. Lucky for us, Delaware is hardly known for its financial crimes.

https://www.deb.uscourts.gov/content/judge-john-t-dorsey

Millennium’s crime bosses all fared well. Millennium CEO Ronald A Rittenmeyer went on to take the helm at Tenet Healthcare, a company famous for kidnapping people from AA meetings, having them declared incompetent, and billing for their imprisonment.

s the Sacklers planned their blowoff, they consulted with both PE companies (for tips on spinning off profitable units to put them out of creditors’ reach, and advice on cashing in on the epidemic they started with addiction treatment businesses), and McKinsey.

All of this criming did not escape Elisabeth Warren’s notice, who used it as occasion to launch one of her signature 2019 election campaign plans, the Stop Wall Street Looting Act (SWSLA), which drew outraged squeals from the PE industry.

For all its detail, the SWSLA would not have prevented the Sacklers’ crimes – nor would it stop the copycats at blue chip firms like Johnson and Johnson and Apple, who have used their tactics to perfect what Tkacik calls “legalized embezzlement.”

It really looks like the Sacklers will keep billions, and like Judge Drain will continue to hear cases like theirs. But Warren learned from 2019, and has introduced new, stronger legislation, the Nondebtor Release Prohibition Act, which would block deals like this for good.

Elite impunity is rotting America and threatening the planet itself.

There’s nothing it doesn’t touch.

Simone Biles is a survivor of Larry Nasser’s abuse. The claims of Nasser’s survivors were wiped out by a bankruptcy judge.

https://twitter.com/matthewstoller/status/1420500782022078464?ref_src=twsrc%5Etfw

polarbear4

TY, moderator. :o)

polarbear4

orlbucfan

So many stupes and seniles in that Senate, who knows what anymore??

polarbear4

fewer mods, more progs, please

orlbucfan

Waters needs to tell the ‘mods’ to f### off!

polarbear4

Aint Supposed to Die A Natural Death
Aint Supposed to Die A Natural Death

This discussion of the same subject by authors V Bevins and and V Prashad of their books Jakarta Method and Washington Bullets treats the same subject. I can only continue to hope but as Martin implored, “Where Do We Go From Here? Chaos or Community?” Sadly, looks like chaos.

polarbear4

really good. i am so disappointed that more progressives, like the squad, i must admit, don’t call this out. that’s what it’s going to take. msm can’t deny aoc an audience forever, but she goes along with this.

polarbear4

i couldn’t make out the name of the movie that john sayles made that he recs. around the 58-59 min. mark.

any ideas?

polarbear4

oh, looks like this is subscription. sorry. finally got around to “watching” it. lol

polarbear4

Mehdi is really leaning left lately.

otoh, where has he been? (“not Democrats!”)

polarbear4

Aint Supposed to Die A Natural Death
Aint Supposed to Die A Natural Death

Congresswoman Cori Bush Introduces Unhoused Bill of Rights

polarbear4

:O)

orlbucfan

T and R, jcb!! 🙂 I hope wi63 is okay. Read where parts of WI and IL got slammed with very violent weather.

wi63

It hit hard in Ripon where one of my relatives live. All ok as the storm missed my area though we had the loud thunder boomers. Its like mother nature is getting pissed and sending a message. we had 70s dewpoints which we dont see all that often-fuel for the storms . If they didnt get tornadoes it was low level hurricane type winds that caused a lot of damage.

polarbear4

ola! I put some (i think good) snippets from Cory’s article under the tweets on the Sacklers and PE. It said “awaiting moderation,” and now it’s gone? hoping it’s ok for publication. ty. :o)

Benny

Aint Supposed to Die A Natural Death
Aint Supposed to Die A Natural Death

Wow. Have these rethugs no shame?

Benny

Just another tea party scone.

orlbucfan

The stupid biz RW has been on the warpath since Medicare passed back in 1965. They have been on the same warpath when SS was enacted back in the 1930s. It should no longer be a surprise.

Benny

California state senator seeks federal clarification on medical cannabis use for terminal patients in hospitals

A California senator is asking the head of the U.S. Department of Health and Human Services (HHS) to provide clarification on whether hospitals and other healthcare facilities in legal marijuana states can allow terminally ill patients to use medical cannabis without jeopardizing federal funding.

State Sen. Ben Hueso (D) on Thursday sent a letter to HHS Secretary Xavier Becerra and Centers for Medicare and Medicaid Services (CMS) Administrator Chiquita Brooks-LaSure inquiring about the policy. Confusion about possible implications for permitting marijuana consumption in health facilities led pro-legalization Gov. Gavin Newsom (D) to veto a bill meant to address the issue in 2019.

Hueso refiled a nearly identical version of the legislation for this session, and it’s already passed the full Senate and one Assembly committee. It’s now awaiting action on the Assembly floor before potentially being sent to Newsom’s desk.

Benny

oldtown61
oldtown61

Shoulda been raising hell about this 2 months ago.

Benny