Saturday, January 26, 2008
At Many Homes, More Profit and Less Nursing - New York Times
At Many Homes, More Profit and Less Nursing - New York Times
Private investment firms buy nursing homes, slash RN ratios, patients die of neglect, families unable to even sue because elaborate networks of shell companies obscures actual ownership and requires simultaneously suing dozens of companies. High-priced corporate lawyers create a shell company that holds the nursing home license, but pays out all assets to other companies owned by the same investment firm. When state regulators attempt to fine the nursing home for violations of safety codes the so-called owner says, "Sorry, ain't got no money. Can't pay.", making regulation a meaningless farce.
Shades of Soylent Green - and this is what your FICA deduction is paying for.
Private investment firms buy nursing homes, slash RN ratios, patients die of neglect, families unable to even sue because elaborate networks of shell companies obscures actual ownership and requires simultaneously suing dozens of companies. High-priced corporate lawyers create a shell company that holds the nursing home license, but pays out all assets to other companies owned by the same investment firm. When state regulators attempt to fine the nursing home for violations of safety codes the so-called owner says, "Sorry, ain't got no money. Can't pay.", making regulation a meaningless farce.
Shades of Soylent Green - and this is what your FICA deduction is paying for.
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