Private Equity and Nursing Homes

It seems the Mitt Romney model works exceeding well in this space.

{{ From 2015 until just a month before the near-collapse, Atrium’s owners allegedly paid themselves more than $37 million, according to a federal grand jury indictment in the western district of Wisconsin against CEO Kevin Breslin and Atrium for Medicare and Medicaid fraud. That came after Atrium had borrowed money from a company called MidCap Financial, an affiliate of private equity giant Apollo Global Management which is headed by Marc Rowan. The MidCap money allowed Atrium to expand its nursing home empire from the Northeast to the Midwest. The loan also enabled Atrium’s owners to take money out of their business, even as bills for essentials went unpaid, putting Atrium on the path to ruin. }}

‘They Were Traumatized’: How a Private Equity-Associated Lender Helped Precipitate a Nursing-home implosion - POLITICO

intercst

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The objective, as openly stated, forty years ago, of “supply side economics”: put more money in the hands of the rich.

Steve

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