Uploaded May 2024 | Updated September 2026, 1 week ago
In 2023, in Boston, a woman needed an embolization coil after complications during childbirth, but the hospital didn't have one because it was repossessed two weeks prior for unpaid bills. Sungida Rashid died because the hospital was part of Steward Health Care, which was, over a decade, plundered for over a billion dollars by its private equity owners, while its hospitals were mired in debt and lacked critical supplies and staff. Here, I explain how this happened, and who profited from putting patient lives at risk: Medical Properties Trust, Cerberus Capital Management, and CEO Ralph de la Torre, who purchased a $40 million yacht with his share of the spoils.
Patreon: patreon.com/GeorgRockallSchmidt
Leave a tip: paypal.me/GeorgRockallSchmidt
Twitter: twitter.com/grockallschmidt
Facebook: facebook.com/profile.php?id=100025678273449
Sources
Sick profit: Investigating private equity's stealthy takeover of health care
cbsnews.com/news/health-care-private-equity-medical-bills-stealthy-takeover
The rising danger of private equity in healthcare
lowninstitute.org/the-rising-danger-of-private-equity-in-healthcare
The Plundering of America's Hospitals
businessinsider.com/how-wealthy-investors-got-rich-looting-needy-hospitals-healthcare-system-2024-3
Private Equity Buyouts in Healthcare: Who Wins, Who Loses?
cepr.net/wp-content/uploads/2020/03/WP_118-Appelbaum-and-Batt.pdf
A new study reveals the states where private equity has the most influence on housing, health care, jobs and pensions
nbcnews.com/news/us-news/states-rank-private-equity-influence-housing-health-care-jobs-pensions-rcna146818
A new mom died after giving birth at a Boston hospital. Was corporate greed to blame?
cbsnews.com/news/a-new-mom-died-after-giving-birth-at-a-boston-hospital-was-corporate-greed-to-blame
Companies Behind Malta Hospital Controversy Spent Millions on Luxuries, Payments to Director
occrp.org/en/investigations/companies-behind-malta-hospital-controversy-spent-millions-on-luxuries-payments-to-director
Top House leaders say 'no way' to Steward bailout
dotnews.com/2024/top-house-leaders-say-no-way-steward-bailout
Inside the rise and fall of Steward Health Care’s Ralph de la Torre
bostonglobe.com/2024/03/29/metro/steward-health-care-ceo-ralph-de-la-torre
As Steward Hospitals Teeter, CEO's Yacht is Docked in the Galapagos Islands
bostonglobe.com/2024/02/02/business/steward-ceo-ralph-de-la-torre
Cerberus Quadruples Money After Unusual Exit From Hospital Giant
web.archive.org/web/20210726050738/https://www.bloomberg.com/news/articles/2021-05-27/cerberus-quadruples-money-after-unusual-exit-from-hospital-giant
Steward Board of Directors
steward.org/about/leadership
"Less about people and more about profits": Investors' role in next week's closure of San Antonio hospital under scrutiny
web.archive.org/web/20240121021746/https://www.cbsnews.com/news/texas-vista-medical-center-closure-investors-role-san-antonio-hospital-under-scrutiny
Governor Healey wants Steward Health Care to leave Massachusetts
nbcboston.com/news/local/governor-healey-wants-steward-health-care-to-leave-massachusetts/3289005
A Hospital Heist Seeks Protection in the Ponzi-Friendliest Court in America
prospect.org/health/hospital-heist-steward-friendly-bankruptcy-court-texas
Massachusetts Wakes Up to a Hospital Nightmare
prospect.org/health/2024-01-26-massachusetts-hospital-nightmare-steward-health
A Close Look at the Luxury AMARAL Yacht, a Jewel of Abeking & Rasmussen
superyachtfan.com/yacht/lady-sheridan
Timelines
lowninstitute.org/steward-implosion-provides-cautionary-tale-on-private-equity-in-health-care
wbur.org/news/2024/01/31/steward-health-care-timeline
wcvb.com/article/steward-health-care-bankruptcy-timeline/60698320
In 2023, in Boston, a woman needed an embolization coil after complications during childbirth, but the hospital didn't have one because it was repossessed two weeks prior for unpaid bills. Sungida Rashid died because the hospital was part of Steward Health Care, which was, over a decade, plundered for over a billion dollars by its private equity owners, while its hospitals were mired in debt and lacked critical supplies and staff. Here, I explain how this happened, and who profited from putting patient lives at risk: Medical Properties Trust, Cerberus Capital Management, and CEO Ralph de la Torre, who purchased a $40 million yacht with his share of the spoils.
Patreon: patreon.com/GeorgRockallSchmidt
Leave a tip: paypal.me/GeorgRockallSchmidt
Twitter: twitter.com/grockallschmidt
Facebook: facebook.com/profile.php?id=100025678273449
Sources
Sick profit: Investigating private equity's stealthy takeover of health care
cbsnews.com/news/health-care-private-equity-medical-bills-stealthy-takeover
The rising danger of private equity in healthcare
lowninstitute.org/the-rising-danger-of-private-equity-in-healthcare
The Plundering of America's Hospitals
businessinsider.com/how-wealthy-investors-got-rich-looting-needy-hospitals-healthcare-system-2024-3
Private Equity Buyouts in Healthcare: Who Wins, Who Loses?
cepr.net/wp-content/uploads/2020/03/WP_118-Appelbaum-and-Batt.pdf
A new study reveals the states where private equity has the most influence on housing, health care, jobs and pensions
nbcnews.com/news/us-news/states-rank-private-equity-influence-housing-health-care-jobs-pensions-rcna146818
A new mom died after giving birth at a Boston hospital. Was corporate greed to blame?
cbsnews.com/news/a-new-mom-died-after-giving-birth-at-a-boston-hospital-was-corporate-greed-to-blame
Companies Behind Malta Hospital Controversy Spent Millions on Luxuries, Payments to Director
occrp.org/en/investigations/companies-behind-malta-hospital-controversy-spent-millions-on-luxuries-payments-to-director
Top House leaders say 'no way' to Steward bailout
dotnews.com/2024/top-house-leaders-say-no-way-steward-bailout
Inside the rise and fall of Steward Health Care’s Ralph de la Torre
bostonglobe.com/2024/03/29/metro/steward-health-care-ceo-ralph-de-la-torre
As Steward Hospitals Teeter, CEO's Yacht is Docked in the Galapagos Islands
bostonglobe.com/2024/02/02/business/steward-ceo-ralph-de-la-torre
Cerberus Quadruples Money After Unusual Exit From Hospital Giant
web.archive.org/web/20210726050738/https://www.bloomberg.com/news/articles/2021-05-27/cerberus-quadruples-money-after-unusual-exit-from-hospital-giant
Steward Board of Directors
steward.org/about/leadership
"Less about people and more about profits": Investors' role in next week's closure of San Antonio hospital under scrutiny
web.archive.org/web/20240121021746/https://www.cbsnews.com/news/texas-vista-medical-center-closure-investors-role-san-antonio-hospital-under-scrutiny
Governor Healey wants Steward Health Care to leave Massachusetts
nbcboston.com/news/local/governor-healey-wants-steward-health-care-to-leave-massachusetts/3289005
A Hospital Heist Seeks Protection in the Ponzi-Friendliest Court in America
prospect.org/health/hospital-heist-steward-friendly-bankruptcy-court-texas
Massachusetts Wakes Up to a Hospital Nightmare
prospect.org/health/2024-01-26-massachusetts-hospital-nightmare-steward-health
A Close Look at the Luxury AMARAL Yacht, a Jewel of Abeking & Rasmussen
superyachtfan.com/yacht/lady-sheridan
Timelines
lowninstitute.org/steward-implosion-provides-cautionary-tale-on-private-equity-in-health-care
wbur.org/news/2024/01/31/steward-health-care-timeline
wcvb.com/article/steward-health-care-bankruptcy-timeline/60698320
