• @Serinus
    link
    English
    92
    edit-2
    7 days ago

    Private equity used the same play against Red Lobster. Sell off all the land (to their other company), charge enough rent to possibly bankrupt the initial company, and either they find a way to pay it (usually enshittification) or they don’t. Either way, money is extracted and others are left holding the literal bills.

    • @Serinus
      link
      English
      206 days ago

      By the way, United Healthcare plays similar games. Per the ACA, health insurance profits are capped at 15%. So they vertically integrate. A good chunk of their “in network” providers are UHC paying themselves in one way or another.

    • @Tangent5280
      link
      English
      226 days ago

      And the responsibility - its going to stain the resumes of the higher management of the victim company that they had a good company and it deteriorated under their management.

      Fuck, seems like the only way to guard against these takeover-enshittify attacks is to never go public or take anybody elses money - and in that case they’ll just fuck your competitor, use them to undercut you and take your clients and run you out of business, and then run THEM to the ground.

    • @[email protected]
      link
      fedilink
      English
      176 days ago

      The company I got laid off from was owned by private equity. They insisted we spend a shitton (as in, a literal multimullion dollar contract) with another company they own that does data processing, but the best part is absolutely nobody seemed to know exactly what data they were supposed to be finding what information in so it was just call after call of people kicking it around management failing to give actual direction for the project

  • @Cornelius_Wangenheim
    link
    English
    59
    edit-2
    6 days ago

    In case people don’t know, Cerberus is very politically connected to the Republican party. Dan Quale is high up in it and Trump is planning to appoint the CEO to Deputy Secretary of the DoD.

    • @Serinus
      link
      English
      647 days ago

      But that says the same thing, just in more detail.

      In 2016 it signed a $1.25 billion sale-leaseback agreement for its Mass. properties with a publicly traded firm called Medical Properties Trust.

      For example, it’s stopped paying vendors and owes at least $50 million in back-rent to MPT.

      • @[email protected]
        link
        fedilink
        English
        -27 days ago

        No it’s different. The sold them, agreed to lease them back, failed to pay the lease and then left someone else holding the bag.

        • flamingos-cantOP
          link
          fedilink
          English
          407 days ago

          I think you’re getting hung up on a small detail. Yeah, the original post does imply it’s Cerberus charging rent, but nuances like this are hard to convey in the format and I don’t think it matters to the overall point. Cerberus still sold the real estate, made huge amount of money and left the physicians to foot the bill (never mind making the physicians take out a huge load to buy back control).

  • @Modva
    link
    English
    627 days ago

    Looks like more Luigis are needed.

    • @edgemaster72
      link
      English
      166 days ago

      Vulture Venture Capital is ripe for adjusting

  • @minorkeys
    link
    English
    266 days ago

    They are killing us for profits.

  • @[email protected]
    link
    fedilink
    English
    17
    edit-2
    7 days ago

    How depressingly fitting for a healthcare profiteering company to be named after the two-faced* beast guarding the entrance to hell 😮‍💨

    *technically two three-HEADED, but that’s not a common euphemism for being a liar 🤷

  • @blazeknave
    link
    English
    26 days ago

    The barbarians are in the gates. RIP Blue Star airlines

  • @MissJinx
    link
    English
    -12
    edit-2
    6 days ago

    My former FIL is a doctor. He and a couple of partners built a small clinic. As the business grew my FiL started slowly buying all the buildings and lots on the whole block and ended up buying the clinics building from the former owner. As the clinic grew into a hospital he would rent out the spaces to his own business until it was so big they just build a whole new hospital building from scratch…but the land is still his. Now even if he up the cost of rent the partners can’t do anything because they have a brand new hoapital built on top of it. This guy is a mastermind he played everyone perfectly. Also he came from poverty. Not normal poor…he was homeless poor when he was young. The guy went through medical school working his ass off and is now a multimillionaire!

    Edit: why are you downvoting me? lol I’m not the one doing it, not even part of that horrible family anymore. I’m just teling a story

    • @derekabutton
      link
      English
      307 days ago

      He knows how bad it is and still became a parasite.

      • @Passerby6497
        link
        English
        126 days ago

        Some people don’t see the horrible situation they grew up in, they see the people who created that situation and just want to trade places. They don’t want to take the boot off their neck, they just want to be the one wearing the boot instead.

        • @MissJinx
          link
          English
          26 days ago

          I don’t think it’s just enviromental. He did went through medical school by himself with no help and I do respect that but this guy has all the steps planned far ahead. He is a sociopath, no mater where he comes from

      • @MissJinx
        link
        English
        26 days ago

        Oh for sure. You don’t ger that rich by just working. His partners in the hospital are 2 nice man that are not even close to as rich as he is. They are confortable but no rich. This guy is a textbook sociopath, he knows how to play and plays everyone like Slash would a guitar. And he is sooo nice all the tine. I’m super afraid of him, I think he would kill his son if he needed