#top business loan companies

[gcfdl]

(via ビジネスローンの大手プロバイダー：金融ソリューションでビジネスを支援)

[fusion-microfinance]

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[fratboykate]

I'm totally in support of the writers in theory but I'm trying to understand more of what you're fighting for because I've seen some people on twitter claim writers make more money a week than most of us make in a month so I'm trying to understand what the issue is. Also if that info is accurate. This is a genuine question. Not trying to have a "gotcha moment". I really want to hear from a writer.

people have always had wild misconceptions about how much a writer earns because of their lack of understanding of how the industry actually works. there's so many posts about how "you guys make 5k a week. what more do you want?!" yeah...let's do some math on that.

5k a week for 14 weeks (and that's a long room. a lot of rooms these days are 8-10 weeks. those are the dreaded mini-rooms we're trying to kill) is $70,000. for roughly three months of work. you'd think we're cooking with gas...BUT HOLD UP. that's gross! let's see everything that has to come out of that check:

10% to our agent

10% to our manager

5% to our entertainment attorney

5% to our business manager (not everyone has one but a lot of us do. i do, so that's literally 30% immediately off the top of every check)

most of these breakdowns ive seen downplay taxes severely. someone made one that says writers pay 5% in taxes and i would like to ask them "in what universe?". that doesn't even cover state taxes. the way taxes work in the industry is really complicated, but the short of it is most of us have companies for tax reasons so we aren't taxed like people on w2s/1099. if we did we'd be even more fucked. basically every production hires a writer's company instead of the writer as an individual. so they engage our companies for our services and then at the end of the year we (the company) pay taxes as corporations or llcs (depending on what the writer chose to go with). my company is registered as a "corporation" so let's go with those rates. california's corporate rate is 9% and the federal corporate tax rate is 21%. there's other expenses with running a business like fees and other shit so my business managers/accountants/bookkeepers have recommended i save between 35-40% of everything i make for when tax season comes.

you see where the math is at already??? 25-30% in commissions and then 35-40% in taxes. on the lower end you're at THE VERY LEAST looking at 60% of that check gone. 70% worst case scenario. suddenly those $70,000 people claim we make are actually down to $28,000 as the take home pay. and that's if you're only losing 60%. it goes down to $21,000 if it's 70%.

lets pretend you worked a long 14 week room (that's the longest room ive ever worked btw) and let's also be generous and say you only have 60% in expenses so the take home is $28,000. average rent in los angeles is around $2,800-$3,000. if you're paying $2,800 in rent that means you need AT LEAST $4,000 a month to have a semi decent life since you need to also cover groceries, gas, medical expenses, toiletries, phone, internet, utilities, rental and car insurances, car payments, student loan payments, etc etc etc. and again, this is los angeles. everything is more expensive so you're living BARE BONES on 4k. and these are numbers as a single person. im not even taking having children into account. so those $28,000 you take home might cover your life for 6-7 months. 3 of which you're in the room working. the reality is that once that room ends, you might not work in a room again for 6-9-12 months (i have friends whose last jobs were over 18 months ago) and you now only have about 3 months left of savings to hold you over. we have to make that money stretch while we do all the endless free development we do for studios and until we get our next paying job. so...3 months left of enough money to cover your expenses -> possible 9 months of not having a job. this is how writers end up on food stamps or applying to work at target.

this is why we're fighting for better rates and better residuals. residuals were a thing writers used to rely on to get them through the unemployment periods. residual checks have gone down from 20k to $0.03 cents. im not joking.

they've decimated our regular pay and then destroyed residuals. we have nothing left. so don't believe it when they tell you writers are being greedy. writers are simply fighting to be able to make a middle class living. we're not asking them to become poor for our sake. we're asking for raises that amount to 2% of their profit. TWO PERCENT. this is a fight for writing even being a career in five years instead of something you do on the side while you work retail to pay your bills. if you think shows are bad now imagine when your writer has to do it as a hobby because they need a real job to pay their bills and support a family. (which none of us can currently afford to have btw)

support writers. stop being bootlickers for billion dollar corporations. stop caring about fictional people more than you care about the real people that write them. if we don't win this fight it truly is game over. the industry as you know it is gone.

[gootarts]

as of 8/3, the most recently updated version of this post is here (it's a reblog of this exact post with more info added)

as a lot of you know, limbus company recently fired its CG illustrator for being a feminist, at 11 pm, via phone call, after a bunch of misogynists walked into the office earlier that day and demanded she be fired. on top of this, as per korean fans, her firing went against labor laws---in korea, you must have your dismissal in writing.

the korean fandom on twitter is, understandably, going scorched earth on project moon due to this. there's a lot currently going on to protest the decision, so i'm posting a list here of what's going on for those who want to limit their time on elon musk's $44 billion midlife crisis impulse purchase website (if you are on twitter, domuk is a good person to follow, as they translate important updates to english). a lot of the links are in korean, but generally they play nicely with machine translators. this should be current as of 8/2.

Statements condemning the decision have been issued by The Gyeonggi Youth Union and IT Union.

A press conference at the Gyeonggido Assembly will occur on 8/3, with lawmakers of the Gyeonggi province (where Project Moon is based) in attendance. This appears driven by the leader of the Gyeonggi Youth Union.

The vice chairman of the IT union--who has a good amount of experience with labor negotiations like these--has expressed strong support for the artist and is working to get media coverage due to the ongoing feminist witch hunts in the gaming industry. Project Moon isn't union to my knowledge, but he's noted that he's taken on nonunion companies such as Netmarble (largest mobile game dev in South Korea) by getting the issue in front of the National Assembly (Korea's congress).

Articles on the incident published in The Daily Labor News, Korean Daily, multiple articles on Hankyoreh (one of which made it to the print edition), and other news outlets.

Segments about the termination on the MBN 7 o' clock news and MBC's morning news

Comments by Youth Union leaders about looking into a loan made to Project Moon via Devsisters Ventures, a venture capital firm. Tax money from Gyeonggi province was invested in Devsisters in 2017, and in 2021, Devsisters gave money to Project Moon. The Gyeonggi Youth Union is asking why hard-earned tax money was indirectly given to a company who violates ESG (environmental, social and governance) principles.

Almost nonstop signage truck protests outside Project Moon's physical office during business hours until 8/22 or the company makes a statement. This occurs alongside a coordinated hashtag campaign to get the issue trending on Twitter in Korea. The signage campaign was crowd-funded in about 3 hours.

A full boycott of the Limbus Company app, on both mobile and PC (steam) platforms. Overseas fans are highly encouraged to participate, regardless if whether they're F2P or not. Not opening the app at all is arguably the biggest thing any one person can do to protest the decision, as the app logs the number of accounts that log on daily. For a new gacha such as Limbus, a high number of F2P daily active users, but a small number of paying users is often preferable to having a smaller userbase but more paying users. If the company sees the number of daily users remain stable, they will likely decide to wait out any backlash rather than apologize.

Digging up verified reviews from previous employees regarding the company's poor management practices

Due to the firing, the Leviathan artist has posted about poor working conditions when making the story. As per a bilingual speaker, they were working on a storyboard revision, and thought 'if I ran into the street right now and got hit by a car and died, I wouldn't have to keep working.' They contacted Project Moon because they didn't want their work to be like that, and proposed changes to serialization/reduction in amount of work per picture/to build up a buffer of finished images (they did not have any buffer while working on Leviathan to my knowledge). They were shut out, and had to suck it up and accept the situation.

Hamhampangpang has a 'shrine' section of the restaurant for fans to leave fan-created merch and other items. They also allow the fans to take this merch back if they can prove it's theirs. Fans are now doing just that.

To boost all of the above, a large number of Korean fanartists with thousands of followers have deleted their works and/or converted their accounts from fanart accounts to accounts supporting the protests. Many of them are bilingual, and they're where I got the majority of this information.

[note 1: there's a targeted english-language disinformation campaign by the website that started the hate mob. i have read the artist's tweets with machine translation, and they're talked about in the second hankyoreh article linked above: nowhere does she express any transphobic or similarly awful beliefs. likewise, be wary of any claims that she supported anything whose description makes you raise eyebrows--those claims are likely in reference to megalia, a korean feminist movement. for information on that, i'd recommend the NPR/BBC articles below and this google drive link of english-language scholarly papers on them. for the love of god don't get your information about a feminist movement from guys going on witch hunts for feminists.]

[note 2: i've seen a couple people argue that the firing was for the physical safety of the employees, citing the kyoani incident in japan. as per this korean fan, most fans there strongly do not believe this was the case. we have english-translated transcripts of the meeting between the mob and project moon; the threats the mob was making were to......brand project moon as a feminist company online. yes, really. male korean gamers aren't normal about feminism, and there's been an ongoing witch hunt for feminists in the industry since about 2016, something you see noted in both the labor union statements. both NPR and the BBC this phenomenon to gamergate, and i'd say it's a pretty apt comparison.]

let me know if anything needs correction or if anything should be added.

[hotnbloodied]

Hi there could I request a yandere rich boy x gn reader can it also be a smut if you are comfortable.

Fun fact, this will be the first time I've written smut for this blog. I'm not too skilled at it I'll admit so I hope that what I wrote will be good enough for you my dear~

˚ʚ♡ɞ˚HB˚ʚ♡ɞ˚

Yan!Rich Boy X Reader (!!SMUT!!)

!Warning! This post contains yandere themes and topics that may be uncomfortable to people who are sensitive to the topic, read at your own discretion.

CW: not proof read, yous/yours used, gn reader, there is SEX, sloppy lewd writing, alcohol, drunk sex, yandere is pretty tame since there is smut. (LMK if I'm missing anything.)

!!READ AT YOUR OWN DISCRETION!! MINORS DNI!!

You were a business major at a prestigious college, you worked your butt off trying to get as many grants as possible. Even then, you still needed to seek out loans to help you in your class payments. Luckily you knew that if you wanted to take this path you needed to sacrifice a lot to the grind. A loud laughter broke you out of your thoughts, who the fuck is making so much noise in the library? You look over and see him, the ringleader surrounded by all his goonies, making you grimace. Derek, one of the top nepo babies at the college; his parents being owners of big trading companies. Rumors say that last week he couldn’t decide on either to get a Ferrari or a Lamborghini so he got both.

Laughter rang through the library again, why were they doing this here? There are literal private rooms they could rent if they really wanted a hang out place. Since you were a commuting student you didn’t have a place like a dorm to study in between classes that’s why you had to use the library. You couldn’t sit back and not say anything anymore so you walked up to the small group. “Hey, I’m sorry to be asking this,” why should you be the one that’s sorry you thought, but whatever, “I’m just trying to study and you guys are being just a little loud.” You look at each of their faces finally landing on Derek last looking at him in the eyes. His eyes widen and a cheeky smile spreads on his features again, “sure, if I can have your number.” You laugh slightly because you thought he was joking but he doesn’t laugh along with you so you gulp and take out your phone. After the exchange he leads his friends out of the library with him.

The next day after your classes you were in the library studying again. You noticed that someone sat down beside you and came face to face with Derek. “Hi,” he says with a smirk, “what are you doing?” You looked at him, confused, “I’m studying.” “Is it fun?” You scoff, “no, I wouldn’t say it’s much fun. But I can’t let my GPA drop so I gotta do it.” Your stomach growls, loud enough to be heard making you blush. Derek laughs at you, “come on, a bookworm still needs to eat right?” You were confused but packed up your things and followed him out to the parking lot where he pressed his keys and the lights to a Bentley lit up. What about the Ferrari or Lamborghini you heard about? Like reading your mind he said, “I like Bentley for everyday use.” He opened the passenger door for you as you sheepishly went in. The drive was surprisingly pleasant, the weather was cool and he had the windows down with the radio playing the popular songs, singing along to them making you laugh and sing along too. Your anxiety was raised again when you two arrived at what seems to be a restaurant with valet parking.

“Why are we here?” You ask while nipping at your fingers. He looked at you confused, “for dinner of course.” “I, uh, can’t afford something like this,” you said with a blush. His confusion turns into a chuckle, “dude what? My treat of course, come on.” He led you in and the host brought you two to a private room. You glance at the menu but don’t see any of the price tags, only stuff like aged wagyu. He looks at how you squirm and smiles, your range of emotions have entertained him since yesterday when you first looked at him. You were so different from him, constantly on the move, taking everything so seriously. What did it look like when you came undone? He was determined to find out.

He orders for the both of you and makes small talk to learn more about you, each word captivates him and makes him realize how oddly charismatic you were. (He’s already in delulu land) Each back and forth feels so genuine and like a breath of fresh air to him and the best part is that you would look at him when talking to him. When the food arrives you light up after each bite, never did your broke ass think you’d even taste food like this. And don’t forget the wine, you might have gone a little too far with it. He helped you back to his car and started driving, you had the window down and your head stuck slightly out and in the zone to notice that you never asked him where he was going.

He was bringing you to his place, leading you inside to his room, you crawled into his bed giggling. He gets in bed and hovers over your intoxicated form. “Hey, this isn’t my bed,” you slur slightly. “You’re cute,” he says. You giggle some more and boop his nose with your finger. He leans in and kisses you, you sigh as you wrap your arms around him and return the kiss. His hands start to roam and grope your body, with the help of the alcohol your skin feels extra sensitive making you whimper. “You like that?” He asks as he breaks the kiss to have a taste of your neck, licking and sucking with sloppy wet sounds echoing through the room making you moan out his name. “We’re just getting started darling.” He reaches down to your entrance, “look at you, you’re so excited to take me.” He slowly works one finger, then two into your entrance, the slow rhythm gets you worked up and you beg for more. Derek sighs dreamily, this is different when other people ask him for things. He wants to give you the world if you let him. He slips his fingers out of you and you whine more. “Don’t worry, you’ll be filled soon,” he slides his pants down and his girth springs up making your mouth water. You’re grinding against his shaft and it sends a shiver down his spine. He holds your hips in place so he can line himself up to your opening and slowly pushes in. You gasp as he enters, you feel so full and he did everything not to just ram it into you. You both fell into a rhythm, the sounds of skin slapping, whimpers and moans resounded through the room. You returned the favor and sucked on his neck and teased his nipples which got him worked up and he took your legs and pounded you in a mating press, the amount of pressure was dizzying and you found yourself being drowned in pleasure about to release. Your toes curl as you orgasm and he follows sooner after. You pass out and he looks at your sleeping form with his fluids leaking out of you. As much as he wants to keep you marked he gets a towel and wipes you and himself down before snuggling next to you.

Has he known peace like this before? His eyelids grew heavy as he listened to your steady breathing beside him. He was already convinced that you were the one meant for him, his one and only. He’ll take care of you from now on and he’ll do everything you ask of him. Derek didn’t even consider the fact that you might say no, because in his head he was going to make you his and it was your choice of either heaven or hell.

[zvaigzdelasas]

[BBC is UK State Media]

Truong My Lan is charged with taking out $44bn (£35bn) in loans from the Saigon Commercial Bank. Prosecutors say $27bn may never be recovered.[...]

The evidence is in 104 boxes weighing a total of six tonnes [!!!]. Eighty-five defendants are on trial with Truong My Lan, who denies the charges. She and 13 others face a possible death sentence.

"There has never been a show trial [sic] like this, I think, in the communist era," says David Brown, a retired US state department official with long experience in Vietnam. "There has certainly been nothing on this scale."

The trial is the most dramatic chapter so far in the "Blazing Furnaces" anti-corruption campaign led by the Communist Party Secretary-General, Nguyen Phu Trong.

A conservative [sic] ideologue [sic] steeped in Marxist theory, Nguyen Phu Trong believes that popular anger over untamed corruption poses an existential threat to the Communist Party's monopoly on power. He began the campaign in earnest in 2016 after out-manoeuvring the then pro-business prime minister to retain the top job in the party.

The campaign has seen two presidents and two deputy prime ministers forced to resign, and hundreds of officials disciplined or jailed. Now one of the country's richest women could join their ranks.[...]

Although Vietnam is best known outside the country for its fast-growing manufacturing sector, as an alternative supply chain to China, most wealthy Vietnamese made their money developing and speculating in property.

All land is officially state-owned. Getting access to it often relies on personal relationships with state officials. Corruption escalated as the economy grew, and became endemic.

By 2011, Truong My Lan was a well-known business figure in Ho Chi Minh City, and she was allowed to arrange the merger of three smaller, cash-strapped banks into a larger entity: Saigon Commercial Bank.

Vietnamese law prohibits any individual from holding more than 5% of the shares in any bank. But prosecutors say that through hundreds of shell companies and people acting as her proxies, Truong My Lan actually owned more than 90% [!!!] of Saigon Commercial.

They accuse her of using that power to appoint her own people as managers, and then ordering them to approve hundreds of loans to the network of shell companies she controlled.

The amounts taken out are staggering. Her loans made up 93% [!!!] of all the bank's lending.

According to prosecutors, over a period of three years from February 2019, she ordered her driver to withdraw 108 trillion Vietnamese dong, more than $4bn (£2.3bn) in cash from the bank, and store it in her basement.

That much cash, even if all of it was in Vietnam's largest denomination banknotes, would weigh two tonnes.[!!!!!][...]

David Brown believes she was protected by powerful figures who have dominated business and politics in Ho Chi Minh City for decades. And he sees a bigger factor in play in the way this trial is being run: a bid to reassert the authority of the Communist Party over the free-wheeling business culture of the south.

"What Nguyen Phu Trong and his allies in the party are trying to do is to regain control of Saigon, or at least stop it from slipping away.[...]

faster growth in Vietnam almost inevitably means more corruption [sic]. Fight corruption too much [sic], and you risk extinguishing a lot of economic activity.

10 Apr 24

[gcfdl]

(via PENYEDIA PINJAMAN BISNIS TERKEMUKA: Memberdayakan Bisnis dengan Solusi Keuangan)

[likeadevils]

okay i know we’re tired but one last point about the jet stuff i just needed to round out stuff that i always want to add as a footnote whenever i see people discussing it

taylor loans out her jet while she isn’t using it, and i think there is a meaningful difference between “i will take ridiculously frivolous flights” to “i will let other people take flights on it and i won’t regulate how long those have to be” (still bad, but less maniacal imo)

taylor falling out of the top 30 celebrity co2 emissions says to me that she has been taking concrete steps to regulate the use of her jet, and i hope she continues to in the future

she just sold her airplane, and the ridiculously short flights from this month were likely for checking maintenance/showing it to potential buyers. again, still generated a big carbon footprint, but does add nuance

a spokesperson from taylor’s camp told business insider: “Before the tour kicked off in March of 2023, Taylor purchased more than double the carbon credits needed to offset all tour travel.” which says to me that taylor is taking steps to offset the damage she’s caused to the environment (edit: this blew up way more than i thought it was going to so i do just want to add a little asterisk: how expensive, effective, and transparent carbon credits are vary widely depending on where you buy them. i can’t find exactly which ones taylor bought, and even if i could it’s often super difficult to verify what companies are actually doing with the money from the credits for a variety of reasons that i am not smart enough to sum up succinctly and accurately. so, in my opinion and from the current available information, this particular point speaks more to her attempting to do good and willingness to try to offset her footprint than like, a pure w)

there are measures outside of simply reducing her jet use (which is obviously very important) that would have a big impact on her carbon footprint— coldplays tour has created a lot of systems to make their tour run on as much renewable energy as possible, including using biofuels for their trucks, solar power and kinetic power generated by dance floors and bikes for their show, and a more sustainable jet fuel that cuts co2 emissions by 80%.

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[mostlysignssomeportents]

When private equity destroys your hospital

I'm on tour with my new novel The Bezzle! Catch me TOMORROW in PHOENIX (Changing Hands, Feb 29) then Tucson (Mar 9-10), San Francisco (Mar 13), and more!

As someone who writes a lot of fiction about corporate crime, I naturally end up spending a lot of time being angry about corporate crime. It's pretty goddamned enraging. But the fiction writer in me is especially upset at how cartoonishly evil the perps are – routinely doing things that I couldn't ever get away with putting in a novel.

Beyond a doubt, the most cartoonishly evil characters are the private equity looters. And the most cartoonishly evil private equity looters are the ones who get involved in health care.

(Buckle up.)

Writing for The American Prospect, Maureen Tcacik details a national scandal: the collapse of PE-backed hospital chain Steward Health, a company that bought and looted hospitals up and down the country, starving them of everything from heart valves to prescription paper, ripping off suppliers, doctors and nurses, and callously exposing patients to deadly risk:

https://prospect.org/health/2024-02-27-scenes-from-bat-cave-steward-health-florida/

Steward occupies a very special place in the private equity looting cycle. Private equity companies arrange themselves on a continuum of indiscriminate depravity. At the start of the continuum are PE funds that buy productive and useful firms (everything from hospitals to car-washes) using "leveraged buyouts." That means that they borrow money to buy the company and use the company itself as collateral: it's like you getting a bank-loan to buy your neighbor's mortgage out from under them, and using your neighbor's house as collateral for that loan.

Once the buyout is done, the PE fund pays itself a "special dividend" (stealing money the business needs to survive) and then starts charging the business a "management fee" for the PE fund's expertise. To pay for all this, the PE bosses start to hack away at the company. Quality declines. So do wages. Prices go up. The company changes suppliers, opting for cheaper alternatives, often stiffing the old company. There are mass layoffs. The remaining employees end up doing three peoples' jobs, for lower wages, with fewer materials of lower quality.

Eventually, that top-feeding PE company finds a more desperate, more ham-fisted PE company to unload the business onto. That middle-feeding company also does a leveraged buyout, pays itself another special dividend, cuts wages, staffing and quality even further. They switch to even worse suppliers and stiff the last batch. Prices go up even higher.

Then – you guessed it – the middle-feeding PE company finds an even more awful PE bottom-feeder to unload the company onto. That bottom feeder does it all again, without even pretending to leave the business in condition to do its job. The company is a shambling zombie at this point, often producing literal garbage in place of the products that made its reputation. Employees' paychecks bounce, or don't show up at all. The company stops bothering to pay the lawyers that have been fending off its creditors. Those lawyers sue the company, too.

That's the kind of PE company Steward Health was, and, as the name suggests, Steward Health is in the business of stripping away the very last residue of value from community hospitals. As you might imagine, this gets pretty fucking ugly.

Steward owns 32 hospitals up and down the country, though its holdings are dwindling as the company walks away from its debt-burdened holdings, after years of neglect that have rendered them unfit for use as health facilities – or for any other purpose. Tcacik's piece offers a snapshot of one such hospital: Florida's Rockledge Regional Medical Center, just eight miles from Cape Canaveral.

Rockledge is a disaster. The fifth floor was, at one point, home to 5,000 bats.

Five.

Thousand.

Bats.

(Rockledge stiffed the exterminators.)

The bats were just the beginning. One of the internal sewage pipes ruptured. Whole sections of the hospital were literally full of shit, oozing out of the walls and ceiling, slopping over medical equipment.

That's an urgent situation for any hospital, but for Rockledge, it's catastrophic, because Rockledge is a hospital without any hospital supplies. Steward has stiffed the companies that supply "heart valves, urology lasers, Impella catheters, cardiac catheterization balloons, slings for lifting heavier patients, blood and urine test reagents, and most recently, prescription paper." Key medical equipment has been repossessed. So have the Pepsi machines. The hospital cafeteria had its supply of cold cuts repossessed:

https://www.reddit.com/r/massachusetts/comments/1agc1j4/comment/kolicqo/

It's not just Steward's nonpayments that reek of impending doom. Its payments also bear the hallmarks of a scam artist on the brink of blowing off the con. The company recently paid off a vendor with five separate checks for $1m, each drawn on "a random hospital in Utah" (Steward recently walked away from its Utah hospitals; its partners there are suing it for stealing $18m on their way out the door).

This company – which owns 32 hospitals! – has resorted to gambits like sending photos of fake checks to doctors it hasn't paid in months as "proof" that the money was coming (the checks arrived 22 days later).

Steward owes so much money to its employees – $1.66m to just one doctors' group. But the medical staff keep doing their jobs, and are reluctant to speak on the record, thanks to Steward's reputation for vicious retaliation. Those health workers keep showing up to take care of patients, even as the hospital crumbles around them. One clinician told Tcacik: "I watched a bed collapse underneath a [patient] who had just undergone hip surgery."

Rockledge has nine elevators, but only five of them work – the other four have been broken for a year. The hospital's fourth floor has been converted to "a graveyard of broken beds." The sinks are clogged, or filled with foul gunk. There's black mold. Nurses have noted on the maintenance tags that the repair service refuses to attend the hospital until their overdue bills are paid. The fifteen-person on-site maintenance team was cut to just two workers.

Steward is just the latest looting owner of Rockledge. After the Great Financial Crisis, private equity consultants helped sell it to Health Management Associates. The hospital's CEO took home a $10m bonus for that sale and exited; Health Management Associates then quickly became embroiled in a Medicare fraud and kickback scandal. Soon after, Rockledge was passed on to Community Health Systems, who then sold it on to Rockledge.

Steward, meanwhile, was at that time owned by an even bigger private equity giant, Cerberus, which then sold Steward off. That deal was performatively complex and hid all kinds of mischief. Prior to Cerberus's sell-off of Steward, they sold off Steward's real-estate. The buyer was Medical Properties Trust, who gave Cerberus $1.25b for the real-estate: three hospitals in Florida and three more in Ohio. Steward then contracted to operate these hospitals on MPT's behalf, and pay MPT rent for the real-estate.

This complex arrangement was key to siphoning value out of the hospital and to keeping angry creditors at bay – if you can't figure out who owes you money, it's a lot harder to collect on the debt. The scheme was masterminded by Steward founder/CEO Ralph de la Torre. De la Torre is notorious for taking a massive dividend out of the company while it owed $1.4b to its creditors. He bought a $40m yacht with the money.

De la Torre was once feted as a business genius who would "disrupt" healthcare. But as Steward's private jet hops around "Corfu, Santorini, St. Maarten and Antigua" as its hospitals literally crumble, he's becoming less popular. In Massachusetts, politicians have railed against Steward and de la Torre (Governor Healey wants the company to leave the state "as soon as possible").

Florida, by contrast, is much more friendly to Steward. The state Health and Human Services Committee chair Randy Fine is an ardent admirer of hospital privatization and is currently campaigning to sell off the last community hospital in Brevard County. The state inspectors are likewise remarkably tolerant of Steward's little peccadillos. The quasi-governmental agency that inspects hospitals has awarded this shit-and-bat-filled, elevator-free, understaffed rotting hulk "A" grades for quality.

These inspectors jointly represent a mismatched assortment of private and public agencies, dominated by a nonprofit called Leapfrog, the brainchild of Harvard public-health prof Lucian Leape, who founded it in 2000. Leapfrog likes to tout its "transparent" assessment criteria, and Steward are experts at hitting those criteria, spending the exact minimum to tick every box that Leapfrog inspectors use as proxies for overall quality and safety.

This is a pretty great example of Goodhart's Law: "every measurement eventually becomes a target, whereupon it ceases to be a good measurement":

https://xkcd.com/2899/

But despite Steward's increasingly furious creditors and its decaying facilities, the company remains bullish on its ability to continue operations. Medical Properties Trust – the real estate investment trust that is nominally a separate company from Steward – recently hosted a conference call to reassure Wall Street investors that it would be a going concern. When a Bank of America analyst asked MPT's CFO how this could possibly be, given the facility's dire condition and Steward's degraded state, the CFO blithely assured him that the company would get bailouts: "We own hospitals no one wants to see closed."

That's the thing about PE and health-care. The looters who buy out every health-care facility in a region understand that this makes them too big to fail: no matter how dangerous the companies they drain become, local governments will continue to prop them up. Look at dialysis, a market that's been cornered by private equity rollups. Today, if you need this lifesaving therapy, there's a good chance that every accessible facility is owned by a private equity fund that has fired all its qualified staff and ceased sterilizing its needles. Otherwise healthy people who visit these clinics sometimes die due to operator error. But they chug along, because no dialysis clinics is worse that "dialysis clinics where unqualified sadists sometimes kill you with dirty needles":

https://www.thebignewsletter.com/p/the-dirty-business-of-clean-blood

The bad news is that private equity has thoroughly colonized the entire medical system. They took hospitals, fired the doctors, then took over the doctors' groups that provided outsource staff to the hospital:

https://pluralistic.net/2020/04/04/a-mind-forever-voyaging/#prop-bets

It's illegal for private equity companies to own doctors' practices (doctors have to own these), but they obfuscated the crime with a paper-thin pretext that they got away with despite its obvious bullshittery:

https://pluralistic.net/2020/05/21/profitable-butchers/#looted

The financier who decides whether you live or die depends on an algorithm that literally sets a tolerable level of preventable deaths for the patients trapped in the practice:

https://pluralistic.net/2023/08/05/any-metric-becomes-a-target/#hca

Private equity also took over emergency rooms and boobytrapped them with "surprise billing" – junk fees that ran to thousands of dollars that you had to pay even if the hospital was in network with your insurer. They made billions from this, and spent a many millions from that booty keeping the scam alive with scare ads:

https://pluralistic.net/2020/04/21/all-in-it-together/#doctor-patient-unity

The whole health stack is colonized by private equity-backed monopolies. Even your hospital bed!

https://pluralistic.net/2022/01/05/hillrom/#baxter-international

Then there's residential care. Private equity cornered many regional markets on nursing homes and turned them into slaughterhouses, places where you go to die, not live:

https://pluralistic.net/2021/02/23/acceptable-losses/#disposable-olds

The palliative care sector is also captured by private equity. PE bosses hire vast teams of fast-talking salespeople who con vulnerable older people into entering an end-of-life system before they are ready to die. Thanks to loose regulation, the nation is filled with fake hospices that can rake in millions from Medicare while denying all care to their patients (hospice patients don't get life-extending medication or procedures, by definition):

https://pluralistic.net/2023/04/26/death-panels/#what-the-heck-is-going-on-with-CMS

If you survive this long enough, Medicare eventually tells the hospice that you're clearly not dying and you get kicked off their rolls. Now you have to go through the lengthy bureaucratic nightmare of convincing the system – which was previously informed that you were at death's door – that you are actually viable and need to start getting care again (good luck with that).

If that kills you, guess what? Private equity has rolled up funeral homes up and down the country, and they will scam your survivors just as hard as the medical system that killed you did:

https://pluralistic.net/2022/09/09/high-cost-of-dying/#memento-mori

The PE sector spent more than a trillion dollars over the past decade buying up healthcare companies, and it has trillions more in "dry powder" allocated for further medical acquisitions. Why not? As the CFO of Medical Properties Trust told that Bank of America analyst last week, when you "own hospitals no one wants to see closed." you literally can't fail, no matter how many people you murder.

The PE sector is a reminder that the crimes people commit for money far outstrip the crimes they commit for ideology. Even the most ideological killers are horrified by the murders their profit-motivated colleagues commit.

Last year, Tkacic wrote about the history of IG Farben, the German company that built Monowitz, a private slave-labor camp up the road from Auschwitz to make the materiel it was gouging Hitler's Wehrmacht on:

https://pluralistic.net/2023/06/02/plunderers/#farben

Farben bought the cheapest possible slaves from Auschwitz, preferentially sourcing women and children. These slaves were worked to death at a rate that put Auschwitz's wholesale murder in the shade. Farben's slaves died an average of just three months after starting work at Monowitz. The situation was so abominable, so unconscionable, that the SS officers who provided outsource guard-labor to Monowitz actually wrote to Berlin to complain about the cruelty.

The Nuremberg trials are famous for the Nazi officers who insisted that they were "just following order" but were nonetheless executed for their crimes. 24 Farben executives were also tried at Nuremberg, where they offered a very different defense: "We had a fiduciary duty to our shareholders to maximize our profits." 19 of the 24 were acquitted on that basis.

PE is committed to an ideology that is far worse than any form of racial animus or other bias. As a sector, it is committed to profit above all other values. As a result, its brutality knows no bounds, no decency, no compassion. Even the worst crimes we commit for hate are nothing compared to the crimes we commit for greed.

If you'd like an essay-formatted version of this post to read or share, here's a link to it on pluralistic.net, my surveillance-free, ad-free, tracker-free blog:

https://pluralistic.net/2024/02/28/5000-bats/retaliation#charnel-house

[skycreditloans]

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[threepandas]

Bad End: Restructuring

The blast doors on my office were stronger then the ones on most bunkers. They matched the one's on the company dorms AND my personal rooms. Thing is? They weren't designed to hold out forever. In fact, I was pretty sure they were a pretty bit of security theater, just to let us fleshys feel safe.

We weren't.

Not a single moment of a single day.

The pay was unmatched. But then again, it'd HAVE to be, with the mortality rate. The morbidity rate on top, too. You didn't take a job like this unless you were crazy. Or, you know, desperate. College loans, man. They get you over a barrel and don't let up. But a few years of this? I'd be clear an free~

Few MORE years? I'd ever have a tasty little nest egg to fall back on, in case of emergencies. I just... you know, had to play it smart. Be really, REALLY careful.

No slacking off. No getting comfortable. Vigilance and best manners. Then we all get to go home alive. Because what's out there? In the Labs? Those guys can pop diamonds like we crush packing peanuts. Highest grade, fancy ass, metal bars of specialty blend metals? Tied up in pretty little bows.

They may LOOK like some sort of waifish boy band... but God, they are NOT. They are really, REALLY not. And their "personality" matrix program thingies? Apparently still a work in progress. A LONG work in progress.

People have fucking DIED.

But does management care? Of course not. Pay out some life insurance. "It was an accident on the job". And "of COURSE steps will be taken to insure to never happens again". Ha! My ass, it is. And my ass, they are. They aren't doing SHIT. Nor are they GOING too. They're in too deep with this project, whatever it is. And us?

Well WE'RE expendable.

Just the cost of doing business.

I watch bleeding edge technology move like dancers, room to room. The wall of screen lighting up my cramped little office. The mini-fridge hums and the fan whirrs, filling the silence. I try to spot FM-036 on one of the screens. I can't find him and it makes me nervous.

He might be hiding. Trying to be polite, in his own way. Since there was an incident.

I FUCKING TOLD Ric not to call them "it"! I TOLD him! It aggravates them. Provokes. You don't DO that with something... some ONE, with that much physical power. 36 put their fist through his SHOULDER. And the God damned wall! He might LOSE his arm, which? Given their ability to calculate better then most supercomputers?

Was probably the point.

I notice one of the androids messing with a computer in a lab. Fuck. I lean forward, hating drawing their attention but knowing I have to do my damn job. I press on the speaker system for that room after a quick glance at the ID on their jumpsuit.

"FM-047, could you please not touch that? I know you are aware that you are not supposed to tamper, meddle, or otherwise engage with the researchers notes or electronics."

The android stop typing. Their head rolling up and to the side to look directly at the camera, their body perfectly still. The angle borders on impossible. Almost owlish, nearly snake like. All perfectly smooth movements effortlessly controlled. Joint not limited by human designs. His face is bemused. Pleasant.

"Of course, night gaurd. My mistake. Thank you for correcting me." He replies, something almost like laughter, nearly like mocking, but not quite, in his smooth voice. They always sound like they are... HUMORING us. Working around us.

It sends a jolt of cold fear though my veins.

I... I REALLY hate talking to the androids.

Pity, they seem to like talking to ME.

"I was unaware you were on shift tonight. I will update the others. It's good to hear your voice again, you seemed nervous, last time we spoke."

Yeah. Because you were asking PERSONAL QUESTIONS. Oh, sure, they had dressed them up as "We're so CURIOUS about Humans~☆" but I wasn't an IDIOT. You Did NOT, under ANY circumstances, try to bond with the machines. NO chatting. That was lesson number one from my trainer.

And Frank? Frank had seen too many "but THIS time it's DIFFERENT! We're FWIENDS~!" Incidents end in unspeakable carnage. Lost too many noobies. We DO NOT chat! With the machines!!! DO. NOT.

"Ah~, you made her nervous again, FM-047" came from a different screen. I flinched. Jerked back so I could see it. Oh god. "Besides, I told you. The calculations showed she wasnt going anywhere. The 'money' is too good."

The androids had stopped. Turned, in some cases unnaturally, to stare up at the cameras. At me. It was a blatant show of how interconnected they were. How distance meant nothing to them. How... how enmeshed they were, in the Lab's systems.

COULD they see me?

I didn't want to know. I NEEDED not to know. If only so I could continue to sleep at night.

They smiled, clearly hoping I'd engage. I wanted to. God did I want too. Wanted to demand "what calculations" and for them to STOP looking at me like that. But I didn't. With tense muscles I careful lifted my finger from the speaker system's button and leaned back. Crossed my arms like I was hugging myself.

Do. Not. Engage.

Remember what Frank taught you.

My... my office felt so claustrophobic. Painfully small. Across the screens before me, matching faces huffed laughs of condescending amusement. Some out right DID laugh. Bright and mean noises that echoed in silence of the night.

Humans? Frank had observed (and I kinda had to agree) were beneath them, in their minds. Flawed little flesh creatures. Annoying. It was something the scientists were trying to correct. Pretty sure they fucked up. Badly. And long, long ago.

Watching over these guys? Felt like watching over a sea of identical demons. Pretty, cruel, and incapable of human understanding. Fond of tormenting the nearest human for sport.

"Tell us, night gaurd, are you afraid?"

Oh that's just PETTY. Fucking cliché as shit, too. I mean, YES, obviously. But STILL. And... and you know what? Fuck it! Frank, gave me his number for a reason! I scramble for my belt. The communicator there. It barely rings.

"Mph, m'awake! Wus happin' kid? Come on, talk to me."

I ramble. Knees dragged up on my chair, curled in a ball. Frank's low, old man, rumble a soothing focal point. These guys are so creepy. I HATE that they KNOW that. Gleefully will TRY to be, sometimes. Can BACK IT UP.

"Hey, hey. I'll stay on the line, okay? You just need to make it to morning shift. They're are creepy lil shits, but they can't get past the doors. I'll come get you myself, okay? Walk you right back to the dorms. You're going to be okay, sweetheart."

I nod, even though I know the old man can't see me. Manage to crackle out a "Mmmhmm". The androids haven't stopped staring. The worst part? Is they realistically DONT HAVE TOO. Can stay, perfectly still, like statues... forever, if they wish.

Watching.

With those "I'm laughing at you" grins. That "aaaw, how PATHETIC" expression. As though I were a wretched little animal to be observed. I ask Frank to tell me about his new show. It's... it's something about socialites, right? Historical? He's glad too. Filling my office with the sound of his voice. It's gonna be a long shift.

I don't notice, high up on the wall, near the back of my office?

A security camera that I do not control. It's red light on.

The company has to be sure it's employees aren't slacking, after all! Aren't up to no good! But don't worry, THAT camera is connect to a database the androids shouldn't be able to access! Because we told them not too.

And THAT'S IT.

No one will learn of the security breach until its far, far too late.

Now? They watch as I watch them.

And it's just the beginning.

[donald-trump-official]

Ok so I know it’s really easy to think, “oh yeah the trump org conviction is just a million dollar fine, they didn’t even charge trump, it’s nothing but a slap on the wrist”. I understand why it seems that way. Not just because of the pitiful sentence they’re about to receive, but because it still seems as if Trump and his cronies will escape Justice.

But hear me out.

This is just the beginning.

This is absolutely just the beginning of the end of the trump organization.

The trump org has a lot of debt. Like. A shit ton. Donald trump has called himself “the king of debt”, because he built his empire off nothing but loans and over-inflated property as collateral for those loans. Most of the trump org’s wealth is is tied into those properties. Most of the property is tied into the loans. And most of Donald Trump’s wealth is tied into the trump org and it’s properties.

With their still hot and fresh convictions, the trump org’s biggest issue is it’s bank problem. Using fraudulent business records on a bank loan will invalidate the loan. A jury just found that the trump org filed fraudulent business records. It’s a safe bet that right now, banks are auditing their loans with them, to find out if the documents submitted on their applications were fraudulent.

Banks don’t take too kindly to their borrowers lying to them or using fraudulent records to secure a loan. If the banks find out the trump org lied on their loan applications, they’re gonna start calling in these loans. Loans the Trump Org doesn’t have the cash on hand to cover, because their wealth is tied into their assets.

Of course, he could always go out and ask for another loan from a different bank. But since the trump org was just found guilty of falsifying their business records, no bank is ever going to go near them again. Let alone loan them ANOTHER 1 billion dollars. Their credibility as a company who can be trusted with big money loans is dead and gone. They’ve been blacklisted.

Which leaves the trump org and it’s owners in a very precarious situation. They need cash to pay off these loans, but they don’t have it. So they can steal top secret documents and sell them, or they will have to liquidate their assets to garner the cash to pay the loans.

Small problem, though. The Trump Org used their property as collateral, meaning they can’t sell their properties without notifying the banks, getting their approval, and giving the banks their fair share of the final sale. And if they were to try to sell their properties, they wouldn’t be allowed to. Because the trump org overinflated the value of it’s assets to secure the loans in the first place. So the real value of its assets is *much* lower than what the banks were told it was worth, and what they were given in loans. The bank is never going to let them sell their assets for pennies on the dollar. Instead, they’re going to invalidate the loan and make them pay it in full. And if they can’t pay, they will keep the collateral.

Knowing they have shit tons of debt that is likely to be called in, AND that they can’t liquidate their assets to pay it, this leaves the trump org with only one viable option: declaring bankruptcy. A last ditch effort.

Bankruptcy could be an out for them. We’v seen it before. A company declares bankruptcy, moves their assets around, and then reforms under the guise of a different company that has, effectively, a clean slate.

Enter: the state of New York. Also the trump orgs biggest problem.

New York District Attorney Letita James has been investigating the trump org’s finances for years now, uncovering a litany of fraud and tax evasion in the process. She worked in conjunction with the Manhattan DA to bring the charges the trump org was just convicted of. She has filed a civil lawsuit against the trump org, accusing them of a years-long practice of, you guessed it: tax fraud and filing fraudulent business records.

Her lawsuit is now a complete slam dunk. She is arguing that the trump org committed tax fraud and defrauded the state by falsifying it’s business records. Not only does she have all of the trump orgs financial records and bank statements, which in itself is enough to win the lawsuit, but the trump org was just criminally charged with 17 counts of tax fraud and falsifying business records. Pretty strong and convincing evidence the company committed the crime, if you were a person sitting on that jury.

The lawsuit seeks to revoke the business license of the owners of the trump org in the state of New York, forcing them to relocate the business and apply for a business license in a different state. This would require submitting the company’s business records and getting approval for a business license. And since the trump orgs business records have been proven to be fraudulent, there’s a next to 0 chance they get approval for a license outside of NY. Leaving the trump org stuck in NY and at the mercy of the NYAG.

On top of that, the lawsuit also seeks $250 million in damages, which the trump org doesn’t have the cash to cover. Because their wealth is tied into assets they have used as collateral for loans. If they lose the lawsuit, which is a guarantee, and they don’t have the cash to cover the fine, they are subject to having their assets seized by the state of New York.

So unable to pay off the loans, unable to sell their assets, unable to pay the fine from the lawsuit, and unable to relocate their business to a different state, that brings us back to bankruptcy. The trump orgs last and only option to avoid all of this.

Letita James knows bankruptcy is in the future of the trump org. She knows they would attempt to avoid accountability by declaring bankruptcy and starting a new company to transfer their assets (fun fact, trump started a second company in NY called “Trump Org 2”. It was *that* obvious). So just within the past couple of months, she asked the court to appoint a monitor to oversee the trump org’s finances. And that request was granted.

The trump org now has a court ordered monitor overseeing their finances, effectively freezing them and preventing them from wiggling away. They cannot move around their assets and restructure them under the guise of a different company without the knowledge, and approval, of the court. They also cannot sell any of their assets without the knowledge and approval of both the court, and the banks. And every financial statement or transaction from here on out must be approved by the court, meaning they can no longer file false business records to secure massive loans.

(TL;DR) The trump org has been effectively backed into a corner from all sides. If the banks don’t invalidate their loans, they will default on them because the trump org doesn’t have the cash to pay them. If they do invalidate their loans, they trump org will not be able to pay them, and their assets will be seized by the banks. They cannot sell their assets, because their overinflated value was used as collateral. And they risk having their assets seized by the state of NY, which has also appointed a court ordered monitor that prevents them from declaring bankruptcy to avoid accountability.

Oh, and did I mention that Allen Weisselburg, the trump orgs chief financial officer who was given a plea deal after agreeing to testify against the trump org, testified at trial that Donald trump was personally involved in the crimes he, and the trump org, committed. So the owners of the trump org, trump, ivanka, jr, risk potential criminal prosecution and could face the same felonies as their CFO. Because they were directly implicated in the crimes the trump org was convicted of.

So yeah. On its face, the trump org convictions seem inconsequential. But if you were Donald trump, or any of the owners of the trump org, you would be pissing yourself in fear, backed into a corner from all sides awaiting the first of many death blows to land.