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Economy
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Title: Sharks who made a killing out of 'care': How City predators destroyed firm caring for 31,000 old people
Source: Mail Online
URL Source: http://www.dailymail.co.uk/news/art ... te-equity-firm-Blackstone.html
Published: Jun 2, 2011
Author: Tim Shipman
Post Date: 2011-06-03 11:13:45 by lucysmom
Keywords: Fat Cat Bailout, Privatization
Views: 10508
Comments: 19

* Care-home bailout could cost £600m * Second biggest care company also in trouble

Shark: Stephen Schwarzman's U.S. private equity firm Blackstone bought out Southern Cross Healthcare in 2004 before selling them three years later

Taxpayers face having to rescue more than 31,000 vulnerable people amid financial meltdown at the UK’s biggest care-home company.

The bill could run into hundreds of millions of pounds after ruthless City speculators left Southern Cross Healthcare in dire straits.

There is anger and outrage that so many lives have been thrown into turmoil through the actions of City venture capitalists.

The U.S. private equity firm Blackstone, led by Stephen Schwarzman, bought Southern Cross in 2004 for £162million and sold it three years later. It is believed to have quadrupled its investment.

But to achieve this it sold off the company’s homes, robbing Southern Cross of its capital and forcing it to lease the properties back from another company.

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Begin Trace Mode for Comment # 5.

#1. To: Badeye, A K A Stone, hondo68, Fred Mertz, Godwinson, go65, war, no gnu taxes, Skip Intro, ferret mike, jwpegler, brian s, mcgowanjm, Capitalist Eric, Mininggold (#0)

When Blackstone became a public company in 2007, it revealed that chief executive Stephen Schwarzman was paid more than a million dollars a day the previous year.

That same year he had the dubious honour of being declared the ‘new King of Wall Street’ just months before the biggest crash in its history.

He was certainly the king of conspicuous consumption. While other private equity moguls tend to be shy of publicity, Schwarzman advertises his self-indulgence at every opportunity.

snip

Raised in suburban Philadelphia, Schwarzman, 64, who is estimated to be worth more than £4billion, went to Harvard Business School and was managing director of the investment bank Lehman Brothers by the time he was 31.

In 1985, he set up the Blackstone Group (schwarz is German for black) with Peter Peterson, a former Lehman’s colleague and former US Commerce Secretary under President Nixon.

It originally specialised in company mergers and acquisitions but after two decades of clever investments in almost every sector of the economy, it had grown into the world’s biggest private equity investment firm.

snip

In 2010, he compared one of President Obama’s plans to limit the financial rewards of Wall Street bosses to Hitler’s invasion of Poland in 1939.

In 2010, he compared one of President Obama’s plans to limit the financial rewards of Wall Street bosses to Hitler’s invasion of Poland in 1939.

Limiting financial rewards for these guys is too generous.

lucysmom  posted on  2011-06-03   11:30:26 ET  Reply   Untrace   Trace   Private Reply  


#5. To: lucysmom (#1)

Limiting financial rewards for these guys is too generous.

The irony here is as hilarious as it is unintentional, GOOFY.

CEO pay on Wall Street has NEVER BEEN HIGHER than it is under your hero Owe- bama.

Too easy, cupcake.

Badeye  posted on  2011-06-03   12:53:23 ET  Reply   Untrace   Trace   Private Reply  


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