Andy Stern: Restoring the Promise of the American Dream - Politics on The Huffington Post: "...The buyout industry and the big banks are cutting the heart out of the American economy. Global buyout corporation the Carlyle Group is taking over one of the nation's largest nursing home chains, ManorCare. As part of the deal, ManorCare's CEO Paul Ormond will personally profit up to $186 million dollars, money that could have gone to hire more nursing home aides to care for our loved ones. Even worse, ManorCare will pay no corporate taxes while it is owned by Carlyle. The lost federal, state and local tax revenues over the next five years? More than $600 million. There's a credit crunch on, and massive lenders like Bank of America are using their size and market dominance to run up fees and credit card rates, deny loans to working families and minority communities, and lay off workers.
This Labor Day, a greater percentage of the economy is going to profits than to wages, and a majority of parents believe their children will be worse off economically. Tens of millions of people in the U.S. are working harder than ever before, but they're still falling behind..."
3 comments:
with carlyle getting into the nursing home racket maybe some public money will be diverted from the arms makers to the nursing homes.
You're a glass half-full kinda guy, right? (And I do hope you're right.)
Oh that was me as Anon.
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