Radiology Business October 11, 2024
Members of Congress on Thursday reintroduced a bill aimed at stopping private equity firms from “looting” entities in healthcare and other industries.
Sen. Elizabeth Warren, D-Mass., and colleagues in the U.S. House and Senate said the Stop Wall Street Looting Act closes regulatory loopholes and ends incentives that allow investors to “pillage” acquired businesses. Lawmakers’ ire stems, in part, from PE firm Cerberus Capital Management’s acquisition of hospitals in Massachusetts and elsewhere.
The investment firm saddled the institutions with debt while padding its pockets, leaving vital community pillars in ruin, Warren and colleagues contend.
“Private equity takeovers are legal looting that make a handful of Wall Street executives very rich while costing thousands of people their jobs,...
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