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In Nursing Homes, Wall Street Has Been a Death Sentence.
Studies have found that private equity firms have contributed to the deaths of tens of thousands of nursing home residents.
After it was reported that Governor Andrew Cuomo’s administration lied about and concealed the data concerning nursing home Covid-19 deaths in New York State to avoid a federal investigation, the topic of how nursing homes have dealt with the pandemic has drawn national attention. Recently however, syndicated journalist and former top Bernie Sanders advisor David Sirota along with Julia Rock reported findings from a study concerning Nursing Homes and Wall Street that conveniently seems to have fallen through the cracks in many mainstream media outlets.
Analysis has now shown that between 2004 and 2016, 20,000 people died as a result of living in a nursing home owned by a private equity firm. Wall Street’s private equity firms are known to take over already existing corporations through investment or borrowing and implementing cost-cutting measures in order to turn a profit. When one considers how “cost cutting measures” in nursing homes typically mean lower staffing levels and more frequent health and safety violation citations associated with that, it seems reasonable to conclude that in regards to the care of the most…
