And the price that the rest of us pay is money in blood.
Recently, Ralph de la Torre was spotted outside the horse at the Florida, Florida, at the World Festival in Velington. He was in cowboy boots, dark shades and smoking a cigar, watching his wife Nicole Acosta compete at an elite equestrian event. But if the investigation Reporter with Boston Globe He approached him, he jumped into a pickup and drove.
De la Tor-founder and former CEO of Health Care Street, a thematic study of how a private capital firm can once plunder the vibration hospital system. The hyper-extraction of the wealth of de la Torre, to a large extent, financially viable medical institutions has caused bankruptcy and closure in dozens of communities throughout the United States.
If it is located on the sunlight Florida, de la Tore was in contempt before Congress to ignore the summons. His destruction trail varies from Orlando, Florida, where the former owner Hospital Rockledge faces closing After many years, the Massachusetts Disinvesting, where two hospitals closed and six are darkened in bankruptcy. And where is the governor of Maura Hill threatened to take a steward hospital by outstanding domain.
Its fame even spreads to Malta where there is power Investigation of scandalous charges The international hand of this steward fraud assumed the main hospital and the health care system of the nation.
The history of Ralph de la Tore is a particularly sad example of oligarch’s plundering from healthcare. But it is also an example of communities fighting and thorough investigations Reporting by Boston Globe The Passenger TeamWhat were the finalists this year the Pulitzer Prize for Public Service.
Dela Torre, once a respected heartfelt surgeon, was CEO Caritas Christi, a non-profit hospital network with six acute assistance in the Eastern Massachusetts. In 2010, confronted acquire a hospital system for $ 246 million From the Roman Catholic Archdiocese of Boston.
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In order to transform the non -profit hospital into a non -profit organization in Massachusetts, she demanded the legal approval of the Prosecutor General, which at the time was Martha Cocley. Cocles approved the sale of the hospital in 2010 after definite that “all potential conflicts of interest were sufficiently resolved.” De La Torre smeared the process Donation in Massachusetts $ 5,000 In support of the US Senate (she eventually lost to Republicans Scott Brown, who helped to unleash the Obamacare Tea Party).
Cerberus rebranded its hospitals as a steward health, and de -la Torre was the CEO. In 2011. This acquired two additional hospitals In Town and Quincy, obliging to keep both open at least 10 years. Three years later – overly after the Cocles lost the application for the governor – they closed the Quincy Hospital.
Taking a page from private capital Playing Book on wealth expansionCerberus cut and cut the assets of the healthcare system, squeezing operations – and paid huge fees. Steward sold the land and buildings for 1.2 billion dollars to closely linked Medical properties trust (MPT). Downloading the company with borrowed and steep rental payments, Steward started paying rental real estate that the hospitals had previously belonged to.
In 2017, Cerberus further expanded the Wednesday, acquisition of additional hospitals To build the largest system of hospitals for profit in the US with 37 hospitals in 10 states. Cerberus sold steward in 2020 by extracting It is estimated by $ 800 million Over the decade of ownership. Selling a doctor’s group has become possible 335 million dollars in flexible financing from the medical properties of trust. Shortly after the sale, the steward leaders paid dividends $ 111 million.
During the year, the financial house of the cards began to break out as hospitals could not afford to increase real estate and private fees. The whole network of hospitals was plunged into bankruptcy, with the highest debt, which is borrowed by MPT, a subsidiary that once possessed its properties.
In one case, medical services at the steank -karnia hospital decreased so much that patients and staff called it “Mrs. Mrs.“A group of medical residents called on the postgraduate accreditation agency to close the Carney’s residence program.
Even if the steward at the border, De La Tor Torre Udable Use A Betward assets to acquire luxurious subjects, giving personal charity gifts that enhance the status, and align their own pockets. Founder Steward also paid tens of millions of compensation, purchase 190-foot yacht worth $ 40 million and $ 90 million. It also owns Dallas’s mansion in 11108 square feet, which is estimated at $ 7.2 million, in the exclusive neighborhood of Preston Hallow, with neighbors such as George Bush and Mark Cubin.
In 2023 from the tower made a donation of $ 100,000 for two charitiesIncluding the Museum of Arts in Dallas. This allowed him, his wife Nicole and several guests to take a diamond table on the charity festive field and rub his elbows with other Texan oligarchs, including Jerry Jones, the owner of the Cowboy. Then de la Tore covered himself for the donation in health care.
A few days before the event “Dallas entered the steward hospital In the vicinity of Brest Boston with bleeding deep in the liver, demanding that she treat the embolism. But since the steward froze the supplier, the coils were rewarded, which means that Rashid, who died soon.
A Boston Globe The spotlight team tracked de la trades Several private trips To Costa Rica, where he owns three luxurious properties. They also recorded some useful charity donations that de la Torre presented as personally, but which were compensated for steward. For example, after moving the company and yourself to Dallas, de la Tore donated 10 million dollars to create a science center in her child’s private school in honor of his mother – with cash Care Street. Then the school hired a construction company in which De La Torre had a 40 percent share of self-decomposition form.
In May 2024, Steward Health announced the bankruptcy, development that threatened with health care services at Karni and seven other Massachusetts hospitals. A year ago state officials of the state Massachusetts suggested seizing hospital by outstanding domain.
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Among their bankruptcy creditors, Steward owes more than $ 7 billion with medical trusts, a subject that owns real estate and land under their hospitals, as well as $ 2 billion for other lenders and contractors they are harsh.
Meanwhile, investors, such as Cerberus, have long appeared on stage, took the fee and moved on. De -la Torre resigned as CEO Steward in October 2024, but continued to implement worldwide and attending horse events. After returning from the Caribbean Underwater in the fall of 2024, Federal agents served him With a search warrant and seized his phone.
As part of an investigation into health care, US Senator Ed Mark (D-MA) ordered Report that considered 55 studies About the impact of private capital on the healthcare industry. The study found that “as the private capital) ownership is most consistently related to the cost of patients and payers. In addition, the ownership of PE was associated with ambiguous quality effects.” These damage included 32 percent higher costs for patients and insurers, lower off staff and patients, and suffer from 25 percent more complications in the hospital.
Will De -la Torre be to be held accountable for the damage he caused? Federal prosecutors study the allegations against him for potential theft and fraud in the US – and international accusations of corruption and bribery in accordance with the law on corrupt foreign practices. Fortunately for De -la Torre, President Trump, Main Oligist, issued Executive order in February Freezing new persecution and action on FCPA.
Private capital oligarchs, such as de la Torre, dried up health care systems, leaving residents without healthcare professionals, while the government is struggling to clean the debris. Communities and hospital workers have repeatedly organized protests trying to protect their hospitals and patients. But as long as oligarchs, such as de -la -la, do not face the term of prison, they will continue to take money and run -either fly through the planes or cruise to their yachts.
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