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Old 01-25-2019, 12:53 PM
 
Location: Aurora Denveralis
5,045 posts, read 1,664,193 times
Reputation: 7429

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Quote:
Originally Posted by Grlzrl View Post
Some people just hate capitalism.
Almost invariably because they have no real grasp of what the term means or how the system works.

But then, you can list fifty such words that people use to anchor their beliefs and actions based on a completely erroneous understanding of what the word represents.

 
Old 01-25-2019, 02:16 PM
 
1,357 posts, read 958,845 times
Reputation: 1947
Quote:
Originally Posted by Grlzrl View Post
My sister is like him/her. We were going over options for assisted living places for my mom. She spent about 15 minutes of a 20 minute meeting talking about the nonprofit place because it drove her nuts that any business should turn a profit. Some people just hate capitalism. There is no debating with them. You will not convince them of anything.
Yay capitalism!!

Overdoses, bedsores, broken bones: What happened when a private-equity firm sought to care for society’s most vulnerable

POTTSVILLE, Pa. — To the state inspectors visiting the HCR Manor*Care nursing home here last year, the signs of neglect were conspicuous. A disabled man who had long, dirty fingernails told them he was tended to “once in a blue moon.” The bedside “call buttons” were so poorly staffed that some residents regularly soiled themselves while waiting for help to the bathroom. A woman dying of uterine cancer was left on a bedpan for so long that she bruised.

Under the ownership of the Carlyle Group, one of the richest private-equity firms in the world, the ManorCare nursing-home chain struggled financially until it filed for bankruptcy in March. During the five years preceding the bankruptcy, the second-largest nursing-home chain in the United States exposed its roughly 25,000 patients to increasing health risks, according to inspection records analyzed by The Washington Post.

The number of health-code violations found at the chain each year rose 26 percent between 2013 and 2017, according to a Post review of 230 of the chain’s retirement homes. Over that period, the yearly number of health-code violations at company nursing homes rose from 1,584 to almost 2,000. The number of citations increased for, among other things, neither preventing nor treating bed sores; medication errors; not providing proper care for people who need special services such as injections, colostomies and prostheses; and not assisting patients with eating and personal hygiene.

The rise in health-code violations at the chain began after Carlyle and investors completed a 2011 financial deal that extracted $1.3 billion from the company for investors but also saddled the chain with what proved to be untenable financial obligations, according to interviews and financial documents. Under the terms of the deal, HCR ManorCare sold nearly all of the real estate in its nursing-home empire and then agreed to pay rent to the new owners.

Taking the money out of ManorCare constrained company finances. Shortly after the maneuver, the company announced hundreds of layoffs. In a little over a year, some nursing homes were not making enough to pay rent. Over the next several years, cost-cutting programs followed, according to financial statements obtained by The Post.

“Carlyle was a very interesting group to deal with,” said Andrew Porch, a consultant on quality statistics to whom HCR ManorCare referred questions about health-code violations. “They’re all bankers and investment people. We had some very tough conversations where they did not know a thing about this business at all.”

........

Finally, there was one other person who made a lot of money despite the company’s financial woes. After the bankruptcy, longtime chief executive Paul Ormond was awarded $117 million under a deferred compensation agreement.

While the HCR ManorCare sale-leaseback benefited Carlyle and its investors, the chain could no longer pay its bills.

During the buyout by Carlyle, HCR ManorCare’s long-term financial obligations had risen from less than $1 billion to over $5 billion, according to financial statements.
 
Old 01-25-2019, 06:07 PM
 
501 posts, read 172,102 times
Reputation: 1047
Quote:
Originally Posted by Kthnry View Post
Yay capitalism!!

Overdoses, bedsores, broken bones: What happened when a private-equity firm sought to care for society’s most vulnerable

POTTSVILLE, Pa. — To the state inspectors visiting the HCR Manor*Care nursing home here last year, the signs of neglect were conspicuous. A disabled man who had long, dirty fingernails told them he was tended to “once in a blue moon.” The bedside “call buttons” were so poorly staffed that some residents regularly soiled themselves while waiting for help to the bathroom. A woman dying of uterine cancer was left on a bedpan for so long that she bruised.

Under the ownership of the Carlyle Group, one of the richest private-equity firms in the world, the ManorCare nursing-home chain struggled financially until it filed for bankruptcy in March. During the five years preceding the bankruptcy, the second-largest nursing-home chain in the United States exposed its roughly 25,000 patients to increasing health risks, according to inspection records analyzed by The Washington Post.

The number of health-code violations found at the chain each year rose 26 percent between 2013 and 2017, according to a Post review of 230 of the chain’s retirement homes. Over that period, the yearly number of health-code violations at company nursing homes rose from 1,584 to almost 2,000. The number of citations increased for, among other things, neither preventing nor treating bed sores; medication errors; not providing proper care for people who need special services such as injections, colostomies and prostheses; and not assisting patients with eating and personal hygiene.

The rise in health-code violations at the chain began after Carlyle and investors completed a 2011 financial deal that extracted $1.3 billion from the company for investors but also saddled the chain with what proved to be untenable financial obligations, according to interviews and financial documents. Under the terms of the deal, HCR ManorCare sold nearly all of the real estate in its nursing-home empire and then agreed to pay rent to the new owners.

Taking the money out of ManorCare constrained company finances. Shortly after the maneuver, the company announced hundreds of layoffs. In a little over a year, some nursing homes were not making enough to pay rent. Over the next several years, cost-cutting programs followed, according to financial statements obtained by The Post.

“Carlyle was a very interesting group to deal with,” said Andrew Porch, a consultant on quality statistics to whom HCR ManorCare referred questions about health-code violations. “They’re all bankers and investment people. We had some very tough conversations where they did not know a thing about this business at all.”

........

Finally, there was one other person who made a lot of money despite the company’s financial woes. After the bankruptcy, longtime chief executive Paul Ormond was awarded $117 million under a deferred compensation agreement.

While the HCR ManorCare sale-leaseback benefited Carlyle and its investors, the chain could no longer pay its bills.

During the buyout by Carlyle, HCR ManorCare’s long-term financial obligations had risen from less than $1 billion to over $5 billion, according to financial statements.
Before you get all excited about our countries decline into socialism, try to gather some opposing examples that may help educate you a little.

Back in the mid 1980’s, there was an uproar about Willowbrook State School, a state supported institution for children with disabilities, many of them severe. Try to do your own research if possible, but in a nutshell, the place was a hellhole and was closed down. Hate to break it to you, but sins of greed, arrogance and a lack of a conscience, coupled with systemic apathy, are not confined to old, rich, white businessmen. This case involved government employees and government oversight.

When the day comes where they start taking your stuff and giving it to your neighbors who don’t earn squat, just to even things out, I think you may reevaluate your love of socialism.
 
Old 01-25-2019, 06:28 PM
 
Location: S.W. Florida
1,909 posts, read 767,957 times
Reputation: 5377
Quote:
Originally Posted by PriscillaVanilla View Post
Of course. This is what many people don't realize. Businesses will simply reduce their workforce if they are forced to comply with a $15 hour minimum wage.
Bingo! And yet people continue to pressure states to adopt the $15 an hour as though it is going to substantially raise the standard of living for millions of people. Uh, not when those same people will now be working less hours. Duh!
 
Old 01-25-2019, 06:30 PM
 
4,504 posts, read 2,371,172 times
Reputation: 3827
I don't know if anyone has posted this, but this is actually how Minimum wage works.
 
Old 01-26-2019, 12:01 AM
 
Location: interior Alaska
4,101 posts, read 3,087,597 times
Reputation: 12408
Quote:
Originally Posted by bpollen View Post
I found a legitimate news source for this. Your partisan hack source isn't quite right. They are not "slashing staff."

https://www.cbsnews.com/news/nyc-res...ke-hitting-15/

The $2 increase applies to restaurants that have 11 or more workers. Most (not all) NYC restaurants are cutting workers' hours to stay afloat. Only some will be firing workers. Some will be increasing menu prices, too.

This is forcing restaurants to be more efficient. One said he won't be using the hosts/hostesses during lunch on light days. That sounds efficient, since they are not really needed.

So they will become more efficient and raise menu prices a bit. If that's what it takes for people to be paid decently, then that is the right thing to do.

This was a minimum wage hike plan that started years ago. These restaurants knew this was coming. I think this was the goal...$15/hr.

And...workers are customers, too. Workers who get paid more, spend more. NYC has hiked the min. wage several times in the last few years. It didn't negatively affect its economy.

My philosophy is...if you can't afford to pay employees decently, then maybe your business isn't viable.
Yup. Also, if employees are being paid more, they don't need as many hours, nor do there need to be as many positions.
 
Old 01-26-2019, 04:33 AM
 
108 posts, read 53,472 times
Reputation: 327
Breitbart... Ask why they are paying so far below the average wage? And why are restaurants so determined to defy economic gravity and pay such subpar wages? All the other businesses can pay livable wage jobs but they can't? If you cant pay a decent wage, it's time to close up shop. If I create a job paying $.01 an hour, you would not call that a job. It's not a job if it doesn't pay a livable wage. They need to stop creating trash and start creating real jobs for people.
 
Old 01-26-2019, 07:00 AM
 
3,904 posts, read 2,909,571 times
Reputation: 5327
Quote:
Originally Posted by wheelsup View Post
Oh come on, they are very anti-same sex marriage. Are we really having this conversation?
It depends on the region of the country. Here is the northeast the Republicans are live and let live and do not discriminate against gays. I suspect the south and the midwest have that problem and that is something that the people of those regions need to cleanup.
 
Old 01-26-2019, 07:46 AM
 
3,904 posts, read 2,909,571 times
Reputation: 5327
Quote:
Originally Posted by Kthnry View Post
... while stockholders rake in the big bucks. Is this okay with everyone?
Stockholders are people too. I am not an exceptionally high W2 income earner but I am a stockholder. Eventually I want to own enough stocks so that I can afford to voluntarily work part time W2 or even less. Do you want everyone to HAVE TO BE a W2 slave?
 
Old 01-26-2019, 09:12 AM
 
6,367 posts, read 3,440,904 times
Reputation: 12989
Quote:
Originally Posted by blueherons View Post
I am a fourth generation restaurateur here and can give you some input here.

When you force restaurants to pay $15 an hour to servers, you will start seeing all those great mom and pops go out of business.

You'll be left with a bunch of Outback Steakhouses, TGI Fridays, and Olive Gardens.

The best run restaurants in the world only clear about $0.05 on the dollar.

Profit margins for restaurants are tiny.

Who loses out on this the most? The servers. Believe me, servers do not want this change.
The restaurant business is one of the hardest, and the most likely to fail. There is a lot of waste in "inventory," because of the nature of food, and a small profit margin.

However, because you chose to enter a business with a small profit margin, that does not mean you can expect others to work for less than a living wage.

You have to learn how to be efficient, make it work, make it profitable while paying living wages...or go into a different line of business.

If you can stay afloat ONLY by paying substandard wages, that is not a viable business. WalMart used to make that argument, too, while the communities paid for services and food for their underpaid employees. WalMart now pays their employees more, and is still raking in the profits, despite increased competition. THAT is a viable business.

Cut your workers' hours, cut your staff, become more efficient, cut your restaurant hours, make better deals for supplies, move to a cheaper location...whatever business owners have to do to succeed, is what you must do. Or go into a different, easier business.

Paying workers more is good for the economy. Those workers are customers and will spend their wages for goods and services, enabling other businesses to have more profits. That's how that works. Also, there are plenty of restaurants who are successful. Study how they do it or have done it. One problem I see is that there are too many restaurants. Too many businesses competing for a finite number of customers.
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