Anatomy of a social crime

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At the end of April, Prospect Medical Holdings, Inc., explained a company for healthcare, explained bankruptcy what led to the closure of the Crozer Hospital and the Taylor Hospital in Chester, Pennsylvania.

The closure will have devastating effects on almost 500,000 people in Delaware County, to whom their hospital services have been withdrawn. Experts in this area have announced that people will die on the way to the emergency room, since the distance required for the trip is required because they have no community hospitals to which they can turn.

The effects of coronavirus pandemic on public health have been severely deteriorated by subordinate life to profits. This not only includes the early end of measures to stop the spread of diseases and the promotion of junk science, but also the massive level of debt by the company owners of the industry, which impose the costs for the working class. Last year, more than 51,000 jobs were reduced in the US healthcare industry, and more than 58,000 were reduced in the previous year.

However, the special responsibility lies with Prospect Medical Holdings and its majority owner, the multibillion dollar-private company Leonard Green & Partners. Prospect Medical and Leonard Green & Partners (LGP) have spent the past decades and a half of buying fighting hospitals and bringing the capital out of them, which leaves them in financial burden.

Crozer's operations were not only ruthlessness, but also the socially parasitic character of speculators of Wall Street. It increases the need for a combination of the working class against non -profit health care as part of a general struggle against the winning system itself.

The now banned medical participations, which at its peak employed around 18,000 employees and 17 different hospitals in five different countries, was created in 1986 by a small group of doctors from Orange County, California. It served as a catalyst for the growth of the company in the Billion dollar health industry.

Leonard, Green & Partners: A vulture capitalist company

LGP also entered the picture in 2010. LGP specializes in Leveraged Buyouts, a notoriously predatory financial practice, in which private -equity companies buy smaller or financially fighting companies, often through massive debts. The company's assets are then used as collateral to pay off the debts. This often leads to the stripping of a company that is looted for its most valuable assets, and then to its final confusion and bankruptcy.

The equity company maintains significant investment entries at dozens of companies. Leonard Green & Partners' most profitable or best known investments include: