Ethics deserve a starring role in business dealings

Barbara Lang
bizjournals.com
Originally published 5 March 20

Ethics deserve a starring role in business dealings

They created cultures of fear, deception and arrogance, and they put their own personal interests in front of all others, including their own families. They didn’t care whose lives they destroyed, using their power to conquer and destroy anyone blocking their path to money and gratification. Shockingly, they manipulated those around them — people with whom they built trust — to foster networks of secrecy and allegiance beyond anything we have seen in the history of American business. Ironically, they crucified themselves through historic cheating, lying and a breakdown of ethics never seen before.

Many are household names, and we should all cringe when we hear them, even as they are reduced to insignificance and confined to moldy jail cells. Ken Lay, CEO and chairman of Enron, was the mastermind of a historic accounting scandal at the energy company, resulting in its bankruptcy. He was found guilty of 10 counts of securities fraud before he died in 2006. There are also the two infamous Bernies: Ebbers and Madoff. Ebbers, the former WorldCom CEO, was convicted of securities fraud and conspiracy as part of that company’s false financial reporting scandal. Maybe the most egregious and sinister of them all was Madoff, whose Ponzi scheme defrauded innocent investors of millions of dollars and life savings. He rots in federal prison while his clients try to make sense of the destruction he knowingly caused.

The info is here.

When Medical Debt Collectors Decide Who Gets Arrested

Lizzie Presser

Propublica.org
Originally posted 16 Oct 19

Here is an excerpt:

Across the country, thousands of people are jailed each year for failing to appear in court for unpaid bills, in arrangements set up much like this one. The practice spread in the wake of the recession as collectors found judges willing to use their broad powers of contempt to wield the threat of arrest. Judges have issued warrants for people who owe money to landlords and payday lenders, who never paid off furniture, or day care fees, or federal student loans. Some debtors who have been arrested owed as little as $28.

More than half of the debt in collections stems from medical care, which, unlike most other debt, is often taken on without a choice or an understanding of the costs. Since the Affordable Care Act of 2010, prices for medical services have ballooned; insurers have nearly tripled deductibles — the amount a person pays before their coverage kicks in — and raised premiums and copays, as well. As a result, tens of millions of people without adequate coverage are expected to pay larger portions of their rising bills.

The sickest patients are often the most indebted, and they’re not exempt from arrest. In Indiana, a cancer patient was hauled away from home in her pajamas in front of her three children; too weak to climb the stairs to the women’s area of the jail, she spent the night in a men’s mental health unit where an inmate smeared feces on the wall. In Utah, a man who had ignored orders to appear over an unpaid ambulance bill told friends he would rather die than go to jail; the day he was arrested, he snuck poison into the cell and ended his life.

The info is here.

The Americans dying because they can't afford medical care

Michael Sainato
theguardian.com
Originally posted 7 Jan 2020

Here is an excerpt:

Finley is one of millions of Americans who avoid medical treatment due to the costs every year.

A December 2019 poll conducted by Gallup found 25% of Americans say they or a family member have delayed medical treatment for a serious illness due to the costs of care, and an additional 8% report delaying medical treatment for less serious illnesses. A study conducted by the American Cancer Society in May 2019 found 56% of adults in America report having at least one medical financial hardship, and researchers warned the problem is likely to worsen unless action is taken.

Dr Robin Yabroff, lead author of the American Cancer Society study, said last month’s Gallup poll finding that 25% of Americans were delaying care was “consistent with numerous other studies documenting that many in the United States have trouble paying medical bills”.

US spends the most on healthcare

Despite millions of Americans delaying medical treatment due to the costs, the US still spends the most on healthcare of any developed nation in the world, while covering fewer people and achieving worse overall health outcomes. A 2017 analysis found the United States ranks 24th globally in achieving health goals set by the United Nations. In 2018, $3.65tn was spent on healthcare in the United States, and these costs are projected to grow at an annual rate of 5.5% over the next decade.

The info is here.

The Sacklers were drug dealers who put money over morality.

Chris McGreal
The Guardian
Originally published September 17, 2019

If only we could feel Purdue Pharma’s pain.

The directors and owners of the company that did so much to create America’s opioid epidemic are professing distress and bewilderment at the rejection of what they claim are its good faith efforts to help the victims.

Even as Purdue announced plans late Sunday night to file for bankruptcy, its top officials were making unctuous claims that their concern was to combat an epidemic that has claimed more than 400,000 lives. Anyone who stood in the way was depriving suffering Americans of the help they need, they claimed.

Members of the Sackler family who own Purdue have offered to turn over the company to a trust which would funnel future earnings to treatment and other measures to deal with the tragedy. They would also sell Mundipharma, a British-based sister company, and hand over the payment. The Sacklers even said they would give up a part of the huge profits of OxyContin, which made the family multibillionaires.

Some of the state attorneys general and cities suing Purdue have accepted the deal as the best prospect for getting anything out of the company and said the bankruptcy filing was part of the arrangement.

Other attorneys general rejected the move, claiming it was an attempt by Purdue’s owners and executives to hang on to the bulk of the profits of drug dealing and buy their way out of individual accountability. Some of those states are also suing the Sacklers directly.

The info is here.

Mental hospital accused of holding Texas patients against their will has filed for bankruptcy

Sarah Sarder
www.dallasnews.com
Originally posted February 12, 2019

A North Texas mental health institution with hospitals in Garland, Fort Worth and Arlington has filed for bankruptcy months after being indicted in a criminal case over illegally detaining patients.

Sundance Behavioral Healthcare System filed for Chapter 11 bankruptcy Thursday. The system faces 20 charges of violating state mental health codes after being indicted in November and December.

In December, Sundance stopped accepting patients at its hospitals and “voluntarily brought its patient count to zero,” its attorneys said.

The corporation announced that it had surrendered its license on Dec. 21 to the state. Attorneys said the hospital could not financially sustain its services in light of the court proceedings.

The info is here.

Pre-existing Conditions and Medical Underwriting in the Individual Insurance Market Prior to the ACA

Gary Claxton, Cynthia Cox,  Anthony Damico, Larry Levitt, and Karen Pollitz
Kaiser Family Foundation
Originally posted December 16, 2016

Here is an excerpt:

Estimates of the Share of Adults with Pre-Existing Conditions

We estimate that 27% of adult Americans under the age of 65 have health conditions that would likely leave them uninsurable if they applied for individual market coverage under pre-ACA underwriting practices that existed in nearly all states. While a large share of this group has coverage through an employer or public coverage where they do not face medical underwriting, these estimates quantify how many people could be ineligible for individual market insurance under pre-ACA practices if they were to ever lose this coverage. This is a conservative estimate as these surveys do not include sufficient detail on several conditions that would have been declinable before the ACA (such as HIV/AIDS, or hepatitis C).  Additionally, millions more have other conditions that could be either declinable by some insurers based on their pre-ACA underwriting guidelines or grounds for higher premiums, exclusions, or limitations under pre-ACA underwriting practices. In a separate Kaiser Family Foundation poll, most people (53%) report that they or someone in their household has a pre-existing condition.

The article is here.