Sam Bankman-Fried Is Not Entirely Wrong

Source: The American Prospect
by Maureen Tkacik

“In February, the Steward hospital chain was at the lowest point of a decade-long downward spiral. The Centers for Medicare & Medicaid Services was threatening to shut down its Louisiana hospital over standards of care a Republican state rep described in a hearing as ‘cruelty.’ Boston Globe columnist Brian McGrory had spent much of the winter detailing the yachts and private jets enjoyed by founder Ralph de la Torre. Creditors were threatening to sue to force the company into Chapter 7 liquidation, and Steward’s own defense attorneys began abandoning ship. … another bridge loan finally came through, courtesy of two shadowy lenders: a Cayman Islands–based business loan shark called Chamberlain Commercial Funding, and the low-profile distressed-debt investor Sound Point Capital.” (05/13/24)