Providence received approximately $509 million in grants


Let's talk about hospitals here for a second week we just spend some time with Jim Brunner talking about the the unemployment stamp that has been devastating people in the hundreds of millions of dollars out of the pockets of of folks who desperately need it here in Washington and it I can't help but draw a comparison to what some hospitals are doing in the area and I'm not talking about the the smaller places that have very thin operating budgets that basically the the the money that they bring in can can pay for payroll for the next week or two I'm talking about the big big places one of them being Providence health system it's one of the the largest and richest hospital chains here in the United States now they they've got this spring this is according to New York times they got at least five hundred nine million dollars in government funds smaller pore hospitals are receiving a pittance compared to that in Providence is sitting on about twelve billion dollars in cash which it invests it's got like stock portfolios there's no discernible difference at least to me between what happens on Wall Street and what this supposedly not for profit hospital system is doing yeah I mean this is been the problem with the not for profit hospital system is been in did these complaints are not limited to this I think it was a Providence hospital in a in the one in Everett I think that that fire to the emergency room doctor low right was complaining that they were not following safety procedures with with with new brand new with this the very front end of the the pandemic a brand new coronavirus patients they're testing people in the parking lot or something along those lines yeah it in so you have these not for profit in the whole way you get not for profit status if you are a hoot if your hotel the hospital chain is you traded that to that means you get a tax break a significant one you trade that to the government by providing charity services in other words you do pro bono work on people in the community it's always many of these hospitals fall way short you have the very creative accounting on what actually was charity work or they just don't do it at all with no real teeth behind it and to see a company sitting on billions of dollars collect billions of dollars right in aid is a little bit along the same lines as what we saw with that with the but the bond houses and with the investment firms and with the banks back in the in the in the mortgage crisis collecting people who had caused the problem then collecting on the problem yeah it would seem to a lot of people to be pretty deeply offensive although we didn't care to have the political courage to actually change it in a manner that would help us this is another situation where these for profit or rather non not for profit which is not non profit not for profit hospital right there have a medially put their strong the drink as soon as the government said you know we have eight to provide they lined up even with sitting on significant assets now they'll okay they'll tell you that you know this this money was available we had to get even the people doling out the the relief money that they'll tell you we will priority was getting it out right we didn't want to sit on it and come up with systems and develop a system to take the time to double and triple check things because this was an emergency and people needed that money but I would I would argue that will take your check K. can you look at the balance of the place and know that if somebody is is sitting on you know ten billion dollars whatever it may be that that that supposedly is for emergencies right that's an emergency fund that's that's and that's the savings account that you go into when you need to tap it because something catastrophic has happened yeah what else is out for it was not you would be very very difficult to say this was an oversight I think that the one of the problems that happened with the relief is that it really wasn't earmarked toward small businesses everyone claimed it was it was earmarked toward business and the big businesses were much I mean when you have a team of people including attorneys and accountants that can get your paperwork in very quickly and when you have a lobbyist who actually has the the the call list of local lawmakers run you have those things you're going to get to the front of the line and this is what happened with with companies like Providence another company that we saw from the the paycheck protection program relief aid who lined up immediately to get their snouts in the trough again and then take the bulk of what was supposed to be for companies that were on the brink and it's a shame because I don't actually mind so much on the paycheck protection and if these are if it's actually helping people who are minimum wage people as it was with as much of it was designed to do I think that's great if it's helping people to hire in the scale I hope there is a cut off point for it and I appreciate that as well I don't know that I am worried about as much about somebody making three hundred K. a year when the patient protection thing rolled out and in the end the judge the law didn't worry about the mother which was which was terrific about it but this particular one in Providence and other hospital chains that are the the not for profit hospital chains it it wouldn't bother me if they were at

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