Genesis Under Attack
Sen. Elizabeth Warren intensified her fiery defense of nursing home residents. Senator Warren questioned Genesis HealthCare’s hefty bonus to CEO George Hager. Hager quit after failing the residents during the pandemic. But he took $5.2. million bonus first. The chain has been mismanaged and struggled financially for years. Genesis received about $417 million in state and federal grants and $248 million in loans or advances.
“The next time there’s a pandemic, seniors shouldn’t be stuck in subpar institutions run by greedy CEOs and vulture firms in order to make a quick buck. Congress needs to act, now, before tragedy strikes again.”
Senator Warren requested more details on the payment. She also questioned the chain’s three-part restructuring plan. Sen. Warren announced plans to launch an investigation into for-profit nursing homes especially those run by private equity firms.
“It appears that Mr. Hager walked away with an extraordinarily rich compensation package, leaving behind thousands of dead and sick nursing home residents and staff and a company in financial ruin despite being bailed out by hundreds of millions of dollars in taxpayer funds. Your residents, your shareholders, and the American public deserve an explanation for this greed and the tragedy that preceded it.”