Saturday, March 14, 2009

Washington Post Cuts Business Section

What business stories won't make the Washington Post in the future? The venerable paper plans to cut back on business coverage. Considering the stories they missed to date, the loss might not be great.

1. The Carlyle Group purchased affiliate debt for 23 cents on the dollar. They got an Obama stimulus tax break to boot. When do mortgage holders get the same break?

2. The sale of HCA and Triad Hospitals added over $2 billion in interest expense to America's health care system. That's 1/17th of hospital uncompensated care for 2007.

3. White House health care reformer Nancy-Ann DeParle worked for a private equity underwriter (PEU) and sat on numerous for-profit health care boards. Her annual board compensation for 2007 was $450,000. Ms. DeParle made $1.4 million from the sale of previously mentioned Triad Hospitals.

4. Mrs. Evan Bayh sits on five for-profit health care boards. Susan's annual compensation associated with health care is $770,000. That's nearly four times her husband's Senate pay.

5. Hospital uncompensated care reached $34 billion. Exxon's profit rose to $45.2 billion in 2008. For the fourth year in a row, one company's profit could've paid all bad bills for U.S. hospitals from the prior year, with almost $10 billion leftover.

Who will report these stories? Jon Stewart abused Jim Cramer for keeping important business news under wraps. Did he scare the Post off the business pages?

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