Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures:
• ‘It Was All a Hoax’: This 27-year-old Venezuelan man was one of 50 migrants taken to Martha’s Vineyard from San Antonio, Texas, under the direction of Florida governor Ron DeSantis. The Republican is currently facing multiple lawsuits claiming he lured the migrants to Martha’s Vineyard under false pretenses and violated Florida law by using state funds to transport them as a means of protesting President Biden’s border policies. (New York Magazine)
• A Ponzi scheme by any other name: the bursting of China’s property bubble: Only state intervention can save the day, but the pain is likely to fall on ordinary citizens, say observers. (The Guardian)
• The Legacy of Jack Welch’s Managerial Capitalism: Welch did not leave a good legacy for GE or its shareholders: its stock fell 25% during Welch’s final year, and if you held stock in GE from 1984 (three years into Welch’s tenure) until 2020, your total shareholder return was 745% versus 3,385% for the S&P. GE was replaced by Walgreens in the Dow Jones Industrial Average and survived the 2008 subprime mortgage fiasco thanks only to bailouts from Warren Buffett and the federal government. (Law & Liberty)
• They Were Entitled to Free Care. Hospitals Hounded Them Anyway: How a Private Equity Hospital Chain Used a Poor Neighborhood to Turn Huge Profits: Bon Secours Mercy Health, a major nonprofit health system, used…
