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Time for the 17th Annual CFO of the Year Awards! The winners will be announced at the dinner and awards program on May 9, 2024, at the Irvine Marriott.
U.S. Fraud Crackdown Eroding Private Equity’s Liability Shield By Sabrina Willmer | February 23, 2021
Insiders said one company pushed unnecessary pain medication to the U.S. military; another promoted an unproven treatment for children with cancer; and a third used unlicensed counselors to treat poor people with mental illness.
In all three cases, taxpayers footed the bill and, before long, government authorities came looking for the companies’ owners: private equity.
Long insulated from legal liabilities at the companies they buy, these investment firms increasingly are being dragged into the mess when their charges get in trouble. A key reason: private equity has pushed into businesses that rely on taxpayer money, in particular, health care.