Monday, August 16, 2010

NY Post Reports on Gross Mismanagement at St. Vincent's

The New York Post's Brad Hamilton broke a big story last night about executive mismanagement at St. Vincent's in the run-up to its closure.

Here's a taste:

'Doctored' books

Brass looted St. Vincent's for millions: foes

St. Vincent's Hospital was looted by execs and consultants in the two years before it closed, then grossly exaggerated its debt, according to blockbuster papers set to be filed tomorrow in Manhattan Supreme Court.

The filing, a petition that seeks to force the state Health Department to turn over documents on the closing, says the defunct medical center blew through millions in "highly questionable" expenses, including $278,000 for a golf outing, while paying its top 10 executives a combined $10 million a year.

It also shelled out $17 million for "management consultants," $3.8 million on "professional fund-raising" and a staggering $104 million on unspecified costs it listed simply as "other" on its federal tax returns, the petition says.

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