I wonder.... If a condition of employment at our financially challenged Singing River Hospital mandated participation by all employees in the retirement plan, it would be interesting to know if the previous three top executives, CEO, CFO, and Attorney were held to that same standard. If so were they vested in the hospitals plan, and did the hospital continue its 3 percent match into their pension plans after 2009? When they bailed out of their jobs earlier this year, were they allowed to cash out their retirement plans and did the CEO get any sort of separation/Golden Parachute? Although I dont have a personal dog in this fight, I have a lot of friends who work at SRHS. Also, I am a taxpayer in our fair county and there is more than an outside chance that for the hospital to remain solvent, we will be required to pony up 5 mils in additional property taxes. Jackson County ultimately will have to service the $100 million debt the hospital incurred in its various building and acquisition projects. This train wreck has left teeth, hair and eyeballs all over the SRHS highway and the level of mis-management, lies, and incompetence is just about off the chart: $88 million misrepresentation of SRHS Current Assets and liquidity Possible misrepresentation of financial status in order to secure Debt Financing (This would be fraud) Multi-year audit reports that did not accurately reflect the true financial condition of SRHS to the Hospital Board, Bond and Insurance Companies, County Board of Supervisors, and the Pension Fund Trustees.... Multi-year misrepresentation of the facts regarding the SRHS Retirement Plan including published misrepresentation of nonexistant hospital contribution to the plan Creating and/or covering up a $2.5 million/month operating loss.... Creating the climate for class action and multiple individual law suits with huge ramifications for all retirees and current employees.... Our hospital will continue to provide world class, compassionate, care and for that we all can be thankful....But the 2,000 active employees and more than 600 retirees deserve much better..... I hope that those responsible for this disaster will be held accountable....let the chips fall where they may.
Posted on: Wed, 10 Dec 2014 01:40:30 +0000
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