Saturday, 6 October 2018

Failed "Masters of the Universe" Running a Renowned Teaching Hospital

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The Wall Street Journal Health Blog recently stated about some New York City hospitals nervous in regards to the modern-day financial/ economic crisis, but for thrilling reasons:





To provide you a journey of how the crisis on Wall Street is affecting New York hospitals, we want in easy phrases provide the names of a number of economic execs who are on the board and donor record of of New York-Presbyterian Hospital.



The chairman of the board is John Mack, Chairman and CEO of Morgan Stanley - you know, that large investment economic college that merely scrapped its commerce model? Serving alongside him was Richard Fuld, CEO of Lehman Brothers, the one that’s now reorganizing beneath bankruptcy protection. Another board member is John Thain, CEO of Merrill Lynch, that's selling itself to Bank of America. The hospital’s chairman emeritus is Maurice “Hank” Greenberg, former chairman and CEO of AIG, the policy titan appropriate taken over through the government.

Hospital execs worry that now merely would maybe now now not be the time to identify their friends on Wall Street to ask for donations.



I will make a possibility that if one were to get lists of the top modern-day and recent former leaders of all the economic companies that have merely failed, one technique or the other, in particular, Bear Stearns, Lehman Brothers, Merrill Lynch, Fannie Mae, Freddie Mac, and AIG, you'll find quite a pair of who also have leadership positions (often as board members) of very very important appropriate being care organizations, both for-profit and not-for-profit. For example, we noted that the former CEO of Fannie Mae, James A Johnson, who was pressured out after an accounting scandal that presaged the modern-day plight of the company, was also a board member of UnitedHealth, and had authorized the outlandish repayment given to now prematurely retired UnitedHealth CEO Dr William McGuire.



But the board members of a not-for-profit teaching hospital will now not be merely intended to be a group of the biggest contributors. The board of directors or trustees of a not-for-profit college provides the optimum and final layer of oversight for the organization. Hospital executives are intended to answer to, and are hired and fired through the board. The board has ethical, and in some states legal responsibilities to uphold the challenge of the organization, and while making decisions for the organization, to put the challenge and the interests of the organization ahead of personal interests.



So it seems reasonable that every one among the board members of not-for-profit hospitals must be safe to the challenge of the hospital, and the values that underlie it. Furthermore, it seems reasonable that every one board members must a minimal of the NULL have huge knowledge in regards to the appropriate being care context, and/or have wonderful intelligence and leadership abilities.



However, the board of this one illustrious teaching hospital covered four corporate executives who had no precise knowledge of appropriate being care. They have now been shown to have lead spectacularly failed corporations, companies whose disasters have contributed to what some people now identify the biggest economic crisis in the event you believe that the huge depression. This is now not a huge testament to the intelligence and leadership expertise of these former "masters of the universe," although it is perhaps a testament to their skill to promote themselves.



So whoever is now responsible for many green the hospital, and previous that, all these who are concerned in regards to the reputation of the hospital and its skill to fulfill its challenge must be wondering why in the international these people were on the board? Furthermore, they must be wondering what was and is flawed with the job that appointed such leaders to this level?



We have gradually discussed how leaders of appropriate being care agencies have usually proved to be autocratic and "imperial," ill-informed about appropriate being care, indifferent to the values of appropriate being care, isolated and insulated, self-interested, conflicted, or even corrupt. We have contended that such bad leadership is a major, but now now not often discussed cause of what has lengthy long gone flawed with appropriate being care.



That smug and over-paid CEOs of a number of of well-nigh doubtless the principal spectacularly failed economic companies of this century were also most green one in all the country's (formerly?) huge teaching hospitals says something principal about what has lengthy long gone flawed with the leadership of appropriate being care.



ADDENDUM (24 September, 2008) - the US Federal Bureau of Investigation (FBI) is now investigating four of the above firms, Fannie Mae, Freddie Mac, Lehman Brothers, and AIG, according to the New York Times.



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