The
‘Health Investor Power Fifty’ is made up of individuals considered to be the
most ‘influential leaders’ in the healthcare industry. Each year, readers of
the industry magazine, nominate who they
think are the most dominant and influential in that year.
Votes for the most powerful individuals in 2012 are now taking place, but a quick glance at the 2011 list reveals how readily our
‘public servants’ are willing to attach themselves to companies making a success
out of healthcare, an industry set to expand because of the Health and Social Care bill, in
which they voted.
Included
in the 'Power Fifty' list, is Dominic Dalli of private equity company Sovereign Capital. The investment firm was founded by hedge fund manager John Nash, who is also the
chairman of Care UK. Mr Nash bankrolled Andrew Lansley’s office when he was
shadow health minister to the tune of £21,000. This financial connection to Mr Lansley, was not deemed
worthy of a challenge by the BBC, who
failed to question him on this link throughout the course of the Health and
Social Care bill into Act. Mr Dalli himself, is a deal-maker and according to
the HealthInvestor biography is one of the ‘best in the
business.’
The
Corporate Watch factsheet
reveals more. Care UK was bought by private equity firm Bridgepoint Capital in
2010. Mike Parish, who is named on the Power Fifty list, was involved in the
deal. ‘Private equity firms, sometimes called ‘vulture funds’, buy companies,
restructure them and then sell them, often making huge profits for the private
equity managers and investors but leaving the company in difficulty. On
takeover by Bridgepoint, Care UK issued £130 million of loan notes on the
Channel Islands stock exchange. It is paying £8 million a year in interest on
these loans. The inland revenue deemed £4 million of this interest could be
tax-deductible, helping Care UK wipe out its taxable profits.’ Is this the way
we want health run in the UK?
Other companies included in the list, who have a public servant
connected to them, are Rothschild, who have Oliver Letwin on their team; Circle
Health who have Mark Simmonds as an advisor, and Barchester Health, who have Baroness
Ford as Chairman.
The list of Lords and MPs financially connected to private
healthcare has revealed the corporate takeover of our democracy to the benefit
of the healthcare industry with all areas of the industry covered from private
equity advisors to chairman, funders of the government to shareholders of the
company. The rules that are set up to prevent misuse of power, and exclusive
benefit to companies these peers have interests in, have utterly failed and are
not fit for purpose.
All of these MPs and Lords were able to vote on the Health and Social Care
bill despite their connections, helping the bill pass into Act. The current set of Lords reforms will
do nothing to change this, and until these rules are changed, this behaviour
will continue.
Sign the petition to prevent the Lords from being able to vote
when they have a financial conflict of interest.
http://epetitions.direct.gov.uk/petitions/31991
The 2012 awards for the fifty most powerful people awards, will take place on the 29th of November in Central London.
The 2012 awards for the fifty most powerful people awards, will take place on the 29th of November in Central London.
