McConnell Links Wells Fargo kickback Lease To Obamacare ManorCare Fraud
The Abel Danger White House announced today that it has linked Wells Fargo to a kickback lease scheme, allegedly structured by Sidley Austin law firm to generate lucrative referrals in an Obamacare ManorCare fraud.
Abel Danger’s Global Operations Director, Field McConnell, claims that Wells Fargo’s loan syndicate partners at Canada Square are funding Obama’s 2012 election campaign to ensure that Obamacare referral kickbacks can be laundered through fraudulent debt-for-lease swaps in HCR ManorCare’s cash flow.
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“HCP to Purchase Real Estate Assets from HCR ManorCare for $6.1B”
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“The Anti-Kickback Law Prohibits Any Payments to Induce Referrals .. Kickbacks can distort medical decision-making, cause overutilization, increase costs and result in unfair competition by freezing out competitors who are unwilling to pay kickbacks. Kickbacks can also adversely affect the quality of patient care by encouraging physicians to order services or recommend supplies based on profit rather than the patients’ best medical interests. Section 1128B(b) of the Social Security Act (the Act) prohibits knowingly and willfully soliciting, receiving, offering or paying anything of value to induce referrals of items or services payable by a Federal health care program. Both parties to an impermissible kickback transaction are liable. Violation of the statute constitutes a felony punishable by a maximum fine of $25,000, imprisonment up to five years, or both. The OIG may also initiate administrative proceedings to exclude persons from Federal health care programs or to impose civil money penalties for fraud, kickbacks and other prohibited activities under sections 1128(b)(7) and 1128A(a)(7) of the Act.”
“This table lists the top donors to this candidate [Barack Obama] in the 2008 election cycle. The organizations themselves did not donate, rather the money came from the organizations’ PACs, their individual members or employees or owners, and those individuals’ immediate families. Organization totals include subsidiaries and affiliates.
University of California
JPMorgan Chase & Co
Sidley Austin LLP
National Amusements Inc
Skadden, Arps et al
Latham & Watkins
“In a $2.4 billion deal which closed in January 2011, the firm [Sidley Austin] acted as designated underwriters’ counsel in connection with HCP’s $2.4 billion issuance of notes. Sidley Austin advised Bank of America Merrill Lynch, Citigroup, JPMorgan Chase, UBS, and Wells Fargo on the transaction.”
“Carlyle to Sell ManorCare Real Estate for $6.1 Billion BY MICHAEL J. DE LA MERCED .. Under the terms of the deal, Carlyle will sell HCR ManorCare’s real estate to HCP for $3.5 billion in cash and HCP stock worth $847 million at Tuesday’s closing share price. Another $1.72 billion will come from the reinvestment of HCP’s existing debt investments in HCR. HCR, which will lease back the 338 properties while still operating them, will wipe out nearly all of its debt .. still controlled by Carlyle, though HCP will gain the right to buy a 9.9 stake in the nursing home operator for $95 million.”
“HCP Completes $2.4 Billion Senior Unsecured Notes Offering Business Wire LONG BEACH, Calif. — January 24, 2011 HCP (NYSE:HCP) successfully completed its $2.4 billion underwritten public offering of senior unsecured notes .. The notes have a weighted average maturity of 10.3 years and a weighted average yield to maturity of 4.831%. The net proceeds of the offering are approximately $2.37 billion, which will be used to finance a portion of the cash consideration for the previously announced HCR ManorCare acquisition. Additional details related to this offering may be found in the prospectus supplement dated January 19, 2011 and filed with the SEC. BofA Merrill Lynch, UBS Investment Bank, Wells Fargo Securities, Citi and J.P. Morgan acted as joint book-running managers for the offering …. HCP, Inc., an S&P 500 company, is a real estate investment trust (REIT) that, together with its consolidated subsidiaries, invests primarily in real estate serving the healthcare industry in the United States. As of September 30, 2010, HCP’s portfolio of investments, including properties owned by its unconsolidated joint ventures, consisted of: (i) interests in 670 properties among the following segments: 250 senior housing, 102 life science, 252 medical office, 45 skilled nursing and 21 hospital; and (ii) $2.0 billion of mezzanine and other secured loans.”
“[Obamacare] The Patient Protection and Affordable Care Act (PPACA) is a United States federal statute signed into law by President Barack Obama on March 23, 2010. The law (along with the Health Care and Education Reconciliation Act of 2010) is the principal health care reform legislation of the 111th United States Congress. PPACA requires individuals not covered by employer- or government-sponsored insurance plans to maintain minimal essential health insurance coverage or pay a penalty unless exempted for religious beliefs or financial hardship, a provision commonly referred to as the “individual mandate“. The Act also reforms certain aspects of the private health insurance industry and public health insurance programs, increases insurance coverage of pre-existing conditions, expands access to insurance to 30 million Americans, and increases projected national medical spending while lowering projected Medicare spending. The Act’s provisions are intended to be funded by a variety of taxes and offsets .. Broaden Medicare tax base for high-income taxpayers: $210.2 billion .. Annual fee on health insurance providers: $60 billion … 40% excise tax on health coverage in excess of $10,200/$27,500: $32 billion … Impose annual fee on manufacturers and importers of branded drugs: $27 billion … Impose 2.3% excise tax on manufacturers and importers of certain medical devices: $20 billion … Raise 7.5% Adjusted Gross Income floor on medical expenses deduction to 10%: $15.2 billion .. Limit contributions to flexible spending arrangements in cafeteria plans to $2,500: $13 billion … All other revenue sources: $14.9 billion … Original budget estimates included a provision to require information reporting on payments to corporations, which had been projected to raise $17 billion, but the provision was repealed.”
Please visit links to the Presidential Field election campaign and learn how a McConnell administration would deal with a Wells Fargo kickback lease and associated Obamacare ManorCare fraud.