Tuesday, June 09, 2009

One of the casualties of the current financial idiocy

The Shriner's Children's Hospitals may have to close some of the hospitals.
The system's board says it may ask the fraternity's membership in July for authority to close six hospitals -- including the one in Greenville -- largely because the endowment fund that supports the hospitals dropped from $8.5 billion to $5.2 billion over the last year as the stock market plummeted.

The others that could close are in Erie, Pennsylvania; Shreveport, Louisiana; Spokane, Washington; Springfield, Massachusetts; and Galveston, Texas. The Galveston hospital's operations have been suspended since Hurricane Ike flooded it last year. See map of where all 22 Shriners hospitals are »

Deflated investments aren't the only reason the fund has dropped. The hospitals normally operate with donations and the fund's interest, but the system's $856 million 2009 budget is outpacing both, causing the hospitals to take about $1 million per day from the fund, said Ralph Semb, president and CEO of Shriners Hospitals
This is bad. These places provide care for a LOT of kids, and any of them closing will be a real problem for the kids currently there, and those who need help in the future.

Yeah, I'm heading to the yard; but I saw this and had to post on it.

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