But he made clear that ministers will not actually bail out the company itself.
‘It is for Southern Cross, its landlords and those with a stake in the business to put in place a plan to put the company on a firm footing,’ he said.
Yesterday Southern Cross announced that it is cutting rental payments to its landlords by a third to avoid going bust.
For this is the awful threat facing legions of elderly and their adult children as Southern Cross teeters on the brink of insolvency.
He was certainly the king of conspicuous consumption.
While other private equity moguls tend to be shy of publicity, Schwarzman – a graduate of Yale University, where he was a member of its exclusive Skull and Bones Society – liked to advertise his self-indulgence at every opportunity.
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Downing Street announced yesterday that the Government will use public money to ensure those in the 750 affected homes can stay – amid warnings that moving them would lead to the deaths of the most vulnerable.