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The rise and fall of GOP money man and HMO founder, Akshay Desai

From the Tampa Bay Times:

In August, Universal Health Care Group was crumbling. Regulators circled. Bankruptcy loomed.

Still, founder and CEO Akshay Desai didn't publicly hint at any problems.

"As a businessman, I know all too well what it takes to make it in the private sector," he bragged at the time.

It was vintage Desai — supremely confident, selective with the facts. The 55-year-old son of Indian educators built Universal on smarts and ambition. He was charming when he needed to be, domineering when he wanted. One day he was persuading investors to part with tens of millions of dollars, the next he was berating employees to tears.

He rose high into the Republican fundraising ranks, dining with President George W. Bush at his Texas ranch. Eventually he realized his dream: a $1.5 billion health care company, with more than 140,000 members in 23 states.

But his success was largely an illusion. Story here.