As insurer hiked rates 39%, executives got bonuses, Congress told

[kpete]

Source: McClatchy

As insurer hiked rates 39%, executives got bonuses, Congress told

By Rob Hotakainen | McClatchy Newspapers

WASHINGTON — While Anthem Blue Cross proposed a 39 percent rate increase on thousands of its California customers, its parent company gave 39 of its executives more than $1 million each and spent more than $27 million on 103 lavish executive retreats, congressional investigators said Wednesday.

"One question we asked is where does all of this money go? ... Corporate executives at WellPoint are thriving, while its policyholders are paying the price," Rep. Henry Waxman, D-Calif., said at a House subcommittee hearing Wednesday.

WellPoint's chief executive, Angela Braly, told the House panel that the rate increases were necessary to keep the company solvent.

In response to the company's proposed rate hike, Congress is weighing a plan that would create a new federal agency to oversee proposed rate increases.

Read more: http://www.mcclatchydc.com/2010/02/24/88119/as-insurer-hiked-rates-39-executives.html

[kestrel91316]

1. Major corporations apparently exist for the primary purpose of stealing from

customers, employees, and investors in order to personally enrich the Board of Directors. Whatever service or product they produce isn't the point, it's just a smokescreen or bait.

[flyarm]

2. sounds just like th banking and wallstreet deals..onlyyyyyy

this deals with life and death for many!

[Kablooie]

3. They deserve their bonuses. They will bring 39% more profit to the company next year.

[AlbertCat]

4. Who needs a Public Option? It's obvious it's of no value.

[Turbineguy]

5. And yet people still hold up banks and stores

Why?

They could just get a exec job. If they've had any experience in crime they are qualified.

[Romulox]

6. "As through this world I've wandered/ I've seen lots of funny men; Some will rob you with a six-gun

And some with a fountain pen."

-Woody Guthrie

[Iowa]

9. Because they aren't the best & brightest psychopaths...

"And yet people still hold up banks and stores. Why? They could just get a exec job. If they've had any experience in crime they are qualified.

The people who hold up banks don't have what it takes to commit "legal theft". Only the very best go on to become corporate executives, politicians, fundamentalist clergymen, and media moguls. At the moment, our country is in the grip of psychopaths. All three branches of government and most major corps are controlled by people without consciences. And many millions of people are duped by clergymen and media execs into cheering them on. There are many similarities to Nazi Germany (hell, even state-sanctioned torture isn't considered to be a punishable offense now). It's a perfect storm.

If you're interested, here's a pretty good article on psychopaths:

http://www.cassiopaea.com/cassiopaea/psychopath.htm

[fascisthunter]

7. to build a mound one must dig a hole

and that's why we all struggle. Too many can't handle living a moderate lifestyle, they need to live on Mount Olympus, away from "We the Rabble".

[UpInArms]

8. Have I said how much I hate these people lately?

Well, if I haven't,

I HATE THESE PEOPLE!

[mbperrin]

11. Me, too!

Thanks for saying it so well!

[winyanstaz]

10. K & R....

And still they want to force us into buying insurance from these criminals...to hell with the insurance companies.
The people want public option...whats so hard to understand?

[jtrockville]

12. This is how for-profit companies are supposed to work.

Insurance companies have a fiduciary obligation to maximize profit for their shareholders.
They are NOT obligated to their policy holders.

WHY would we bet our LIVES on this insane system?
They're objective is to make a KILLING.

[No Elephants]

13. So,after they've had all the time they need to raise prices, the mandate will kick in? Genius?