Vermont to Blue Cross: Refund subscribers $3M from CEO's retirement package

[garybeck]

Vermont to Blue Cross: Refund subscribers $3M from CEO's retirement package

MONTPELIER — Vermont regulators say they've ordered Blue Cross and Blue Shield of Vermont to refund $3 million to its subscribers following an investigation into a $7 million retirement package given to former CEO William Milnes.

Paulette Thabault, commissioner of the state Department of Banking, Insurance, Securities and Health Care Administration, says Blue Cross has agreed to make the premium refunds to end the state's probe into excessive compensation given to Milnes.

Milnes retired in 2008.

The state was concerned at the amount of his retirement package so it subpoenaed records, hired experts and examined the compensation practices of other companies. Officials eventually determined that Milnes had been paid substantially more than he should have been, given the size of the company.

Read more: http://www.burlingtonfreepress.com/article/20100602/NEWS02/100602023/Vermont-to-Blue-Cross-Refund-subscribers-3M-from-CEO-s-retirement-package#ixzz0pljGURkX

[calimary]

1. GOD I love Vermont! One of my favorite pols of all time is from there!

Howard Dean! :loveya:

[tsuki]

4. Don't forget Bernie Sanders.

:loveya:

[laughingliberal]

2. K & BIG R. eom

[Hannah Bell]

3. good for them. too bad only about 600,000 in the whole state.

[drm604]

5. Way to go Vermont!

We should be seeing threads like this from all the states.

I wonder if there are any teabaggers who will be refusing the refund.

[xchrom]

6. Oh dear. Oh my. How ... Humiliating.

Awesome!

[PA Democrat]

7. I am THRILLED to recommend this thread. Way to go Vermont!

I'd love to see other states follow suit.

[Vinca]

8. I'm looking forward to moving back across the river some day.

Vermont is the only state that really "gets it."

[garybeck]

9. Can you do it soon? Before this November?

we have to put an end to having a republican governor, which we've had ever since Dean left us.

[Vinca]

10. Re your current Republican governor, did I hear correctly that

he IS NOT going to veto the single-payer bill?

[garybeck]

11. I believe he said he would allow it to pass without signing it.

however the bill is not actually to bring single payer. I think it is more to develop a plan to do single payer.

[glinda]

12. If Vermont went ahead there would be no stopping other States. Go Vermont!