Executives at health insurance giant WellPoint are predicting they will have to implement "double-digit plus" rate increases next year, demonstrating once again just how politically tone deaf and profit-obsessed they apparently are.
Health insurance rates are like a runaway train and there's no police force or firefighting squad with the power to stop them. Thirty-five states require health insurance companies to get permission before raising rates, but not California.
The health insurance industry adds huge administrative costs to our system, not to mention the profits they siphon off. WellPoint is a parasitic middleman that adds no value and increases the cost of health care.
If you want to understand why Americans are so outraged by obscene executive compensation levels in a time of severe economic malaise, consider not just the 51% bump awarded to WellPoint CEO, Angela Braly. Consider the pro forma excuses offered by her company flacks.
The SEC has proposed a new regulation that would allow shareholders to directly nominate corporate board members called "Proxy Access." If this goes into effect this fall as expected, I intend to run for the WellPoint board.
Even by the standards of people who believe that it's okay to do just about anything to make money, WellPoint consistently goes too far. Their turbo-charged greed is out of control, and their lack of any moral compass is shocking.
WellPoint's Angela Braly is reminding me more and more of Sarah Palin these days -- another "scrappy" woman who just isn't discouraged by relentless bad press, at least at the hands of "the liberal media."
It seems that WellPoint CEO Angela Braly hasn't been happy with BP grabbing all the headlines lately as the most reckless, buck-passing, greedy corporation. So she unwisely decided to pick a fight with the president.
Insurance executives are not here to negotiate or to shape legislation. They are here to stop health care reform dead in its tracks. They will not be "convinced" to allow health care reform to pass the Congress.
After pretending for months to cooperate with the Obama administration and Democrats to secure a reasonable health reform bill, the industry's CEOs and lobbyists on Sunday double-crossed their one-time political allies.