Daily Dose

The Foundation

“A government ought to contain in itself every power requisite to the full accomplishment of the objects committed to its care, and to the complete execution of the trusts for which it is responsible, free from every other control but a regard to the public good and to the sense of the people.” – Alexander Hamilton, Federalist No. 31

What did he/she say?

“During the past several months, the Barons of Wall Street had established themselves as the vilest and most reviled corporate team in the land. They’ve been lavishing bonuses on themselves even as their firms continue to benefit from government bailout measures and even as ordinary Americans continue to struggle with the economic collapse caused by the bankers’ arrogance and avarice. Wall Streeters were widely considered a shoo-in to take the coveted Corporate Greedhead Trophy this year — but, holy cow, what a comeback bid we’re now seeing from the Giants of Insurance!

Let’s recap their amazing charge: Last week, the news broke that America’s five largest health insurance companies (United Health, Wellpoint, Aetna, Humana and Cigna) had scored record profits in 2009, totaling $12.2 billion. This was a stunning 56 percent hike over the previous year, a drive made all the more impressive by the fact that these gains came during the worst economic downturn since the Great Depression.

As American families struggled financially last year, Team Insurance was able to boot 2.7 million more people out of their private health plans, leaving those folks in the corporate dust. In an even slicker, hidden-ball play, three of the five giants cut the proportion of premiums they spent on their customers’ medical care, shifting those premium dollars into corporate salaries, profits and administrative overhead. Even Wall Street’s Barons had to shake their heads in disbelief and marvel at the audacity of that play.” – Jim Hightower, Greed Trophy up for Grabs

Leave a reply

Don't forget to check out the recent podcast and subscribe! Stay alert and follow to know the moment the show is LIVE.

Disclosure of Material Connection: Some of the links found on this website are “affiliate links.” This means if you click on the link and purchase the item, I will receive an affiliate commission. Regardless, I only recommend products or services I use personally and believe will add value to my listeners and readers. I am disclosing this in accordance with the Federal Trade Commission’s 16 CFR, Part 255: “Guides Concerning the Use of Endorsements and Testimonials in Advertising.”