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August 23, 2009
Now it's Senate Democrats who are threatening insurers
Rick Moran
Last Thursday, I blogged about how Henry Waxman and House Democrats on the Energy Committee were requesting reams of information from health insurance companies in retaliation for the opposition to Obamacare.
Now the Senate has picked up the idea and are running with it. Lisa Richwine of Reuters has the story:
A U.S. Senate Democrat asked the top 15 health insurers to explain what portion of premiums go to profits versus patient care, putting further pressure on the companies to explain their business practices as Congress considers sweeping health reform legislation. In letters to the companies on Friday, Sen. John Rockefeller also asked for information about how insurers disclose financial practices to customers.
Earlier this week, senior Democrats on the House of Representatives Energy and Commerce Committee asked dozens of health insurers for details about executive compensation and other practices.
"Too often consumers are not getting a fair deal for what they pay, they are not getting the protections they deserve, and the insurance companies are awash in profit," Rockefeller, chairman of the Senate Commerce, Science and Transportation Committee, said in a statement.
The letters were sent to companies including UnitedHealth Group, Wellpoint and Aetna, the committee said.
"Awash in profits?" If the Democrats knew anything about business, they'd know what a crock that statement is:
America's Health Insurance Plans (AHIP), an industry group, said insurers provide detailed financial information to federal and state regulators. Health plans rank 35th among Fortune magazine's profitability rankings with an average profit margin of 2.2 percent, AHIP spokesman Robert Zirkelbach said.
I've got a better idea. Let's investigate the Rockefeller family. The senator's namesake, John D. was quite the little stock manipulator, monopoly organizer, ruthless profiteer who bought and sold congressmen like they were his personal property.
I think it only fair that we ask the modern John Rockefeller to give back most of that ill-gotten fortune he and his family have been living off of for more than 100 years. Then maybe this towering hypocrite would have the moral standing to talk about industries "awash in profits."
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