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Today's single payer post: Susan Bayh

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Sits on Wellpoint's Board of Directors

Susan Bayh, wife of Senator Evan Bayh, sits on the board of directors of Wellpoint, a huge health insurance company. poputonian has an excellent run down of the history of Wellpoint.

On January 7, 2007, Susan Bayh exercised her options to acquire 3,333 shares of Wellpoint for an estimated cost of $147,000 and sold them the same day for an estimated price of $260,000, netting a tidy sum of $113,000. She repeated the process on May 17, 2007 for a net profit of $136,000. On December 11, 2007 she dumped an additional 1,430 shares of Wellpoint for $123,000. Why not? The entire Wellpoint board of directors was doing the same thing.

Bayh's total profits from stock dumping were $372,000. How much health care could the state of Indiana purchase for $372,000?

Remember this when anyone tells you that we cannot afford HR 676.

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Submitted by hipparchia on

$372,000 would have paid for one year of health care for 245 kids in indiana in 2005.

indiana was the first state to participate in president bush's "affordable choices" [sic] plan, in which it turns out that medicaid recipients got fewer benefits with their new private insurance than they had under medicare, and were required to pay 2% of their family income for this [medicaid was free]. all to save the state of indiana less than $20 per month.

from [emphasis added]:

PAYING MORE FOR LESS
“Healthy Indiana Plan” Would Cost More Than Medicaid
While Providing Inferior Coverage
by Judith Solomon

Following requests for federal assistance from states seeking to expand publicly-funded health coverage for the uninsured, the Bush Administration announced its “Affordable Choices” initiative in January 2007. Affordable Choices provides no new federal funds to states. It simply permits states to divert federal funds now being used to support hospitals that care for the uninsured and use those funds instead to help uninsured people purchase “basic private coverage” — that is, coverage provided through private health plans rather than Medicaid.

...

According to the approved terms and conditions of the Indiana Medicaid waiver, covering parents in Medicaid will cost the state $330.69 per person a month in 2008, while HIP coverage for parents will cost the state $312.59 per month. But the cost of HIP also includes the amount contributed by participants. A participant with income at the poverty line would contribute 2 percent of family income; for a parent in a three-person household, this would amount to $28.62 a month, bringing HIP’s total cost to $341.21 a month. This is over $10 a month per person more than the cost of Medicaid. Even though HIP benefits are far less generous than Medicaid, they are more costly.

Submitted by lambert on

We're going to need the ammo.

Shouldn't that hat be leapordskin?

[x] Very tepidly voting for Obama [ ] ?????. [ ] Any mullah-sucking billionaire-teabagging torture-loving pus-encrusted spawn of Cthulhu, bless his (R) heart.

Submitted by hipparchia on

black panther? [golf that one]

just in case i've failed to say it before, i'll say it now: my heartfelt thanks for your opening the halls of the mighty corrente building as a place to stockpile this ammo.

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Submitted by DCblogger on

Bloomberg

Susan Bayh, a lawyer, is a director at Indianapolis-based WellPoint Inc., which is part of a medical research partnership awarded a $24.7 million federal grant in May after Evan Bayh and his Indiana colleagues in Congress recommended the group to the National Institutes of Health.

She's on the board of E*Trade Bank, a subsidiary of E*Trade Financial Corp., while her husband sits on the Senate Banking Committee. Susan Bayh is lead director at Emmis Communications Corp., an Indianapolis radio-station operator that published Evan Bayh's 2003 memoir.