WellPoint hikes CEO's pay package

[Lionel Mandrake]

Source: Los Angeles Times

The insurer, boosting Angela F. Braly's compensation package up to $13.1 million, draws further ire from policyholders in California.

WellPoint Inc. revealed Friday that it boosted its chief executive's compensation 51% last year, even as the health insurance giant prepared massive rate increases in California that embroiled it in a national controversy over skyrocketing health insurance costs. The proposed rate increases of up to 39% in individual policies turned the insurer into a flash point in the healthcare overhaul battle, breathing new life into President Obama's effort at a crucial time in the debate.

Chief Executive Angela F. Braly saw her total compensation shoot to $13.1 million, from $8.7 million a year earlier, according to a filing with the Securities and Exchange Commission. At least three other WellPoint executives got compensation increases of as much as 75%.The hefty packages come as WellPoint's California subsidiary, Anthem Blue Cross in Woodland Hills, seeks double-digit rate increases for many of its 800,000 members who buy individual policies.

California policyholders sharply criticized the WellPoint pay, complaining that they are subsidizing generous packages for millionaire executives. "It's unconscionable," said Mark Weiss, a Century City podiatrist whose Anthem policy will jump 35%. "How much more does somebody need?"

Read more: http://articles.latimes.com/2010/apr/02/business/la-fi-wellpoint3-2010apr03

---

People are dying so that the very rich can get even richer.

Will this obscenity ever end?

[BanzaiBonnie]

1. They are trying to bleed every dollar they can now

for they know their end is at hand. and they are likely to speed that end by their own actions.

[laughingliberal]

14. True. And nothing has ever mattered to the criminal big business class except what they can rake in

this quarter. I started noticing that short sighted business model in the 80's and it's gotten worse and more blatant ever since.

[choie]

18. How is their end at hand if

they are going to get 30 million (give or take) new customers?

[aquart]

23. Because they will have thirty million more claims to cover?

And they've made their money by NOT covering claims?

[liberation]

28. And they will still be making money by not covering claims...

... they are still an unregulated industry with a natural monopoly at their hands.

Nothing in this so-called reform changes that fact. But I guess, denial is the better alternative when these CEOs are literally laughing at our faces.

[aquart]

58. I'm not in any kind of denial.

This is a health industry bailout for an industry on the verge of death. Not because nobody wants their product but because everybody does. And they can't afford to pay out.

So yeah, we've guaranteed the death of thousands more Americans but we've also guaranteed the death of the health "insurance" ponzie scheme.

We decided to take the long, expensive, cumbersome way home. Pity.

[liberation]

59. I have no idea how throwing more money at any corporation guarantees its death

now they have a captive customer base, and the federal government as their enforcer.

How does that signify their "dead knell?" I personally can't make the jump into that conclusion... but I'd be interested in knowing the justification for what, on the surface, seems like a rather logical dissonant claim.

[OhioChick]

2. Disgusting n/t

[melm00se]

3. the part that interests me

is this part of the article:

The bulk of Braly's increase came from $6.2 million in restricted stock, up from $2.4 million a year earlier. She also got a $1.5-million performance bonus, compared with $73,810 in 2008.

without knowing what the restrictions are and what the vesting criteria is it's tough to objectively evaluate the reality of this pay package. right now it's worth $6.2 million but how much will it be worth when the opportunity to sell presents itself? more? less? how about the impact of tax law changes?

it's too easy to look at the raw numbers and forget about the context and limitations that surround them.

[liberation]

29. Those are not stock options,

but thanks for the "concern."

[melm00se]

39. restricted shares and options

both have vesting requirements, restricted shares usually have performance components to them

[liberation]

45. Those "restrictions" are probably vesting in terms of the length of her contract

and we know she is doing a fantastic performance. Plus she already has a multi million bonus, so those stock packages have to sink a big deal in order to worry her pretty mind. And what is the level of unrestricted stock she holds? All her "restricted" stock means that she has to end up paying half the tax rate on her income than you and I have to pay for ours. Yeah, real tear jerker story going on there...

I prefer to save my "concern" for those who truly deserve, like I don't know... the hundreds of millions of American citizens screwed by this insane system.


But that is just me, I guess.

[wackywaggin]

4. Whats going on you ask?

The Board of directors who decide these outlandish pay packages recieve these same packages themselves; therfore, justifying it in their minds as Fair compensation. We need ordinary Americans to stand up to these thieves and tell hem no more... I have to report that most often I am the only
oneat my community 's 60,000 residents that go tho bi-monthly city council meetings and demand accountability from city, county ,sate, and school board administrators and executives and their pay packages that far exceed the average resident of the communities median pay scale.

Heretic Wack :0)

[Lionel Mandrake]

19. The wolves are eating the sheep.

The behavior of the wolf pack is not surprising. What really requires explanation is the behavior of the sheep.

Normally you'd think that a flock of sheep would notice when they are being eaten. But the lower and middle classes in the USA are not a normal flock of sheep. They are distracted, by what? What could possibly explain their indifference toward the predators?

[KeepItReal]

5. "WellPoint wants to attract and retain top talent"

As if the CEO is gonna quit and go where, exactly, if she *doesn't* get a 51% raise?

This is the exact same BS point that Wall Street firms gave for their excessive compensation packages during the worst job market in years.

Everyone lower on the totem pole has to take salary cuts, reduce benefits, etc.... EVEN AT WELLPOINT!

Check this out:

WellPoint Cuts Workers' Health Insurance Benefits

"WellPoint health insurance company, which has encouraged its employees to lobby against health care reform, is now cutting their benefits.

The insurance giant plans to raise deductibles and premiums for some of its employee health benefits. "Your cost per paycheck will probably increase," said a memo to Wellpoint employees that was obtained by Bloomberg News.

The company blamed the recession for the cuts. "Like many employers in today's economic environment, we are looking at all aspects of our business," including benefits, "and making adjustments to ensure we can continue to operate competitively in the future," wrote Chief Human Resources Officer Randy Brown."

http://www.huffingtonpost.com/2009/10/05/wellpoint-cuts-workers-he_n_309716.html

[Jackpine Radical]

48. Some of that is almost identical to the wording the insurance companies are sending out

in their letters informing providers that their reimbursement rates are being ut.

[scarface2004]

6. when is enough enough!!???

time to outlaw this bullcrap....cap exec pay at the min wage of $7.50/hr!!

[laughingliberal]

15. There is nothing wrong with this country which could not be fixed by people learning the meaning of

that one word, "enough."

[liberation]

30. The American people have to learn the meaning of many words and concepts

at the top of my head, "human decency", "empathy", and "social contract" are concepts which have been ignored by a large part of our population, in this race to the randian bottom they are hell bent on visiting upon us.

[AlbertCat]

35. The American people have to learn the meaning of many words and concepts

Socialism
Communism
Fascism
Racism

Dupe
Rube
Chump
Stooge
Sitting Duck.....

[Lionel Mandrake]

38. Most of us don't want to learn anything.

We spend hours per day watching TV.
What we read, if anything, has no intellectual content.
You can't tell us anything; we already know all the answers.

How did we reach this new bottom?

[Enthusiast]

80. That would be a start. nt

[Enthusiast]

79. Isn't it amazing that

this bunch would be the first to cry foul if someone suggested raising the minimum wage. Talk about entitlements.

[pattmarty]

7. There are actually three things that can be done here, first......................

.............you can have Medicare for all and put them out of business. Second, you have a so called "public option" that will force them to compete or go out of business. And, third we can just bend over and take it, and that is exactly what this "reform" does for us.

[Enthusiast]

81. Sad but true.

Our side (?) capitulated right off the bat.

[Bitwit1234]

8. OK all it would take is for congress to pass a law

that says that health preminums can't be raised over XXX% without justification and that CEO's can't get a more than XXX% raise. This would have nothing to do with the health bill. Congress has to take a stand.

[liberation]

31. But that would not be very bipartisanshippy, would it?

And you think congress critters at large would dare threaten the tit which finances their campaign. I think not.

[AlbertCat]

34. But that would not be very bipartisanshippy, would it?

Perhaps a bill requiring CEOs to live on off shore oil rigs. That sounds bipartisanshippy!

[liberation]

43. That is actually bipartisanship I can believe in...

... I know a couple of people who worked in oil rigs, real tough and hard working mothereffers. I would love to put these CEOs under their supervision, I don't think they could even finish half way through their first honest day of work.

[BlancheSplanchnik]

86. OT, but my hunny is a deep diver too

or was for many years in the '80's on the oil rigs all over the world.... crew supervisor, always did twice the work of what he required of his crews. The people at the top were just as dirty as the scum at the top of all the big corps now.

[gtar100]

9. This is absolutely obscene. What does she do that's worth that much money?

I can't imagine anything that justifies that type of salary. And to have it come out of money that we spend for our health care is even more grotesque.

[liberation]

32. She provided a hell of a profit and dividend to the stockholders... so she "earned" that money

here is a concept, if we don't feel like enduring sociopathic behavior... why don't we recognize the fact that certain things should not be evaluated via sociopath metrics like profit or capital? Like, I dunno, coming to grasp as a society that our healthcare should be a right, not a profit proposition for a few parasitic corporations which bring no value added whatsoever yet feel entitled to profit.

[Lost4words]

61. Enron killed an eldery woman with a phony power outage,

the reason, to increase profits, that is OK with you? There are thousands of examples of this kind maleficence
Its alright for them to kill us as long as we get HCR? I think you over generalised and in doing so have missed the mark.

There is no humanity when all that matters are profits at any cost. This is why our HCR is so fucking week.

[liberation]

74. Speaking of missing the mark...

I think you were too excited to get on your high horse to bother actually comprehending my post, unless jesting and sarcasm are completely foreign concepts to you.

[Lost4words]

91. Sorry, My Bad, I made a mistake, Im human,

and yes while not on a horse ,.......

SO my bad, sorry and thanks so much for the pleasant heads up. I made a mistake, as it was obvious to you, and to me after your reply. And as you can see we are on the same side of this issue. When you are in the right and your calling someone on their obvious mistake, you can make your point without the harshness or insults.

:dunce:

[Enthusiast]

82. And they laughed about it.

I hate Enron. "Kenny Boy"

[Lost4words]

90. posted in wrong spot darn it

[truedelphi]

85. But that would be socialism

And we cannot degrade our nation by letting its citizens fall beneath the meat grinder of socialism <Sarcasm meant>

[treestar]

87. That's my question

Explains why I am not rich, I guess. I just can't see what type of work performance of an individual could be worth this much. There are 24 hours per day and one can't work all of them.

[scentopine]

10. More magic from the "free" market! It is well deserved...

they got tax payers to fund a new insurance plan that mandates we buy insurance from companies like Well Point.

Thank you Mr. President for allowing Well Point CEO to be the role model and inspiration of the American dream.

We are humbled and we thank you for your kindness as we are not worthy. I am privileged to live in such a country as would be the home for such great men. Please accept this premium increase as a token of my reverence and gratitude. Our children are blessed to grow up in the shadow of your magnificence.

(Look all you liberal complainers, if we just keep paying them protection money, they won't hurt us)

[Enthusiast]

83. +1 ! nt

[Odin2005]

11. These greedy fuckers deserve the guillotine.

[valerief]

12. Yes, with a little enhanced interrogation beforehand. nt

[scentopine]

13. Its the one reason to keep gitmo open , warehouse these fuckers because

for years and years because they are the real threat to America. We will get valuable information from them and they would serve as a future deterrent.

[Lost4words]

67. with a dull blade,......nt

[treestar]

89. If teabaggers said something like this

What would be the reaction on DU?

[laughingliberal]

16. And employers scream bloody murder over workers who think they deserve a 5% raise. nt

[SocialistLez]

40. IKR? +1 for you

[Lost4words]

68. we are fools if we let this continue, for God sakes America.

[Initech]

17. Urge to kill... RISING!!!

[Toasterlad]

20. I Liked the Olden Days Better, When People Tried To HIDE Their Arrogance.

[kestrel91316]

21. With this news, 23,671 MORE Americans decided that Single Payer is

the way to go.

Drip, drip, drip........keep it up boys.


A tisket, a tasket, let's fill that little basket........

[dflprincess]

73. Sadly, as we learned from the recent debate and the resulting insurance bail out

what the people want doesn't mean squat. Not as long as those campaign "contributions" keep rolling in from crooks like this.

[sasquuatch55]

22. The "FREE MARKET" sure does wonders for corps. like these....

and it doesn't work for the small businesses and entrepreneurs; that usually start and die in the red. Too many restrictions and hurdles for the little guy; none for the big boys with money that can buy their way around anything.The idea that a few greedy pigs can get away with this as the rest of the country is suffering is criminal!

[colsohlibgal]

24. Audacity On Parade

She's the one who amazingly told congress that yes, she made 9 million a year (as of then)and that they were doing all they could to hold down premiums and provide top flight care. In the same breath.

On top of that it's just not her with Well Point, they had in total 39 people being paid a million or more.

It's not a whole lot different and in some cases worse with other big insurers.

Obama had a chance to really change this dynamic. Instead he got busy right away selling out and watering down reform till it really didn't fit the definition of reform.

The change you can believe in is this lady getting bumped from 9 to 13 million as they jack up rates. Enjoy!

[FunMe]

25. She should be protested at her house and office EVERY day!

BLOOD money ... that's what she is getting.

When will the madness end. This is ridiculous and immoral.

[hulka38]

26. She's done a great job for her shareholders and fellow execs.

They cut the deal with Obama and the Dems to ensure that we're all locked into the private system for decades to come with no chance of competition.

[Lionel Mandrake]

33. For the execs, yes.

Executive greed is not good for the shareholders. If the shareholders had any say in the matter, executive compensation would only be gigantic, not super-colossal.

[hulka38]

55. The major shareholders don't mind paying a few million more

if it ensures the execs aren't above cooking the books to keep the stock on the rise and to delay the collapse so the major shareholders can unload first. Their relationship may be more symbiotic than you realize.

[SoapBox]

27. Cartoon..."Earliest Known Tea Party Protest..."

hehe

http://www.thepoliticalcarnival.net/2010/04/cartoon-of-day_03.html

[AlbertCat]

36. Lemme post that for you (it's a good one)

(come to think of it.... that's just how Saul acted!)

[Lionel Mandrake]

41. The biblical David used a sling, not a sling shot.

And nobody wore eyeglasses in those days.

The cartoon, like the original story, lacks plausibility. But it is funny as hell.

Thanks to SoapBox for bringing it to our attention, and thanks to AlbertCat for posting it.

[liberation]

44. ... you must be a hit at parties. J/K

:-)

[Mithreal]

37. The fabulously wealthy are just more deserving.

The peasants are revolting. Who's that standing between them and the pitchforks? Hope Barack knows what he is doing if you plan to sit on the sidelines or in the stands.

[sulphurdunn]

42. Forget the money. Get the message,

which is: "Fuck all you people who must buy our product. We own you. We own the politicians. We can and will do whatever we want. We've got the big one, and all of you will suck it."
:evilgrin:

[Lionel Mandrake]

50. Yep. That's about right.

Anyone who hasn't figured that out by now needs a brain transplant.

[tango-tee]

51. You speak the truth.

And we will bend over and take it with no Vaseline. And enjoy it as ordered.

[wilt the stilt]

46. Being a wellpoint customer

both as a self employed and now as am employed person, I can tell you why she had a fabulous year. Try to get medicine out of them or health care. They hold you up in every possible way. Complete crooks.

[Lionel Mandrake]

53. Your post reminds me of the movie "The Rainmaker" (1997),

which was based on a book by John Grisham. The bad guys played by Jon Voight and Roy Scheider are executives in an insurance company which denies all claims to start with and delays any payout as long as possible.

[IcyPeas]

47. If this was April 1st I would've thought this was a joke.

[DissedByBush]

49. I'm all for open-ended executive pay

I don't care if an executive gets $100 million a year if that's the value he contributes.

For example, I'd pay that to the person who could turn GM around to profitability while keeping jobs and benefits.

He'd be worth it, and more.

But people will not be able to afford health insurance partially because of her pay hike.

That's just wrong.

[GreenTea]

52. Millions of dollars that should be going to sick people who were throw off

their insurance premiums, simply because their medical cost would take away from insurance corporations profits, or the many who were not even accepted because insurance corporations won't insure anyone with preexisting conditions that will also cost the insurance corporations some profits.

The fact the insurance corporations also receive billions of dollars from our tax dollars in the form of subsidies (corporate welfare) & tax breaks, while the insurance corporations are using much of this money to line their own already filthy rich pockets.

Shameful and disgusting are the insurance corporations...preying on the weak, the sick and the helpless and ignoring the poor who can't afford their outrageously high health care insurance cost, all for the corporations profits....they don't give a fuck....They are living the high life!

[Lost4words]

54. It s hard to get by on less than 13 million, boats and planes cost more everyday

And you have got to have a residence in every state in case the plane breakes down.

[justabob]

56. where do the Stockholders fit in?

I mean do they have any power here at all? Seems to me this might upset them a bit... can they do anything about it as shareholders?

[Lionel Mandrake]

72. Shareholders play an important role.

As owners, they are victims of theft (which is perfectly legal) whenever execs are overpaid. And no, they have no power at all.

See post number 55 for an alternative viewpoint.

[GameChanger]

57. What do you expect when WellPoint wrote most of Obama's HC bill?

Senator Max Baucus finally admits what many have known -- WellPoint vice president Liz Fowler wrote substatial portions of the health care bill that mandates profits for the insurance corporations.


How Private Health Insurers Purchased Healthcare Reform
Billy Wharton
Dissident Voice
Wed, 31 Mar 2010 00:00 EDT

In a moment of frank political revelation, Firedoglake reports that Senator Max Baucus has confirmed that former WellPoint Vice President Liz Fowler wrote substantial portions of the recently approved Patient Protection and Affordable Care Act. Left-wing opponents of the bill had already claimed that private insurers exercised significant influence on the proceedings in the House and Senate. Bacchus' revelation takes these claims to a new level as they prove that the private health insurance lobby literally wrote the bill that is being passed off as a "reform" of the healthcare system.

Bacchus cited the contributions made by Liz Fowler during floor proceedings in the Senate. "Liz Fowler worked for me many years ago," he proudly stated from the microphone, "left for the private sector, and then came back when she realized she could be there at the creation of health care reform because she wanted that to be, in a certain sense, her profession lifetime goal." Fowler went on to author the influential White Paper that formed the basis for the eventual legislation.

Also in the article:
Liz Fowler's pro-corporate credentials run far deeper than WellPoint. She began her career as an attorney at Hogan & Hartson, a massive corporate law and lobbying firm. The firm is an active campaign contributor, including, according to the Center for Responsive Politics, contributions of $2,000 to Bacchus' campaigns in 2002 and 2006. There are currently 60 Hogan & Hartson lobbyists working in Washington representing hundreds of corporations, including dozens of health insurers and pharmaceutical companies.

All of this explains why the Senate Finance Committee was converted into the healthcare sinkhole. Senators on the committee received an inordinately high amount of campaign contributions from the health insurance industry, $8 million from PAC's and $6 million from individuals, in 2010 to insure its loyalty.

You can read the entire article at
http://www.sott.net/articles/show/206071-How-Private-Health-Insurers-Purchased-Healthcare-Reform


Congress is now a wholly owned subsidiary of the large corporations, especially the health care industry.


I'd like to comment about something posted on this thread above:

"49. I'm all for open-ended executive pay
I don't care if an executive gets $100 million a year if that's the value he contributes. For example, I'd pay that to the person who could turn GM around to profitability while keeping jobs and benefits."

We'll all see how you feel about open-ended CEO salaries based on company profits when Congress passes legislation to mandate auto purchases in the future. Why not? They mandated that we bail out GM & Chrysler. Also the big banks & Wall Street. It's coming.

As the fodder lust right gleefully cheered on their corporate masters financial success, the lemming left was busy campaigning door to door for chains to believe in. The two/one party wins again.

[Lost4words]

60. profits are fine, Obscene profits are Godless

exploitive profits is theft

[flyarm]

63. + 1 million..or should it be more millions for WellPoint former VP writing Obama's bill?

the crooks surround us!!

We have no where to run, no where to hide anymore!!

They own us lock stock and barrel..even our health and care!!

and now they can polute our shore lines as well!

what ever happened to Habeas Corpus????????

They still spy on us..with Obama's belssings..

The patriot act can still destroy our constitution

rendition flights still are running
'
war still continues with 70,000 more soldiers added as cannon fodder..for no damn reason at all but greed.

the banks have our money and won't lend us even our money for small businesses to hire American workers

wall street has raped us with blessings from Obama

so who needs republicans to fuck us ????????

[Snazzy]

76. thanks--missed that n/t

[Snazzy]

77. FDL link for that with vid

http://fdlaction.firedoglake.com/2010/03/29/baucus-thanks-wellpoint-vp-liz-fowler-for-writing-health-care-bill/

[Captain Hilts]

62. The president says insurance companies provide an important service. I guess this is it. nt.

[Lost4words]

69. Hi Cap! its called BOHICA

Bend Over Here It Comes Again! BOHICA!

[TatonkaJames]

64. I'm tired of this lie

"WellPoint wants to attract and retain top talent," said spokesman Jon Mills. "In order to be the best, to be innovative, to continue delivering the best service, we do have to retain the best quality."

I know plenty of women and men who are as, if not smarter than these greedy bastages who would do the job for 1/4 of the salary/compensation.

Sad with health care reform passed we still need reform.

[Lost4words]

66. what HCR? we are now all serfs to the almighty corporation

[treestar]

88. On lower levels, people condemn that as a "race to the bottom"

If you really know people at that level, are you sure they would not take the amount offered?

Many Indians are willing to do IT jobs for less yet that is condemned.

[Greyhound]

65. Will it ever end? Are you nuts, this is great and it's only the beginning!

The leash is off and now we're all going for a ride on the insurance industry roller-coaster of death..
:woohoo:

What's that quote... "Capitalism is the astounding belief that the wickedest of men will do the wickedest of things for the greatest good of everyone." - John Maynard Keynes

There's our economic recovery and health care plans all wrapped up in one sentence.

[Lost4words]

70. I dont think I would be so angry if I had a job or income.

[alp227]

71. BOOO!!!!!!!!!

x(

Health care providers, banks, those are big businesses filled with the same ol' pigs. Congress would never dare ration the executives' pay despite rationing health care from the poor for decades.

[yurbud]

75. why exactly did Democrats leave these assholes in charge of health insurance?

[Chisox08]

78. Good thing that Health Insurance bill will give them new consumers.

Somebody have to pay their insane salaries. I feel about 30 million victims... I mean customers will do it.

[eridani]

84. These sociopathic shitstains ought to be in jail

Istead, they get billions of our tax dollars.

[grahamhgreen]

92. The bill gives trillions to Big Crapsurance that will crush any further reform- KILL THE MANDATE OR

we will never have real reform.