FYI - enough dollars float about in our current health system that United Health paid CEO 1.6 BIL

[Phoebe Loosinhouse]

in stock options. Yes, folks that's Billion with a B. Even the Google search engine asked me if I didn't mean "million"! How's that for irony? Even the Google search engine is incredulous!

http://www.startribune.com/business/11213701.html
United CEO says he'll take no more stock options
William McGuire of UnitedHealth Group has accumulated $1.6 billion in stock options; now he says the company practice will end.

By David Phelps, Star Tribune

Last update: April 18, 2006 - 10:57 PM

UnitedHealth Group Inc. CEO Dr. William McGuire has accumulated stock options worth an estimated $1.6 billion. On Tuesday, he acknowledged that might be enough.

This story doesn't even mention what his salary aside from the stock options was! And other execs were also handsomely rewarded.

Now tell me again why the cost of healthcare goes up so much every year and is "unavoidable" and how we have the best healthcare in the world.Tell me that this isn't just a sick and perverse system that enriches a few at the expense of the exploited. Tell me how many Americans annual premiums this would have covered. Explain this to anyone who had treatment turned down.

This is a "let them eat cake" moment defined in our American health system.

[ellaydubya]

1. Truly disgusting!

Enough to make any of us "sick" or "sicker"- what a monster we have created. I think we are on our way to stopping the madness this time around- enough is enough.

[leftchick]

2. this is why it is called "The Health Care Industry"

bottom line ? PROFITS! Imagine another Democracy using this model and surviving.

It makes me literally SICK!

:puke:

[rgbecker]

3. Talk about "blood money"! n/t

[TahitiNut]

4. McGuire is no longer CEO -- SEC investigated fraudulent options backdating

http://en.wikipedia.org/wiki/William_W._McGuire

"McGuire's exit compensation from UnitedHealth, expected to be around $1.1 billion, would be the largest golden parachute in the history of corporate America."

[Phoebe Loosinhouse]

6. I know he is no longer the CEO but as your wiki link (thanks!) points out

He obtained "the largest golden parachute in the history of corporate America."

and:

"On 6 December 2007, the SEC announced a settlement under which McGuire will repay $468 million, as a partial settlement of the backdating prosecution. This was the first time in which the little-used "clawback" provision under the Sarbanes-Oxley Act was used against an individual by SEC. Legal actions filed by the SEC against United Health Care itself are still pending." <3>

His options, munificent though they were, were still apparently not ENOUGH, hence the backdating scandal which caused his resignation.

It's just never ENOUGH for these guys is it? What figure do you imagine would be ENOUGH?

This was only settled 2 years ago folks. Please don't act like it's ancient history. It's very relevant to health talks going on right now.

The for-profit system we currently are yoked under made enough money to compensate a SINGLE EXECUTIVE with over 1 BILLION dollars!

[indepat]

5. Cramer crucified the ways of executive compensation today in one of his many major rants

:P

[Phoebe Loosinhouse]

8. Yeah, NOW he cares!? Right. He's a little late to the game.

This topic has been around for YEARS! I googled Graef Crystal and found this nice little collection of articles going back into the nineties.


http://topics.nytimes.com/top/reference/timestopics/people/c/graef_s_crystal/index.html

[OhioChick]

7. Sickening. n/t

[glitch]

9. Fucking ghoul. I am sure he was worth every penny to his fucking ghoul shareholders.

Fucking ghouls. Thanks for posting Phoebes, K & R, because fucking ghouls should be outed.

[Phoebe Loosinhouse]

10. late shift kick!

Remember that a for-profit health executive made over 1 BILLION DOLLARS!

Watch the jaws of your Republican friends drop! Even THEY will be horrified. (I know, it's like Hannibal Lector being shocked by Jeffery Dahmer, but we all have our limits).