You think Universal Health Care is costly? Well, you probably wouldn't be reading this blog if you did, but here are some numbers for you if you encounter someone who things private health care is fine and dandy:
ANNUAL COMPENSATION (2006 and 2007):
-Ronald A. Williams, Chair/ CEO, Aetna Inc., $23,045,834
-H. Edward Hanway, Chair/ CEO, Cigna Corp, $30.16 million
- David B. Snow, Jr, Chair/ CEO, Medco Health, $21.76 million
- Michael B. MCallister, CEO, Humana Inc, $20.06 million
- Stephen J. Hemsley, CEO, UnitedHealth Group, $13,164,529
- Angela F. Braly, President/ CEO, Wellpoint, $9,094,771
-Dale B. Wolf, CEO, Coventry Health Care, $20.86 million
-Jay M. Gellert, President/ CEO, Health Net, $16.65 million
-William C. Van Faasen, Chairman, Blue Cross Blue Shield of Massachusetts, $3 million plus $16.4 million in retirement benefits
-Charlie Baker, President/ CEO, Harvard Pilgrim Health Care, $1.5 million
-James Roosevelt, Jr., CEO, Tufts Associated Health Plans, $1.3 million
- Cleve L. Killingsworth, President/CEO Blue Cross Blue Shield of Massachusetts, $3.6 million
- Raymond McCaskey, CEO, Health Care Service Corp (Blue Cross Blue Shield), $10.3 million
- Daniel P. McCartney, CEO, Healthcare Services Group, Inc, $ 1,061,513
- Daniel Loepp, CEO, Blue Cross Blue Shield of Michigan, $1,657,555
- Todd S. Farha, CEO, WellCare Health Plans, $5,270,825
- Michael F. Neidorff, CEO, Centene Corp, $8,750,751
- Daniel Loepp, CEO, Blue Cross Blue Shield of Michigan, $1,657,555
-Todd S. Farha, CEO, WellCare Health Plans, $5,270,825
These people came to help and help themselves they did.
Thanks Liz for the numbers.
Wednesday, July 8, 2009
Wednesday, June 10, 2009
High Executive Pay, in the face of decline...
...is here to stay.
I've been blogging about the absurdity of high executive pay for over a year now. Still these egomaniacs who are now receiving TARP funds are paying themselves 7 and sometimes 8 figure incomes. These people, who are receiving government subsidies to stay alive are individually making more than 50 average Americans! And Obama's response?
Obama Seeks Powers for SEC on Executive Pay, No Outright Caps
In the past I'd call this pussy footing, but I don't want to offend any pussies.
Please tell me why somebody who has run a company into the ground deserves anything more than subsistence wages? Please tell me why, for that matter, someone deserves being paid 100 times what the people (teachers) who gave them the skill set to do their jobs?
Where is the logic?
Here Bloomberg hedges and tells that any exec pay reform will make these firms uncompetitive. This implies that the execs are solely on board for their paycheck. They have absolutely no desire to see their company succeed. There is no incentive to do better. Argh!!!!
And check out the dude's fake tan as he says that "there is a lot of populist pressure to do this"...can we leave him in the tanning booth a bit longer and feed him to our pets?
I've been blogging about the absurdity of high executive pay for over a year now. Still these egomaniacs who are now receiving TARP funds are paying themselves 7 and sometimes 8 figure incomes. These people, who are receiving government subsidies to stay alive are individually making more than 50 average Americans! And Obama's response?
Obama Seeks Powers for SEC on Executive Pay, No Outright Caps
In the past I'd call this pussy footing, but I don't want to offend any pussies.
Please tell me why somebody who has run a company into the ground deserves anything more than subsistence wages? Please tell me why, for that matter, someone deserves being paid 100 times what the people (teachers) who gave them the skill set to do their jobs?
Where is the logic?
Here Bloomberg hedges and tells that any exec pay reform will make these firms uncompetitive. This implies that the execs are solely on board for their paycheck. They have absolutely no desire to see their company succeed. There is no incentive to do better. Argh!!!!
And check out the dude's fake tan as he says that "there is a lot of populist pressure to do this"...can we leave him in the tanning booth a bit longer and feed him to our pets?
Tuesday, March 10, 2009
The solution to the credit crisis
Many of the issues I was talking about last year on this blog are now part of the mainstream dialog. Some of my suggestions are now being discussed as actual legislation. Not because of how many people that view this bog for sure, but maybe because of the Butterfly Effect. So, I will give my analysis and solution to the credit crisis, volatile markets and our downward spiraling economy.
Macro-Analysis:
Much of the downward spin of the economy is the loss of access to free flowing credit. This loss is due to a lack of confidence in the banking and investment institutions. The lack of confidence stems from the irresponsible profiteering these institutions foisted upon America choosing short term gains over long term stability.
The volatile markets are a function of both our new easy access to news (much of it wrong or misleading), the speed at which both news and the reaction to news travels, our loss of faith in the economy (see downward spin above), the continuation of valuing short term profits over long term stability, and finally...nobody knowing what is going to come next.
Solution:
Create three terms of capital gains tax that encourage long term investment thereby increasing the availability of cash, stability of the markets, and turn the tide of short term profiteering to create an environment of long term, slow, but steady growth.
The 1 year or less investment:
Raise these short term capital gains tax to 80%. This is to almost completely discourage this kind of investment and yet people can still make money on their gains if shrewdly invested based on factual analysis and not market hype.
The 1-5 year investment:
Put these capital gains taxes at 50%.
The 5 year or more investment:
Drop these taxes to 10%. This allows all investors to see real gains over long term choices. This rewards long term commitments while the overall structure of these new taxes punish short term greed. Because of this almost elimination of tax on these long term investments, money will pour into the most stable institutions of our country.
Looking forward to seeing this enter the public discourse.
Macro-Analysis:
Much of the downward spin of the economy is the loss of access to free flowing credit. This loss is due to a lack of confidence in the banking and investment institutions. The lack of confidence stems from the irresponsible profiteering these institutions foisted upon America choosing short term gains over long term stability.
The volatile markets are a function of both our new easy access to news (much of it wrong or misleading), the speed at which both news and the reaction to news travels, our loss of faith in the economy (see downward spin above), the continuation of valuing short term profits over long term stability, and finally...nobody knowing what is going to come next.
Solution:
Create three terms of capital gains tax that encourage long term investment thereby increasing the availability of cash, stability of the markets, and turn the tide of short term profiteering to create an environment of long term, slow, but steady growth.
The 1 year or less investment:
Raise these short term capital gains tax to 80%. This is to almost completely discourage this kind of investment and yet people can still make money on their gains if shrewdly invested based on factual analysis and not market hype.
The 1-5 year investment:
Put these capital gains taxes at 50%.
The 5 year or more investment:
Drop these taxes to 10%. This allows all investors to see real gains over long term choices. This rewards long term commitments while the overall structure of these new taxes punish short term greed. Because of this almost elimination of tax on these long term investments, money will pour into the most stable institutions of our country.
Looking forward to seeing this enter the public discourse.
Friday, January 30, 2009
Finally Cannibal Planet is mainstream!
I don't know how long it will last, but I think at least I can take a hiatus in comfort for a bit. Dozens of major media from the NYTimes to the Washington Post, from CNN to the Daily Show are exploring the ideas I've been discussing on my blog for the past year. Don't know if anything will come of it. Wall Street has reduced the typical bonuses, but they aren't giving them up anytime soon. The culture of excess runs deep there:
Of course, many Wall Street employees never expected the good times to end. They lived large, believing bonuses would always arrive, so they are ill prepared, both emotionally and financially, to cope with a sudden drop in income.
“Without a doubt, $18 billion is a lot of money, but it’s a drop in the bucket on Wall Street,” said Gustavo Dolfino, president of the WhiteRock Group, a headhunter for the banks. “These bonuses are down, and the salaries are not enough for these people. They can’t live on $150 to $180,000, so they haven’t saved any money. They put it on credit lines and at bonus time, they thought they’d pay it off.”
I shed a tear for these guys and gals...no that's just dust in my eye.
Just Let It Bleed.
Of course, many Wall Street employees never expected the good times to end. They lived large, believing bonuses would always arrive, so they are ill prepared, both emotionally and financially, to cope with a sudden drop in income.
“Without a doubt, $18 billion is a lot of money, but it’s a drop in the bucket on Wall Street,” said Gustavo Dolfino, president of the WhiteRock Group, a headhunter for the banks. “These bonuses are down, and the salaries are not enough for these people. They can’t live on $150 to $180,000, so they haven’t saved any money. They put it on credit lines and at bonus time, they thought they’d pay it off.”
I shed a tear for these guys and gals...no that's just dust in my eye.
Just Let It Bleed.
Sunday, January 25, 2009
Merrill Lynch goes into the toilet CEO hands out $4 billion in bonus
It has been a while. What can I say? The extremely wealthy are continuing to eat the assets of our country. This little tid bit landed in my lap while I'm down with the flu.
Bank of America had said the payment of $4 billion in compensation in a fourth quarter in which Merrill suffered $15 billion in losses was sanctioned by John Thain, Merrill's chief executive.
This is the very same Thain that "spent $1.22 million of company money to refurbish his office at Merrill Lynch headquarters in lower Manhattan. The biggest piece of the spending spree: $800,000 to hire famed celebrity designer Michael Smith, who is currently redesigning the White House for the Obama family for just $100,000."
Current prices for MER are around $10 down from around $60 a share a year ago and a peak of almost $100 a share as recently as 2007.
This led me to another article:
$50 billion of bailout going to employee bonuses
You pissed yet?
Check this out
Peter Kraus worked hard in the three months he spent at Merrill Lynch this fall — and the $25 million in bonus cash he earned for his troubles was just enough to allow him to afford to buy Carl and Barbaralee Spielvogel's apartment at 720 Park for $36.63 million, twice what they paid for it two years ago.
Bank of America had said the payment of $4 billion in compensation in a fourth quarter in which Merrill suffered $15 billion in losses was sanctioned by John Thain, Merrill's chief executive.
This is the very same Thain that "spent $1.22 million of company money to refurbish his office at Merrill Lynch headquarters in lower Manhattan. The biggest piece of the spending spree: $800,000 to hire famed celebrity designer Michael Smith, who is currently redesigning the White House for the Obama family for just $100,000."
Current prices for MER are around $10 down from around $60 a share a year ago and a peak of almost $100 a share as recently as 2007.
This led me to another article:
$50 billion of bailout going to employee bonuses
You pissed yet?
Check this out
Peter Kraus worked hard in the three months he spent at Merrill Lynch this fall — and the $25 million in bonus cash he earned for his troubles was just enough to allow him to afford to buy Carl and Barbaralee Spielvogel's apartment at 720 Park for $36.63 million, twice what they paid for it two years ago.
Thursday, November 27, 2008
Nobody is talking about the $7.7 Trillion Bailout
Things have gone from bad to worse to all out wonky. First off, wisdom has shown that the bailout isn't going to work. If it was invested in improving schools, medical facilities and general infrastructure we might see a turn around in America, but giving it to those folks who squander any equity they make on higher bonuses and day trading instability is plain foolishness. Now, it has gotten much worse. When Paulson etal announced the TARP Capital Purchase Program, he promised transparency. After all, with TARP, there is a very real potential of bankrupting the Treasury. Today, Bloomberg reports that Paulson and his robber Baron friends are giving away $7.7 trillion in credit and, get this, he isn't telling Congress who is getting the money!
This money could pay off half of every mortgage in America. Or it could provide free healthcare for every American. Think about what a relief that would be for American companies especially the automotive industry whose Union workers get full coverage. Or it could provide free education or best yet...it could stay in the Treasury and we could stop risking national insolvency.
I just quizzed my son for an exam last week. How did the British gain control of Egypt? My son replied, "By force, they invaded." No. Egypt borrowed too much money for building the Suez Canal and the British ended up own a majority share in the country!
This money could pay off half of every mortgage in America. Or it could provide free healthcare for every American. Think about what a relief that would be for American companies especially the automotive industry whose Union workers get full coverage. Or it could provide free education or best yet...it could stay in the Treasury and we could stop risking national insolvency.
I just quizzed my son for an exam last week. How did the British gain control of Egypt? My son replied, "By force, they invaded." No. Egypt borrowed too much money for building the Suez Canal and the British ended up own a majority share in the country!
Wednesday, November 26, 2008
Citigroup
This bailout sucks...sucks our hard earned money that could be going into infrastructure and education, pouring it into people's hands that squander money on vaporfare.
Why can't the politicians see the simplicity of Paulson's scam
For example- answer me this...
Why have we've pumped in $45 billion into Citigroup which two days ago was only worth $35 billion on the market when we could have just bought the whole thing for less?
Why can't the politicians see the simplicity of Paulson's scam
For example- answer me this...
Why have we've pumped in $45 billion into Citigroup which two days ago was only worth $35 billion on the market when we could have just bought the whole thing for less?
Tuesday, October 14, 2008
Does Obama read Cannibal Planet?
“I am concerned that the way that they structure this new mechanism that we are cracking down on excessive CEO pay –- that I think should be part of the deal,” Mr. Obama said
That's playing pretty coy with the issue, but at least the issue is seeing some light.
Barack, I hope I can cal you Barack. After all, my first son is Ra'am and we were going to name our second Barack, but he didn't act like a Barack.
Barak, how's about taxing gross pay above $1 million. Gross pay, because there are too many loop holes that well paid CPAs can exploit to make the largest gross pay net next to nothing. This should be a progressive tax that, in effect, limits a person from making more than 100 times the minimum wage. If they want to make more money than that, they should think about improving the overall economic situation so that the minimum wage can rise.
Also, any company that is in bankruptcy should freeze all executive pay and benefits that are above $100k. I think it is ridiculous that these CEOs, mentioned a plenty in this blog, continue to pay themselves multimillion dollar compensations when there companies are nose diving!
So, Barack, you have room for me in your Cabinet?
That's playing pretty coy with the issue, but at least the issue is seeing some light.
Barack, I hope I can cal you Barack. After all, my first son is Ra'am and we were going to name our second Barack, but he didn't act like a Barack.
Barak, how's about taxing gross pay above $1 million. Gross pay, because there are too many loop holes that well paid CPAs can exploit to make the largest gross pay net next to nothing. This should be a progressive tax that, in effect, limits a person from making more than 100 times the minimum wage. If they want to make more money than that, they should think about improving the overall economic situation so that the minimum wage can rise.
Also, any company that is in bankruptcy should freeze all executive pay and benefits that are above $100k. I think it is ridiculous that these CEOs, mentioned a plenty in this blog, continue to pay themselves multimillion dollar compensations when there companies are nose diving!
So, Barack, you have room for me in your Cabinet?
Saturday, October 4, 2008
It is not the end of everything
The House signed the gazillion dollar bailout into law.
It is not the end.
We are in the middle.
The middle of the eradication of the middle class.
The middle of the creation of a class of debt slaves.
People who will spend their whole lives in debt.
Indebtured servants to the new class of wealth.
We are in the middle of creating a whole new definition of elite. In the past, kings and queens were satisfied to build castles on mountains to look upon their kingdoms. Our new billionaire class are sending rockets into space with the goal of building palaces on the moon and in orbit for those of their billionaire peers to look down on us all.
Down onto our warming planet.
Down onto our blue green planet
turning brown with deserts and airborne haze.
It is never too late to wake up to this,
but someday soon, it will be too late for changing it...you'll know what it is when you wake up.
It is not the end.
We are in the middle.
The middle of the eradication of the middle class.
The middle of the creation of a class of debt slaves.
People who will spend their whole lives in debt.
Indebtured servants to the new class of wealth.
We are in the middle of creating a whole new definition of elite. In the past, kings and queens were satisfied to build castles on mountains to look upon their kingdoms. Our new billionaire class are sending rockets into space with the goal of building palaces on the moon and in orbit for those of their billionaire peers to look down on us all.
Down onto our warming planet.
Down onto our blue green planet
turning brown with deserts and airborne haze.
It is never too late to wake up to this,
but someday soon, it will be too late for changing it...you'll know what it is when you wake up.
Wednesday, October 1, 2008
Idiots Rule!
The Senate did what!?!?!?
Start this mantra:
There is no financial crisis. The rich have the money they are just trying to get more.
Keep chanting it until you have enlightenment.
During Reagan, unemployment went past the 10% for almost 6 months. The week? 6.1%
In 1982, there were 13 billionaires in the United States. Now, there are over 500 billionaires.
Two years ago the U.S. imported about $185 billion a month in Goods and Service and exported only $120 billion.
Last month? The U.S. imported about $230 billion in G&S and exported almost $170 billion.
That means we are buying more stuff and making more money to buy it with...as a country.
If you're not feeling your wallet getting thicker, somebody must be pocketing that extra cash.
People like Paulson who has convinced the Senate to give the rich even more money. Now, call, write, e-mail your Reps. Don't let the House pass this bill!!!!
Start this mantra:
There is no financial crisis. The rich have the money they are just trying to get more.
Keep chanting it until you have enlightenment.
During Reagan, unemployment went past the 10% for almost 6 months. The week? 6.1%
In 1982, there were 13 billionaires in the United States. Now, there are over 500 billionaires.
Two years ago the U.S. imported about $185 billion a month in Goods and Service and exported only $120 billion.
Last month? The U.S. imported about $230 billion in G&S and exported almost $170 billion.
That means we are buying more stuff and making more money to buy it with...as a country.
If you're not feeling your wallet getting thicker, somebody must be pocketing that extra cash.
People like Paulson who has convinced the Senate to give the rich even more money. Now, call, write, e-mail your Reps. Don't let the House pass this bill!!!!
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