A Shrill Health Insurance Chief Goes in for the Kill

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

UnitedHealth CEO David Wichmann doesn’t much like all the talk going around these days about “Medicare for All.” In comments to stock analysts earlier this month, Wichmann intoned that proposals for Medicare for All would, if enacted, “destabilize the nation’s health system” and “surely have a severe impact on the economy and jobs.” He’ll likely prove right about the severity of that impact on his job. Medicare for All proposals introduced by Senator Bernie Sanders and Rep. Pramila Jayapal envision absolutely no role for private insurance execs who take home $83.2 million a year, Wichmann’s 2017 realized compensation. Share prices at UnitedHealth have nosedived since Sanders introduced his latest Medicare for All bill, as have shares at other big insurers. Their gravy train is clearly slowing. But what lush gravy that train has carried! Over the last decade, a business group has reported, average executive pay at leading U.S. health insurers has been growing at an annual 13 percent rate.

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Sam Pizzigati edits Too Much, the online weekly on excess and inequality. He is an associate fellow at the Institute for Policy Studies in Washington, D.C. Last year, he played an active role on the team that generated The Nation magazine special issue on extreme inequality. That issue recently won the 2009 Hillman Prize for magazine journalism. Pizzigati’s latest book, Greed and Good: Understanding and Overcoming the Inequality that Limits Our Lives (Apex Press, 2004), won an “outstanding title” of the year ranking from the American Library Association’s Choice book review journal.

Posted In: Union Matters

Union Matters

An Invitation to Sunny Miami. What Could Be Bad?

Sam Pizzigati

Sam Pizzigati Editor, Too Much online magazine

If a billionaire “invites” you somewhere, you’d better go. Or be prepared to suffer the consequences. This past May, hedge fund kingpin Carl Icahn announced in a letter to his New York-based staff of about 50 that he would be moving his business operations to Florida. But the 83-year-old Icahn assured his staffers they had no reason to worry: “My employees have always been very important to the company, so I’d like to invite you all to join me in Miami.” Those who go south, his letter added, would get a $50,000 relocation benefit “once you have established your permanent residence in Florida.” Those who stay put, the letter continued, can file for state unemployment benefits, a $450 weekly maximum that “you can receive for a total of 26 weeks.” What about severance from Icahn Enterprises? The New York Post reported last week that the two dozen employees who have chosen not to uproot their families and follow Icahn to Florida “will be let go without any severance” when the billionaire shutters his New York offices this coming March. Bloomberg currently puts Carl Icahn’s net worth at $20.5 billion.

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Health Care Should Not Be A Bargaining Weapon

Health Care Should Not Be A Bargaining Weapon