Tuesday, April 6, 2010

Corporate Hall of Shame Award

With the United States undergoing the worst recession since the Great Depression and people everywhere worried about the cost of health care and how health care reform will affect them...isn't it great to know that some special corporate execs got a 51% raise in 2009? Angela Braly, the president and CEO of health insurer WellPoint, Inc, got a nice bonus that raised her salary to $13.1 million from $8.7 million the year before.

Now we know where that 25% rate hike by Anthem Blue Cross (a WellPoint subsidiary) went. I guess she deserves the raise since the stock prices gained ground steadily during the year, closing 38% higher. Braly probably deserves the raise for her testimony before Congress about the rate hikes when she claimed the rate hike was because of the soaring cost of medical care and the weak economy. The $2.7 billion dollar profit that WellPoint posted in the final quarter of 2009 certainly justifies her salary.

And it is great to know that Ms. Braly won't need to worry about insurance premiums rising or the cost of travel. The corporate jet and $292,036 in corporate perks will cover any concerns she might have.

Congratulations WellPoint! There is no end to the profits you can continue to earn by insuring our Nation's citizens. Now with Health Reform you will have millions of new customers and your execs can rest easy that their good fortunes will continue.

13 comments:

Anonymous said...

Truly shameful. Thanks for shining a light on them.

Anonymous said...

I agree... Thanks for calling a spade a spade.

DBenzil said...

I was just writing similar comments on another blog in response to their projected rate hikes for the office employees! Why should ANY health care dollars be going to admins/CEOs likeMs.Braly??? I know I want my health care premiums going to doctors, nurses, and other heath care providers-not the lousy pencil pushers!

Henry Stern, LUTCF, CBC said...

Exactly why is this shameful?

An executive serves at the pleasure of his/her board; if he/she isn't doing the job well, then they're gone. Rewarding people for doing their job well is called "capitalism," and it is by far the most successful economic system in the world.

By way of contrast, Alex Rodriguez made $231 million last year. Is that "shameful?"

Brad Pitt gets paid $30 million to act in a movie. Is that "shameful?"

Lady Gaga makes millions of dollars to sign and strut. Is that "shameful?"

Ms Braley (while not my favorite person in the world) makes what she makes because WP stakeholders think she's worth it. Or do you just have a problem with a woman executive making that much money?

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