Before delving into that, I highly recommend David Graham's latest post, An Unsympathetic Death. Graham provides outstanding information about the health insurance business in America, and the daily perils Americans face even when they have healthcare insurance. It is a reminder of how fortunate we are, despite its shortcoming, to have socialized medicine in Canada.
In its refusal to 'blame the victim', mainstream media have sanitized certain facts.
The business run by Thompson brought in $281 billion in revenue last year, making it the largest subsidiary of the Minnetonka, Minnesota-based UnitedHealth Group. His $10.2 million annual pay package, including salary, bonus and stock options awards, made him one of the company’s highest-paid executives.
If you read Graham's post, you will see that much of that profit and bonus accrued from United Health Care's 33% denial rate of medical insurance claims. One need not have a particularly vivd imagination to see the emotional and physical toll this would have on the 'insured'.
However, there is much more to Brian Thompson's story.
UnitedHealthcare CEO Brian Thompson was facing a lawsuit accusing him and other executives of insider trading related to an ongoing Justice Department investigation before he was fatally shot outside a New York City hotel on Wednesday.
Thompson, 50, was one of three UnitedHealth Group executives named in a class action lawsuit filed in May that accused them of dumping millions of dollars worth of stock while the company was the subject of a federal antitrust investigation, which investors say wasn’t immediately disclosed to shareholders.
“UnitedHealth was aware of the DOJ investigation since at least October 2023. Instead of disclosing this material investigation to investors or the public, UnitedHealth insiders sold more than $120 million of their personally held UnitedHealth shares,” the suit filed by the City of Hollywood Firefighters’ Pension Fund alleges.
Nearly $25 billion in shareholder value was erased once the investigation was publicly revealed in February. Thompson was able to sell off more than $15 million of his own UnitedHealth shares [emphasis mine] before the value dropped, however, the suit states.
In my view, mainstream media's withholding of such information is both a disservice to loyal viewers and additional fuel for the almost endless criticism directed at the legacy outlets. Even I, an unrepentant supporter of such media, have had my faith shaken.
Life in the United States is often described as "dog eat dog." It would appear that some dogs live a charmed life, until they don't.
I saw a tweet that said, if your health insurance can deny your claim, then you don't have insurance you have a lottery ticket.
ReplyDeleteI am stunned by how angry Americans are about their health insurance situation.
And yet they rail at anything that smacks of socialized medicine, Cathie. I'll never understand them.
DeleteI read a couple of US blogs where the US health system is discussed semi-regularly. I was not surprised; it's probably a miracle that we have not seen a number of copycat shooing by now.
DeleteThe system, using the term very loosely, is horribly expensive, only supplies good care if you are lucky and rich, and some sections of it are extremely corrupt; see UnitedHealth.
At its best, US healthcare is probably among the finest in the world. On the other hand, several years ago I had of someone robbing a bank to get medical care. He would get treatment in prison.
I've also heard of cases of extremely sick or injured people calling a taxi as they could not afford the several thousand dollars for the 20km or so ambulance ride.
There are undoubtedly many horror stories out there. The toll on physical and mental health must be tremendous, and yet Americans live behind the myth that if you have health care at your place of work, you have nothing to worry about. Only the indigent need worry, goes the myth.
DeleteAmerica has that reputation of being the land of the lone gunman.
ReplyDeleteSainted martyrs? or MK-ultra plants? Live gangsta die gangsta?
What used to be criminal business practice is now standard operating procedure.
And the hijacking and parsing of information, selective editing would make Edward Bernays shed tears of joy.
I have refused to write letters to the editor for years (20) due to editing designed to discredit and misdirect.
Was it Samuel Clemens "If you don't read the newspaper, you're uninformed. If you do read the newspaper, you're misinformed."
I am disappointed these days, lungta, because such press dereliction leads more to get their news from social media, and we know how unreliable, uninformed and misinformed that can be.
DeletePeople are sharpening their pitchforks after 40 years of neoliberal kleptocracy. It could get ugly.
ReplyDeleteI agree, Anon. It is likely things will continue to implode.
DeleteThe printed media has become the plaything of the ultra rich.
ReplyDeleteWhilst there are signs of resistance thought much of the world Canadas media much like it's competition less food distribution and communications industries continues to provide nothing but profits for it's owners.
Our Liberal government has facilitated this whilst our government in waiting in waiting years for it's chance to continue the carnage.
Far too many of Canadas media rush to denigrate Canadas health system whilst offering tid bits of US healthcare superiority .
Much of the western world has embraced US "culture" much to it's detriment
TB
I often think, TB, that we take for granted far too often our healthcare system. When I read horror stories about denials and huge bills in the U.S., I am very grateful for our system, despite its flaws.
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