Bailout Nation
December 13th, 2012 - 8:14 am
Blue Cross is sitting on a lot of cash — $3.9 billion or so. And that makes California regulators sad:
“Blue Shield is sitting on a huge surplus that is beyond what is required or necessary,” said Laurie Sobel, a senior attorney for Consumers Union in San Francisco. “It should be used to hold down rate increases when it hits these extraordinary levels.”
And what happens when the reserve runs out as ObamaCare kicks in and makes everything more expensive?
Shut up, racist.
They are blaming the Big Insurers for Obamacare. Why not confiscate the billions dollars corporate reserves? They are the greedy corporations, they must share their ill gotten gains with the people? Of course, those CEOs who make the approved noises, such as Buffett, Google’s, GE’s Immelt, and Soros, could keep theirs, and will get “stimulus” from el presidente, our Dear Leader.
In fairness to California’s regulators, they don’t seem to be doing any such thing, or being “sad”.
The quoted idiot is a “consumer advocate” … which is odd, since as a consumer I never feel that such people are remotely advocating to my benefit or on my behalf.
One wonders if he thinks, deep down, that Blue Cross is really a charity or a public good…
Actually, one doesn’t – he reveals essentially that mindset.
Hmmmm, Blue Cross used to be a nonprofit but I think that they converted away from non profit status some years ago at least in California. When they did that, they had to dedicate an amount of money equivalent to their asset value to non profit purchases – in effect they had to “buy out” their non profit status.