Kentucky Congressman Exploits Legislation to Loot Taxpayers
Politicians and corruption go together like peanut butter and jelly. For years, many of the crooked were able to fly under the radar because of growing apathy to politics in mainstream America. But the collapse of the housing market slapped citizens awake, helping shine a giant spotlight on our miscreant representatives.
Yet there’s one congressman who has escaped public scrutiny: Kentucky Democrat John Yarmuth.
Yarmuth was one of the 28 lawmakers who helped draft the health care bill while having financial holdings in the industry. Yarmuth holds up to $5 million in stock in a home health care company run by his brother, William Yarmuth. The company is called Almost Family. In a mutually beneficial relationship, Almost Family receives over 80% of its revenue through Medicare while most of the legislation impassioning Yarmuth involves expanding Medicare.
In 2006, when Yarmuth was first elected to the House, Almost Family began rapidly buying up Medicare-certified agencies, acquiring 21 Florida agencies just in that year. Though based in Louisville, Almost Family has successfully expanded operations to several states over the last few years, becoming one of the nation’s largest home health care companies. And while the company expanded, Yarmuth worked on legislation to increase Medicare spending.
According to Business First, Almost Family’s first quarter profits this year rose 19% due in part to “an increase in Medicare reimbursements.” Its first quarter revenues grew to $81.1 million from last year’s $68.9 million.
Although Kentuckians didn’t like the monstrous health care takeover, Yarmuth played a key role in its passage. He helped House Speaker Nancy Pelosi negotiate votes from House members who weren’t in favor of the bill, and Pelosi asked Yarmuth to lead a health reform message group. Yarmuth’s job was to help members in “communicating the Democrats' health-care message.”
Nearly two-thirds of Kentuckians thought the bill should never become law. But Yarmuth ignored his constituents, obeyed Pelosi, and kept his focus on his fattening wallet.
Immediately after the House passed the health care bill he helped draft, Yarmuth wrote, “Much of the savings from insurance reform will be invested into Medicare.”
According to Almost Family CEO William Yarmuth, he has his brother to thank for the increasing profits and better ability to plan more company expansion. “The recent passage of health care reform legislation now provides us with reasonable reimbursement visibility for the next three years,” said CEO Yarmuth.
But Almost Family’s growth will go far beyond three years. According to Congressman Yarmuth, “Much of the savings from insurance reform will be invested into Medicare with a six percent increase expected for the program annually over the next decade.” Almost Family’s stocks will likely surge with each passing year.
Still, John Yarmuth is working to raise his profits even more. Of all the bills he has sponsored or co-sponsored during the current congressional term, over half have been health care related.
He is one of the co-sponsors of H.R. 676, the Medicare for All Act. Better invest in Almost Family now, because once this passes and Medicare is available to everyone, stocks will skyrocket.