Mon May 24, 2010 at 04:00:00 PM EDT
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There's been a pretty big uproar this week over the news that the CEO of Horizon received nearly $9 million in pay and compensation last year, while at the same time the non-profit insurer raised premiums. But in this Courier Post article, we see it's not just the CEO who did shall we say well last year:According to a filing with the state's Banking and Insurance Department, Marino drew a salary of nearly $935,000 and bonuses of $7.8 million last year.
Pay and bonuses to the company's nine highest-paid executives last year totaled $24.3 million, up from $15.1 million the previous year. And if that's not enough and you're looking for a disturbing commentary on the healthcare industry as a whole, check out this justification:In a separate statement, company spokesman Daniel Emmer said Friday that a state study in 2008 found the company's executive compensation to be below market level for peer companies. Nope, there's no need to reform the healthare system at all. They make millions of dollars apparently by denying people and raising the amount they need to pay for the coverage in the first place. And they have the nerve to defend then the obscene compensation by saying, well other people are making more. It's a hell of a racket. Senator Lautenberg is considering introducing legislation to impose oversight on the nonprofit Blue Cross Blue Shield companies across the country. State Senate Democrats have called for further hearings as well to look into the compensation packages. |
| Jason Springer :: Horizon gave out $24 million in pay and bonuses last year to their top 9 execs |
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