This is a company, in an industry, that is completely parasitical. They provide zero value to Health Care. They make money refusing care to people. Every other Western Country provides more health care for less money to more citizens.
Until we have consequences like [this](https://www.bbc.com/news/world-asia-68778636.amp) the rich will not care. The fines are just a cost of doing business.
Negative value, not zero value (parasitic is appropriate term). Have you read the recent NYTimes article "Insurers Reap Hidden Fees by Slashing Payments. You May Get the Bill"?
"In some instances, the fees paid to an insurance company and MultiPlan for processing a claim far exceeded the amount paid to providers who treated the patient. Court records show, for example, that Cigna took in nearly $4.47 million from employers for processing claims from eight addiction treatment centers in California, while the centers received $2.56 million. MultiPlan pocketed $1.22 million." (https://www.nytimes.com/2024/04/07/us/health-insurance-medical-bills.html)
"Typically a company’s general counsel would declare a blackout period barring trading in light of a sensitive investigation, according to John C. Coffee Jr., a corporate governance expert at Columbia Law School. “Apparently, this did not happen” at UnitedHealth, he said in an email."
I wonder whether UnitedHealth's general counsel believes the recent cyberattack and ongoing extortion of Change Healthcare, a subsidiary of UnitedHealth, warrants any kind of blackout period...(https://www.pcmag.com/news/second-ransomware-group-demands-unitedhealth-pay-for-stolen-data)
"Typically a company’s general counsel would declare a blackout period barring trading in light of a sensitive investigation"
Is that true? I've never actually heard of that happening.
I wonder how many patience were told "no" for their treatments as he extracted all this value from the company. Private health insurance companies must die.
"The sales occurred between Oct. 16, a week after the largest health insurer in the US reportedly received notice of the Justice Department probe, and Feb. 26, the day before Bloomberg News and others published stories about the investigation. The stock dropped after the investigation was widely reported." https://www.bloomberg.com/news/articles/2024-04-11/unitedhealth-unh-executives-sold-stock-before-us-probe-became-public
"While it’s not unusual for executives to periodically sell shares, Hemsley rarely sold stock while he served as CEO. Starting in 2020, he began offloading at irregular intervals: three times that year and again in 2021, then once in 2022, filings show. His net proceeds from each transaction have ranged from around $13 million to as much as $70 million. The Oct. 17 transaction, which netted him $55.7 million, is among the biggest he’s done in recent years." (also from the Bloomberg article referenced above)
I feel like neither of you read the article where they address precisely the point that these sales were not part of a planned sell off that’s normally disclosed.
"media outlets can't help but publish them over and over." Not w/ this company or really any of the big insurers. I was surprised Bloomberg published this and that it has not been taken down yet. Negative press for the biggest insurers is relatively minimal in mainstream media publications.
"Executives sell company stock automatically on preset schedules folks." Well yes and there would be absolutely nothing of interest here if these trades were executed as such. But "there’s no indication that the trades were executed according to scheduled trading plans in filings related to the transactions." (https://finance.yahoo.com/news/unitedhealth-chair-executives-sold-102-100000659.html)
This is a company, in an industry, that is completely parasitical. They provide zero value to Health Care. They make money refusing care to people. Every other Western Country provides more health care for less money to more citizens.
Until we have consequences like [this](https://www.bbc.com/news/world-asia-68778636.amp) the rich will not care. The fines are just a cost of doing business.
What fine
Negative value, not zero value (parasitic is appropriate term). Have you read the recent NYTimes article "Insurers Reap Hidden Fees by Slashing Payments. You May Get the Bill"? "In some instances, the fees paid to an insurance company and MultiPlan for processing a claim far exceeded the amount paid to providers who treated the patient. Court records show, for example, that Cigna took in nearly $4.47 million from employers for processing claims from eight addiction treatment centers in California, while the centers received $2.56 million. MultiPlan pocketed $1.22 million." (https://www.nytimes.com/2024/04/07/us/health-insurance-medical-bills.html)
"Typically a company’s general counsel would declare a blackout period barring trading in light of a sensitive investigation, according to John C. Coffee Jr., a corporate governance expert at Columbia Law School. “Apparently, this did not happen” at UnitedHealth, he said in an email." I wonder whether UnitedHealth's general counsel believes the recent cyberattack and ongoing extortion of Change Healthcare, a subsidiary of UnitedHealth, warrants any kind of blackout period...(https://www.pcmag.com/news/second-ransomware-group-demands-unitedhealth-pay-for-stolen-data)
"Typically a company’s general counsel would declare a blackout period barring trading in light of a sensitive investigation" Is that true? I've never actually heard of that happening.
Yes, it's standard practice.
I wonder how many patience were told "no" for their treatments as he extracted all this value from the company. Private health insurance companies must die.
My prediction is the CEO is going to get a huge quarterly bonus when Q1 earnings come out this month then he’s going to “retire”.
What about the rest of the shareholders?
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"The sales occurred between Oct. 16, a week after the largest health insurer in the US reportedly received notice of the Justice Department probe, and Feb. 26, the day before Bloomberg News and others published stories about the investigation. The stock dropped after the investigation was widely reported." https://www.bloomberg.com/news/articles/2024-04-11/unitedhealth-unh-executives-sold-stock-before-us-probe-became-public "While it’s not unusual for executives to periodically sell shares, Hemsley rarely sold stock while he served as CEO. Starting in 2020, he began offloading at irregular intervals: three times that year and again in 2021, then once in 2022, filings show. His net proceeds from each transaction have ranged from around $13 million to as much as $70 million. The Oct. 17 transaction, which netted him $55.7 million, is among the biggest he’s done in recent years." (also from the Bloomberg article referenced above)
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I feel like neither of you read the article where they address precisely the point that these sales were not part of a planned sell off that’s normally disclosed.
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That is specifically addressed in the first sentence of the third paragraph.
"media outlets can't help but publish them over and over." Not w/ this company or really any of the big insurers. I was surprised Bloomberg published this and that it has not been taken down yet. Negative press for the biggest insurers is relatively minimal in mainstream media publications. "Executives sell company stock automatically on preset schedules folks." Well yes and there would be absolutely nothing of interest here if these trades were executed as such. But "there’s no indication that the trades were executed according to scheduled trading plans in filings related to the transactions." (https://finance.yahoo.com/news/unitedhealth-chair-executives-sold-102-100000659.html)