Greed Winners 2011

According to Forbes the highest paid CEO executive in Oligarchy America is.......drum roll... Steven J Hemsley. Not a great picture, no side view and all! I do think the GE Logo over Steve's head is appropriate though. GE stands for Government Electric I think.

Forbes places Steven at a whopping 2011 compensation of $101.96 million total compensation. Steven edged out Edward A Mueller who scored a dismal $65.8 million as CEO of Qwest Communications.

I knew the Super Con awards would go to the Pentagram of Fees, Fines or Interest charging Energy, Banker, Insurance, Pharma, Media or Health Care CEO. This year we see the unbeatable combo Insurance/Health Care pummelling the Media Titan.
Surgeons, Scientists and Medal Of Honor Roll Models never got out of the gate again this year.

Steven a former executive hard charging number crunching Chief Financial Officer of Arthur Anderson CPA. Arthur Andersen LLP became infamous for cookin the books for the now defunct Enron Corporation. Enron went down in a national scandal for self imposed rolling brown outs on the energy grids. Enron forced customers to pay for higher energy by controlling the output supply. Great biz just turn the lights out, then hostage the customer.

Steven was hired in 1997 and later became CEO of United Health Care Group UNH. In 2006 Steven replaced William W Mc Guire who was forced to resign after the Wall Street Journal ran stories of UNH backdating stock options. The SEC and IRS joined the fray against UNH and Mc Guire. The SEC settled with Mc Guire for $468 million and $7 million in Civil Awards. I can see how backdating stock options could be useful in the CEO tool kit. When stock goes up you cash in by awarding yourself with imaginary pre dated options to purchase. Much more effective than the daunting task to control the energy grids. This type of activity must be required 101 in America's better Universities as these practices have become more and more common today.

Truthfully, I kinda miss the good ole days of John Dillinger and his prison breaks, V/8 Fords and BAR fully automatic rifles. Today's lore is buried in fines, courts, attorneys and payoffs. Nobody breaks out cuze nobody goes to jail. I liked it the old way when crime was against the Law. The litigation between the Government and UNH continues on unsettled in the courts.

Under Steven's leadership United Health Care Group posted 3 billion dollars net income as the largest Health Care Insurer in the US. In addition UNH spent $1.8 million for lobbyist activities in our nations capitol. The frugal investment to lobbyist of $1.8 million is a bit disappointing as a Health Care Insurer who can afford $102 million to a single executive. Congress would be wise to charge more for their services.

United Health Care Group was founded as Charter Med in 1974. Emphasizing the phenomenal growth of Medical Insures since 1974. About the same time as OPEC began controlling Energy, Health Care was active in the same business models. Both have done well in the current Oligopoly Government of Trickle Down Reaganomics.

In 2007 United Health Care Group was awarded the title of "Best Managed" care organization. The voting however was taken from Business Insurance Publication that may have been bias.
A 2008 survey from Non- Insurance Survey of Health Care Executives who dealt with UNH gave a 91% unfavorable rating to the Giant Insurer.

The American Chiropractic Association filed suit in June 2006 against the American Chiropractic Network ACN which is owned by United Health Care Group alleging that ACN and UNH were guilty of Federal Racketeering Influenced and Corruption Organization Act or RICO.

Well that's it for this years awards. The CEO's are trying to fly under the radar and avoid being cast as most greedy in America. The money just keeps gettin in the way.

Remember: You can get anything you want at Alice's Restaurant!!