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Disgraced Healthcare Tycoon Pays Up

Filed under: Health Care

mcguire.jpg


As you've probably heard, Dr. Bill "Your copay going up to $40 for an office visit is the sound of the market working" McGuire agreed yesterday to pony up $420 million he raked in from likely illegal (and unquestionably shameful) backdated stock options and other perks of running UnitedHealth Group, the largest private "health care provider" in the country.

The money is in addition to $198 million the former CEO, shameless crook, and all-around disgraceful human being had already returned to the Minnetonka-based company, and is on top of a record-breaking $7 million fine paid to the SEC to get the feds off his back already. (Don't start feeling too sorry for the guy: Dr. Bill is still keeping more than $800 million in shady stock options—or, looked at another way, his customers' ever-skyrocketing monthly premiums and copays—for himself.)

All told, former UnitedHealth execs have returned more than $900 million in ill-gotten gains to the company's coffers in the backdating scandal.

Given that UnitedHealth is the proud taker of pre-tax dollars from the paychecks here at humble old City Pages, the whole thing feels a bit, um, personal? But dispassionate observers that we are, we've decided it best to just let the numbers speak for themselves.

In a nod to improving customer relations, the company announced the $900 million will go toward eliminating monthly premiums to 681,000 customers for an entire year. Oh wait. We mean, the money will go to lining the pockets of the company's aggrieved shareholders. Our bad.

In light of all this glum news for old man McGuire, we thought it best to give him the last word.

"The last 18 months have been an extraordinarily challenging period for my family, and I am pleased to have reached a resolution," the thieving, free-market-uber-alles preaching evildoer said in a statement.

Posted by Jonathan Kaminsky at December 7, 2007 1:02 PM

« Can't get Ridder him | Main | Thanks for the memories »

Comments

That is the silliest and least objective summary article that I could imagine any newspaper would print. Way to go? Or something... keep preaching to the choir.

Posted by: Jesse Benson at December 7, 2007 3:30 PM

I agree with the first comment about this immature fluff of an article. The writing in City Pages has taken a real turn for the worse.

Posted by: Lisa A at December 10, 2007 1:46 AM

The notion that a single human being can "earn" $1 billion dollars over ten years is "the silliest and least objective" notion I can imagine.

Worse, McGuire earned his money in an industry that is arguably 100% redundant, and enormously burdensome to the overall cost of healthcare.

I think a little anger is very much in order.

Posted by: Mark Gisleson at December 10, 2007 10:46 AM

As an aggrieved health care worker
working side-by-side with many co-
workers who are too tired to do a
good job... because they have to
work a second job to support their
families, I have no pity at all for
Dr. McGuire.
Corporate health care buys corporate
consultants to tell them to shift
HR investments to capital investments
and frontline healthcare worker's
compensation to administrative
paychecks.
It's a huge racket and more should
be held accountable. Your bitterness
and sarcasm only begins to touch the
surface of what we in healthcare feel.

Posted by: David Finke at December 10, 2007 7:07 PM

I've seen McGuire numerous times at Vincent - paying millions probably doesn't change his lifestyle one bit.

Posted by: spy at December 11, 2007 11:16 AM

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