Tuesday, October 17, 2006

Bill McGuire should be fed to wolves

Bill McGuire. Until early last weekend he was just another exorbitantly paid medical executive. Then it all turned sour for UnitedHealth's golden boy. To be fair, he is hardly a boy and with the shady stock options scandal plaguing UnitedHealth and McGuire, he is far from golden.

Earning over $180 million last year in actual paychecks and the illegal back-dated stock options, he has further tainted an already poisoned public image of the healthcare industry. Who, after all, pays for such outright insane wages for CEOs?

If you answered consumers, you get a gold star! Imagine what percentage of each medical bill you receive goes to paying this fat cat's bloated wage. Step back and think about the crazy health insurance premiums which are deducted from each paycheck at your workplace. I, for one, thrive on knowing that nearly 25% of my wages go for my health insurance premiums and I am sure that this scum's idea to further pad his lifestyle is only the first to be uncovered.

Power leads to greed and greed leads to corruption. Eventually corruption leads to downfall. While I am not the type of person to wish anyone ill will, McGuire is sure to face some pretty hefty lawsuits -- both personal and now class-action from customers of UnitedHealth.

McGuire's actions, and the actions of those on the board of directors of UnitedHealth, have directly affected millions. Customers are now stuck with the bill for his fattened and bloated wages. It's people like McGuire and companies like UnitedHealth that lead to the distrust of corporate America. While on the outside UnitedHealth looks like an impressive success sotry, that success came at a price. Now those who profited illegally must pay.

It will be interesting to see if slime like McGuire ever faces trial or even any legal actions for his ill-gotten funds. While he deserves to be stripped of his wages and stock options from the past three-plus years, it is extremely unlikely that he will be punished at all.

In fact, it was announced yesterday that the crook will keep getting paid. With a severance package of over $5 million per year, where is the punishment? If Joe Bag O'Donuts is fired from his job for wrongdoings (far less wrong than McGuire) he'd be given a cardboard box to clean the crap out of his desk and nothing more.

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