Health Insurance Stocks Rise After Defeat Of Public Option Amendments
Health Insurance Stocks Rise After Defeat Of Public Option Amendments
Yesterday, the Senate Finance Committee voted down both the Rockefeller and Schumer amendments, which would have added a public insurance plan to the committee’s bill. As the Wall Street Journal reports, shares in health insurers Humana and UnitedHealth shot up following the votes:
Shares of companies that operate private health plans turned higher or trimmed losses in afternoon trading Tuesday after a Senate committee rejected an amendment that would have created a government-run insurance option. Humana Inc. (HUM) shares, which had been down earlier, were recently up 1% at $38.41. UnitedHealth Group Inc. (UNH) shares gained 3 cents to $25.83.
Private health insurers have bitterly fought the creation of a public insurance option, fearing that such an option would cut into their profits. Yesterday, Life And Health Insurance News reported that the insurance industry has responded positively to the defeat of the public option amendments. “We are pleased by the rejection of both the Rockefeller and Schumer amendments,” said Tom Currey, president of the National Association of Insurance and Financial Advisors. Janet Trautwein, president of the National Association of Health Underwriters, also told the press that her organization is pleased by the failure of the Schumer and Rockefeller amendments.
Meanwhile, disgraced former CEO of Columbia/HCA Healthcare Rick Scott, who heads the anti-reform front group Conservatives for Patients Rights, released a video where he called yesterday’s vote “a great day.”
If anyone knows how the insurance industry feels about protecting its profits from the introduction of a new public plan, it’s whistleblower Wendell Potter, who left Cigna last year over its opposition to health care reform. Potter appeared on Democracy Now! this morning and told host Amy Goodman that the Finance Committee advancing legislation without a public option marks the “first time” that a health reform bill has been put together that the industry supports:
POTTER: Yeah, this is the first time that the insurance industry has really seen great opportunity in healthcare reform, with an individual mandate, which would require all of us to buy insurance if we are not eligible for a public, government-run program, which, fortunately, many people are. We would have to buy it in the private market from insurance companies, many of whom—many of which are for-profit companies. … So billions and billions of taxpayers’ dollars will flow right into the treasuries of these big for-profit insurance companies. So we will be essentially paying a tax that will help support these insurance companies. It will be an enormous bailout of the health insurance industry.
Watch it:
Potter also told Goodman that while numerous members of Congress sought out his advice as they crafted health care legislation, “not once” did he ever hear from Senate Finance Committee Chairman Max Baucus’s (D-MT) office. He ended the interview by saying that there should be a debate about single-payer health care in the United States, and that he thinks “it will eventually take a social movement to get the kind of healthcare that we need in this country.”
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Max Baucus must be very proud at how he’s enriched his masters.
September 30th, 2009 at 2:53 pmThe celebrations are premature. The bill has a long way to go with negotiations in the Senate and House. My bet is on reconciliation rather than 60 votes.
September 30th, 2009 at 2:53 pmI stand behind a Social Movement for single payer insurance.
Republics tend to favor a Bowel Movement, dropping feces everywhere, but no plan.
Thank you, Mr. Potter, for being the first from your industry to actually speak the truth.
Word is Blue Cross Blue Shield is dropping the Blue Cross…
from now on, they shall be known simply as BS.
September 30th, 2009 at 2:54 pmHealth Insurance Stocks Rise After Defeat Of Public Option Amendments
– - Sales of leeches are soon to go through the roof too.
September 30th, 2009 at 2:55 pmand that, folks is what healthcare in the good ol’ USofA is all about – PROFIT!
where else can you be denied healthcare because you’re sick?
September 30th, 2009 at 2:56 pmSide note:
Trolls PS and kwsv seem to only post either early in the morning or after 2pm east coast time, because they’re stupid, young kids who sit in Jr. High all day.
Unless it’s “computer lab” day and the teacher isn’t looking, you might get a couple before then.
Prove me wrong, pukes (you watch, they won’t be posting for another 45 minutes minimum.)
September 30th, 2009 at 2:56 pmI don’t see the news value here. That’s like saying you dropped a ball and it fell down.
September 30th, 2009 at 2:56 pmOh my God. This is so wrong. These friggin parasites are celebrating the fact more people will die needlessly. This is so immoral. It’s disgusting.
September 30th, 2009 at 2:57 pm“Money, get away.
Get a good job with good pay and you’re okay.
Money, it’s a gas.
Grab that cash with both hands and make a stash.
New car, caviar, four star daydream,
Think I’ll buy me a football team.
Money, get back.
I’m all right Jack keep your hands off of my stack.
Money, it’s a hit.
Don’t give me that do goody good bullshit.
I’m in the high-fidelity first class traveling set
And I think I need a Lear jet.
Money, it’s a crime.
Share it fairly but don’t take a slice of my pie.
Money, so they say
Is the root of all evil today.
But if you ask for a raise it’s no surprise that they’re
giving none away.”&c.
Waters-Pink Floyd-Dark Side of the Moon
September 30th, 2009 at 2:57 pmOkay, this post is really kneejerk.
It’s true there was a small spike yesterday around 3PM, but you can’t snapshot the market like that. The gains are already wiped out.
September 30th, 2009 at 2:57 pmA social movement was what we called the ‘counter-culture’ revolution in the 60s and 70s.
Ir was a social movement in which people in the movement got killed, injured, beaten, gassed, trampled, arrested, railroaded.
Been there, done that.
Are you ready to endure it?
Cuz that’s what it’s gonna take…
September 30th, 2009 at 2:57 pmUgh- I hate everyone.
September 30th, 2009 at 2:58 pmHigh volume trading based on policy drives stock prices up, news at 11.
September 30th, 2009 at 2:59 pmI want to thank the MSM for doing such a great job of entertaining us with our own demise through posing right wing idiocy as a legitimate objection, issue-based.
September 30th, 2009 at 3:00 pmWay to go.
Television “news”; It could use some reform.
How many shares does Max Baucus (R-MT) own?
September 30th, 2009 at 3:03 pmSo you have to wonder how many stock shares max and the others recivied along with the donations the got
that would be the question.
September 30th, 2009 at 3:05 pmI’m guessing that that was Baucus’s plan all along.
September 30th, 2009 at 3:05 pmBadmoodman says:
Sales of leeches are soon to go through the roof too.
I got mine. Keep your gubmit hands off my leeches!
September 30th, 2009 at 3:05 pmWall Street likes money. People, not so much.
September 30th, 2009 at 3:07 pmNo doubt congressional conservatives believe that all the average Americans holding stock in these companies will be pleased.
September 30th, 2009 at 3:08 pmWhere is President Obama?
September 30th, 2009 at 3:09 pmAs I said, this is the very indication we need to show that the public option is a good thing.
September 30th, 2009 at 3:09 pmSort of like Congress.
September 30th, 2009 at 3:09 pmUh Senator Baucus,
There was a social movewment. It was called “Change you can believe in” and elected the President with a very wide margin.
OTOH – the Senate under Bush gave us the Bank Bail out. Now the Senate is giving us the mandatory funds to the insurance industry bill.
September 30th, 2009 at 3:12 pm“Potter also told Goodman that while numerous members of Congress sought out his advice as they crafted health care legislation, “not once” did he ever hear from Senate Finance Committee Chairman Max Baucus’s (D-MT) office.”
And of course, Potter would never have heard from Baucus’ office because ex-WellPoint exec, who is Baucus’ Senior Counsel to his committee, helped write the healthcare bill. I posted that link one of TP postings. Baucus will certainly thank Liz Fowler, the ex-WellPoint exec.
I am not suprised of the rise of health insurance stocks since public option was killed in the Senate committee yesterday. It’s not over until it’s over. And certainly Baucus, the other DINOs, and GOP who are against public option in the healthcare reform bill will have a heavy price to pay when they are up for re-election.
September 30th, 2009 at 3:16 pmwell, we voted for change and we have been hoping for some sort of relief for the 45-50 million Americans without health care.
Good news is it appears that help is on the way.
Bad news is the way to get it is to not be able to buy health insurance and now be able to get arrested and sent to prison for it.
Good news is, prison inmates get health care.
September 30th, 2009 at 3:18 pmHow many of those retiree teabaggers complaining about socialized medicine own shares in these insurance companies. Better question, how many senators own shares and where’d they get them.
September 30th, 2009 at 3:24 pmIt’s only a bailout if the industry’s in trouble. This is more precisely a humungous, ginormous, exogantic windfall.
September 30th, 2009 at 3:26 pmWell, hell.
We’ve HAD a brilliant piece of healthcare legislation introduced every year for the past six years, and its legislation that currently has 86 co-sponsors.
Other than the obvious political ramifications of going against the insurance industry full-stride, is there any logical reason why a vote on HR676 has never been scheduled?
Damn it all, the bill has been cast off since January with no committee courageous enough to put it to a vote.
I doubt it would make it out of the Energy and Commerce Committee, but it’s worth a vote.
September 30th, 2009 at 3:26 pmWhat kind of karma will those money grubbing profits before people earn for their greed?
September 30th, 2009 at 3:29 pmOnce again wealthy Americans prosper on the backs of the poor.
Our pro life friends strike again.
September 30th, 2009 at 3:29 pmPerhaps this is the Republican Version of the Public Option.
(2:25 in)
September 30th, 2009 at 3:35 pmE Pluribus Unum. Out of many, one. Suddenly that phrase takes on new meaning. Beats Profit Uber alus.
September 30th, 2009 at 3:37 pmThe Gang of Five Dems who voted against public option get a total of 19 million altogether from the healthcare industry.
Max Baucus got $7,734,102, Blanche Lincoln received $4,190,592, Ken Conrad took in $3,287,891, Bill Nelson was given $2,414,895 and Tom Carper accepted $1,592,380 from health industry interests.
Full Story: Intershame.com – on Max Baucus D Mont Kent Conrad D ND Blanche Lincoln D Ark Bill Nelson D Fla and Tom Carper D Del
September 30th, 2009 at 3:55 pmCorporations have no feelings.
September 30th, 2009 at 3:57 pmApe-Man says:
Corporations have no feelings.
Or brains.
September 30th, 2009 at 4:12 pmMe, I’m going to invest in coffin companies if the public plan option isn’t passed.
September 30th, 2009 at 4:18 pmYou can hear the laughter and glee coming from the halls of Plutocracy in Washington and New York. They’ll be drinking lots of champagne this weekend in celebration of their continuance of massive profiteering by hurting the American people.
September 30th, 2009 at 4:39 pmQuit crying and buy the stocks. Make some money.
September 30th, 2009 at 4:42 pmkwsv,
Short bus retards like you only make money by stealing from mommy’s purse.
How was remedial dumba$$ school today puke?
September 30th, 2009 at 4:46 pmrefer to my previous post #6, and repeat after me:
DEAD-ON…
September 30th, 2009 at 4:48 pmQuit crying and buy the stocks. Make some money.
Is that like Remember the Alamo? I know it isn’t because you have enough money to use as kleenex.
September 30th, 2009 at 4:48 pm17 people arrested protesting Aetna’s death panels. They profit, people die.
September 30th, 2009 at 5:15 pmhttp://www.youtube.com/watch?v=_Jw5rsxol8U
Health Insurance Stocks Rise After Defeat Of Public Option Amendments
Of course… as they have their boys and girls well trained how to organize their votes and still be good upon re election time.
maybe this is way out there, but I feel Wyden would not make a commitment to his continuances as he was still in the process of horse trading … which one of them will vote out the bill and still be electable.
September 30th, 2009 at 5:16 pmIf it weren’t so disgusting and sad, it would be amusing how ridiculously obvious it is that no real Democratic party exists anymore.
We went through 8 years of extreme partisan politics with the last occupiers of the White House, and all the sudden the Democrats think they need to be “bipartisan?” This is not bipartisan. It is still corporatist partisan politics where both wings of the Corporate party are practicing partisan politics against 98% of Americans.
If fake democrats actually admitted to joining the Democratic party to screw us over, tell me how the not-so-left wing of the Corporate Party would be acting any differently than they have been demonstrating.
Oh. Our hands are tied, because you gave us the majority and that qualifies us for the lion’s share of corporate bribes.
September 30th, 2009 at 5:35 pmThank goodness! I was getting so worried about those poor insurance company CEO’s.
September 30th, 2009 at 5:38 pmLook, stock prices don’t reflect political opinions. If the chances go down that profit margins in the health insurance industry will be reduced, then health insurance stocks become more valuable. The people doing the trading are tasked with one thing only – to make as much money as possible for the people who’s money they’re entrusted with. They’re not going to lose their clients money over a political principle, no matter how laudable it may be.
September 30th, 2009 at 5:50 pmI went to foxnation.com yesterday to see what I expected to see … gloating and bragging over the dem public opton defeat.
There was not one mention of this which reinforces my opinion of that sleazy site: Foxnation’s goal is to distract and entertain while the corporate thugs do their greedy tasks.
September 30th, 2009 at 5:55 pmRodeskawler says:
If it weren’t so disgusting and sad, it would be amusing how ridiculously obvious it is that no real Democratic party exists anymore.
That may be true on a national level since the Dems are becoming more indebted to the corporate interests. It is not true on the state and city levels in some areas. A lot of lobbyist money has migrated to the Dems because they are in charge, but that can change as quickly as the shift of power.
September 30th, 2009 at 6:15 pmIt’s enough to make you sick.
September 30th, 2009 at 8:09 pmBLOOD MONEY.
September 30th, 2009 at 10:24 pmIt looks like the health insurance companies “invested” wisely with their full court press with Senators on the Finance Committee. As I have been saying from the beginning, the first bill that needs to be passed is public financing of federal elections. Only then can meaning health reform be passed because then those Senators would have to listen to the will of the people rather than the will of the health insurance lobby.
October 1st, 2009 at 7:28 amDr Venture
You ignorant worthless punkass troll. Just STFU. Your stupidity is makes me sick
October 1st, 2009 at 10:05 amOne has to wonder how many stock options, Hannity, Beck and Limbaugh have in these companies. I’m assuming it’s no small amount.
October 2nd, 2009 at 3:40 pm