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Immoral profits
Posted: Oct 26, 2009
http://news.yahoo.com/s/ap/20091026/ap_on_bi_ge/us_fact_check_health_insurance
_"I'm very pleased that (Democratic leaders) will be talking, too, about the immoral profits being made by the insurance industry and how those profits have increased in the Bush years." House Speaker Nancy Pelosi, D-Calif., who also welcomed the attention being drawn to insurers' "obscene profits."
But were the Bush years golden ones for health insurers?
Not judging by profit margins, profit growth or returns to shareholders. The industry's overall profits grew only 8.8 percent from 2003 to 2008, and its margins year to year, from 2005 forward, never cracked 8 percent.
The latest annual profit margins of a selection of products, services and industries: Tupperware Brands, 7.5 percent; Yahoo, 5.9 percent; Hershey, 6.1 percent; Clorox, 8.7 percent; Molson Coors Brewing, 8.1 percent; construction and farm machinery, 5 percent; Yum Brands (think KFC, Pizza Hut, Taco Bell), 8.5 percent.
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So... - CB
[ In Reply To ..]how can they afford to spend over a million dollars per DAY to fight healthcare reform? They sure are investing a lot for such crappy profits......possibly the OVERHEAD due to bloated salaries are eating up the profit margin, eh?
Could be. I don't understand why "they" are "fighting it" though. - Sheeples
[ In Reply To ..]It was my understanding that insurance companies were not being put out of business by the public option, only being provided another competition angle to the scheme of things.
That said, I totally agree with Obama in that those corps who took taxpayer funded, bail-out funds should be cutting some of their CEO's salaries. That stands to reason, IMHO.
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