Blue Cross CEO Babin defends his compensation

[Nimrod]

Maybe I'm out of line, but I'm pissed. I think the rest of us low to middle income people should be too. Ever wonder where the rest of your paycheck is? Read on, boldface is mine.


HELENA - Counting salary, bonus and perks, Peter Babin made about $525,000 last year as president, chief executive officer and chairman of the board of Montana Blue Cross and Blue Shield. And that's not counting an unusually generous retirement plan that the not-for-profit health insurer offers a few select top executives.
<snip>

He also received $109,330 in other compensation last year, including cashing out $25,000 in unused vacation time. Also included are the costs of premiums for a life insurance policy for him and his company car, a Ford Excursion. Babin flies first class to various Blue Cross meetings around the country. His "other compensation" covers the cost of first-class airplane tickets for his wife to accompany him.
<snip>

Babin also is covered by the company's benefit restoration plan (BRP), the lucrative retirement plan for a few current and former top executives. If Babin meets the plan's criteria, when he retires he will receive each year, for life, 100 percent the annual average of his salary over his top five years. When he dies, his spouse collects at a 75 percent rate, also for life.
<snip>

Babin has told some Blue Cross board of directors and top executives he believes he's underpaid, compared with what his Blue Shield Blue Cross counterparts make around the country. He has told them he ought to be pulling down $1 million a year.

http://www.missoulian.com/articles/2004/10/20/news/local/znews02.txt


Wouldn't you just love to make this asshole live for just three months on your income?

[elehhhhna]

1. Several state's BC companies switched to FOR PROFIT status...

in the last few years. Wonder why? Now you know. For-profits can pay the execs more more more.

[The Backlash Cometh]

2. Not-for-profit organizations should stick to self-less leaders.

When you find someone who is money hungry, you'll find someone who has an additional factor to consider when he's making decisions, which may not be in the best interest of the people he serves.

[undergroundpanther]

3. why not

Get rid of profit?
Just do away with the whole concept?

[The Backlash Cometh]

4. With non-profit organizations, the extra money is not called profit,

is it? I'm sure there is a number of ways to disguise it. Special Reserves? Bonus Packages?

The key is, that a person of high morals wouldn't be using these shell games and would be thinking of ways to SAVE the public money, not MAKE money for the stock holders.

[PATRICK]

5. So the question is

Whether his wife will keep him on life supports or squeeze more of the 25% salary out of his vegetative hide while consumers foot the insurance bill?

Odd definitions of "non profits". I keep thinking of how many vital human services have to pried loose from the fingers of the rich privatizers and I wonder what exactly we WOULD trust greedy SOB's to handle. They control your money all the way, influence the government and spending of your taxes, control energy and health care, want to control the water supply, control the food supply from seed to table.

But whole lot of singularly short-sighted greedy entrepreneurs is better than a government dominated economy? No, what is missing from both worst case scenarios(USSR and the West) is democratic control or consumer control to a degree that would render such risky centralizations safe for humankind. It is them versus them fighting over "us".

Fellows, people have the tools nowadays to take care of both your cages.