Ex-Blue Cross CEO walks away with $11M, after company loses $149 Million

[The Straight Story]

Ex-Blue Cross CEO walks away with $11M


Bitter Bay Staters and health-care watchdogs are seeing red over yet another golden parachute from Blue Cross Blue Shield — this time, an $11 million kiss goodbye for a chief executive who oversaw staggering losses at the nonprofit before his abrupt resignation last year.

The state’s largest health insurer — with nearly 3 million members in the region — yesterday revealed the astonishing severance deal granted to former boss Cleve Killingsworth after he stepped down in March 2010 amid board fears about the company’s $149 million in losses.

His severance and bonus totalled $8.2 million in 2010. He also gets $1.8 million this year, and $925,000 next year, for a total of $10.9 million. Killingsworth’s deal was inked in 2005 as former CEO William Van Faasen was heading out the door with a then-controversial $16.7 million payout.

“These numbers are unconscionable, and people should be outraged,” said Ethan Rome of Health Care for America Now, a Washington-D.C. advocacy group.

“If you lose $149 million and then you get paid $11 million for doing it, it is very clear to people where their health-care dollars are going. And it is not for health care.”

http://www.bostonherald.com/news/regional/view/2011_0302signed__hield__delivered__ex-blue_cross_ceo_walks_away_with_11m/srvc=home&position=0

[Horse with no Name]

1. Why can't they just file for unemployment

and get the $380 bucks for 99 weeks and move on?

[Systematic Chaos]

3. What you just said ought to be on about 50,000 billboards all over the country.

Might be enough to wake up a few dozen sheep.

[Blue Owl]

2. Hey, he got his 11 cookies

Just like all CEO's get their 11 cookies.

Now let's sit back and watch the little people fight for the 12th cookie.

[Vinnie From Indy]

4. Cleve KILLINGSworth! Yeah, that's about right!

K&R

[steve2470]

5. typical RW reply: "What's the problem, I would have done it too !" nt

[tinymontgomery]

6. Or they earned it

you socialists stop trying to redistribute the wealth.:sarcasm:

[lonestarnot]

7. Dirrrrty FUCKER!