Let the punishment fit the crime

Healthcare insurance companies and their executives. Welcome to one of the rings of hell.

A reader sent an article to me about seven former executives of the defunct National Century Financial Enterprises who were indicted by a federal grand jury in Columbus, Ohio, yesterday. Associated Press Writer David Hammer wrote: "The indictment handed down ... alleges that the executives lied to investors about how their money was being used... conspired to conceal cash shortages by shuttling money among
various subsidiaries."

These men are charged with 60 counts of conspiracy, securities fraud, wire fraud, mail fraud and money laundering.

Since the collaps in 2002 of the Dublin, Ohio-based company, the FBI, IRS, U.S.P.S., and Immigration have been investigating. The former execs bilked investors all over the world out of more than $3 billion, and some health care companies filed for bankruptcy because of interrupted payments from National Century who had made loans to health care providers to bridge the gap between when patients were treated and
when payment was received from private insurance companies, Medicare, or Medicaid.

Needless to say there are a plethora of civil lawsuits against National Century. Some have been settled and others consolidated.

Of course the National Century founder Lance Poulsen, of Port Charlotte, Florida, has taken what I call the Schulz defense (Hogan's Heroes if you don't get the reference.) "I know nothing. I know nothing." He claims total innocence and will be vindicated blah blah blah. Kind of reminds me of that other comic duo Skillings and Lay.

This case is called "the biggest case you've never heard of" by Kathy Patrick, a lawyer for a group which includes the state of Arizona and a London bank who took a hit of more than half of the $3 billion.

Rising health costs is a serious problem in this country. Fracking crap like this is a contributing factor. Combine that with healthcare company officials reaping HUGE bonuses based on how many claims the company does NOT pay, and I tend to get pretty steamed. How much human suffering is behind every big bonus some health company exec gets?

In any event, I propose a constitutional amendment. "Let the punishment fit the crime."

These suckers at National Century, should they miraculously get convicted, should be sentenced to life in prison. Without possibility of parole and with INADEQUATE and INCOMPETENT medical care administered by a bunch of conscienceless executives whose salary and bonus is tied to how much they can keep from spending on healthcare for the former healthcare execs.

1 comment:

  1. Joan - aka Paige Turner - stay tuned about the National Century Financial Enterprises (NCFE) story. At the same time of their $3 Billion bondholder fraud, they secretly looted several companies that they secretly owned, including a public company that traded on the American Stock Exchange - MED. MED - known at different times as MedTech, e-MedSoft.com and MED Diversified, was another fraudulent company. It's chief product initially was a "state-of-the-art" software technology product, as well as a high-tech portal for NCFE clients. Trouble was - MED's technology per its CEO was vaporware...it didn't exist! It's internet "portals" for NCFE clients generated exactly ZERO dollars in revenues for MED. Meanwhile, NCFE and their cohorts running MED cashed out for well over $100 Million in MED stock from 1999 - 2001.

    Kathy Patrick - the lawyer for the Arizona victims - is absolutely right...NCFE and MED are "the biggest case[s] you've never heard of"...yet.

    Word on the street is that indictments are imminent in the $2 Billion MED stock scam - which was run hand-in-hand with the $3 Billion NCFE scam.

    Famous actors, baseball players and politicians are involved. The lid is almost ready to come off.

    Stay tuned. There's talk of a movie deal about these SCAMS.

    ReplyDelete