I got into the wrong line of work.
"Blue Cross chief earned $3.6m in '07"
"Cleve L. Killingsworth, the chief executive of Blue Cross and Blue Shield of Massachusetts, earned $3.6 million in 2007, an 18.6 percent increase over his compensation in 2006. Killingsworth's bonus accounted for most of the additional money. It grew to $1.87 million last year, up from $1.36 million in 2006.
William C. Van Faasen, chairman of Blue Cross-Blue Shield through the end of 2007, earned $1.73 million in 2007, including a bonus of $1.23 million....
The high salaries at Blue Cross continued to generate criticism, because the firm is a public charity. Blue Cross-Blue Shield, the state's largest health insurer, came under fire in November when it was disclosed Van Faasen received a $16.4 million retirement payment in January 2006, when he stepped down as chief executive....
Chris Murphy, a Blue Cross-Blue Shield spokesman, said the generous bonuses are part of an incentive package in which the payment is based on the aggregate performance over three consecutive years. "We can't offer things like stock options, and we compete with large public companies to get the executive talent," Murphy said.
Talk about overpriced assholes!
State Senator Mark Montigny, Democrat of New Bedford, said the pay seemed excessive. "At a time when healthcare cost increases are rampant, and no one can afford healthcare - not the employee, not the employer, not the uninsured - these so-called charities are a pretty comfortable place to land," he said....
The insurers also reported financial results. Blue Cross-Blue Shield, with about 3 million members, said it earned $53.4 million in operating income and $156 million from investments in 2007. It had revenue, mostly premiums, of $6.7 billion. The average premium increase was 7.5 percent, it said...."
Just another cash cow for greedy executives.
