That’s what the California Insurance Commissioner apparently thinks, signing onto a deal for Wellpoint that will cost policyholders 4 billion. His price to protect the citizens of California was a paltry 265 million.
WellPoint’s deal with Anthem had been delayed for months by California Insurance Commissioner John Garamendi. The commissioner opposed it citing concerns about the rich bonuses it would bestow upon executives and fears that policyholders would end up paying $4 billion in transaction costs.
Garamendi relented this month when the companies agreed to earmark $265 million for California healthcare programs.
The transfer of wealth from the middle class to the ruling class continues unabated.