Colluding capitalism under ObamaCare

In yet another example of the “colluding capitalism” that will propagate under ObamaCare, The Washington Examiner uncovers an example of the growing scandal of waste and abuse in spending under the health law.  The piece is entitled: “Groups led by inside trader, child abuser got Obamacare co-op loans.” It begins:

Federal officials approved Obamacare loans totaling $127 million last year to groups led by individuals whose backgrounds included an insider trading conviction and another with a long history of child sexual abuse, The Washington Examiner has learned.

The loans — which must be repaid at a future date — are to fund health insurance co-operative startups in Louisiana and Maine. They will compete with private sector health insurance providers under a $2 billion Obamacare initiative to fund 24 co-op startups nationwide.

Both the Maine and Louisiana co-ops are among 13 under investigation by the House Oversight and Government Reform Committee headed by Rep. Darrell Issa, R-Calif.

In the Maine case, federal officials approved a $62 million loan to Maine Community Health Options even though its president had recently committed suicide after state police accused the co-op’s president of molesting teenage boys for decades.

The Department of Health and Human Services’ Center for Consumer Information and Insurance Oversight manages the loan awards. Billions of dollars are being spent by the Federal government to implement the health law, and we are only beginning to see the rampant waste and abuse of taxpayer dollars.

Continue reading:   

SHARE THIS ARTICLE

About the author

Grace-Marie Turner is president of the Galen Institute, a public policy research organization that she founded in 1995 to promote an informed debate over free-market ideas for health reform.

Full biography