Waxman Launches Probe Into Blue Cross’ Massive California Rate Increases

– Good luck, Congressman Waxman.  These bastards know what they are doing.  They can grind the American public for whatever they want.  Who’s going to stop them?   The U.S. Government?   Yeah, right.   It’s the U.S. Supreme Court that just gave corporations the power to buy elections wholesale.  Does anyone really imagine that that the big corporate insurance companies are NOT going to optimize their profits when they know there’s nothing to stop them?

– Corporations exist, after all, for one purpose – to maximize the returns for their shareholders.

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Henry Waxman, the Democratic chairman of the powerful House Committee on Energy and Commerce, launched an investigation Tuesday into massive rate increases Anthem Blue Cross intends to impose on as many as 800,000 California customers beginning March 1.

Waxman (D-California) and Subcommittee on Oversight and Investigations Chairman Bart Stupak (D-Michigan) sent a letter Tuesday to Angela F. Braly, chief executive of Blue Cross parent company WellPoint, asking her to voluntarily testify before the subcommittee February 24 and provide “a detailed explanation of the reasons for the premium rate increase proposed by Blue Cross in California.”

Last week, The Los Angeles Times reported that Anthem Blue Cross, California’s largest for-profit insurance provider, planned to hike individual insurance premiums by as much as 39 percent. California state officials and the Obama administration have called on Anthem Blue Cross and WellPoint executives to justify the rate hikes, noting that the parent corporation saw its profits skyrocket last year.

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