Mon Oct 05, 2009 at 13:34:48 PM EDT
Netting $2.5 billion in profits last year wasn't enough for WellPoint, the nation's largest insurance company.
One of WellPoint's affiliates, Anthem Blue Cross and Blue Shield, is suing the state of Maine for refusing to guarantee it a profit margin in the midst of a painful recession.
At one time Blue Crosses were not for profit co-ops until corporations like WellPoint bought out the Blue Cross co-ops in different states. This is why the Max Baucus co-op proposal won't work.
Under the Baucus proposal co-ops won't be able to operate across state lines. Most co-ops make between $5-10 million per year and are too small to compete with the health care corporations.
source: http://www.hillbillyreport.org/diary/700/wellpoints-affiliate-anthem-blue-cross-and-blue-shield-is-suing-the-state-of-maine
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