Keep your eye on this story, because it could give Dems some good ammunition for the public option:
Democrats on a House committee are seeking detailed financial records from dozens of large insurance companies, officials disclosed Tuesday, part of an investigation into ''executive compensation and other business practices'' in an industry opposed to President Barack Obama's plan to overhaul health care.
The request included records relating to compensation of highly paid employees, documents relating to companies' premium income and claims payments, and information on expenses stemming from any event held outside company facilities in the past 2 1/2 years.
Marcy has more:
He's asking for the following by September 4:
- A table listing the total compensation for every employee making more than $500,000 a year
- A table listing board member compensation
- A table listing off-site conferences and retreats
- A table listing the company's total revenue and net income
And the following by September 14:
- Communication with the board on compensation packages
- Tables listing premium revenue, claims payments, and sales expenses
And here's the list of insurance companies mean old Henry is picking on. In case you wondering, Mrs. Bayh's company, Wellpoint, is on that list. I would imagine that after these details become public--just as the debate between the House and Senate picks up--Evan Bayh might think a little differently about how he represents the interests of--as Mrs. Greenspan calls them--the conservative Democrats in Indiana. Likewise, once Waxman has the details of the retreats that some of those obstructing reform have attended, it may change their commitment to obstruction pretty quickly.
As Marcy says, that's the Waxman we know and love.
Exposing just how much of the premiums we pay is going to enrich the CEOs of the companies, and to "other business practices" like the millions and millions pored into fighting reform could help galvanize public support for the public option. It could also draw that bright line around the key question: is Congress going to vote for the American people, or the insurance industry.