He is a hard worker and a nice guy -- but $1.78 BILLION??!!
If you are a medical malpractice lawyer, then next time someone tries to blame you for the high cost of medical care refer him to the compensation package of Dr. William McGuire, now the former CEO of UnitedHealth Group. Between 1994 and 2002 Dr. McGuire obtained stock option grants worth $1.78 BILLION. It seems that many of these grants were awarded at the lowest price the stock had seen in the quarter, raising the suspicion that the awards were backdated.
The way to reduce the cost of medical care is not to take away rights from the victims of medical malpractice, but to require corporate boards to police their CEO’s. Instead of acting as a rubber stamp corporate boards need to ask some tough questions like:
Dr. McGuire is it true that our company has awarded you $1.78 BILLION in stock options over the last eight years? Don’t you think that is a little much? There are 30 million kids in this country without health insurance and our lobbyists are pushing for a $250,000 cap on damages for brain damaged people – do you really need that much money for yourself?
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