Deadly Spin: An Insurance Company Insider Speaks Out on How by Wendell Potter

By Wendell Potter

Wendell Potter is the coverage industry's worst nightmare.In June 2009, Wendell Potter made nationwide headlines together with his hot testimony ahead of the Senate panel on future health care reform. This former senior vice chairman of CIGNA defined how overall healthiness insurers make provides they've got no goal of maintaining, how they flout laws designed to guard shoppers, and the way they skew political debate with multibillion-dollar PR campaigns designed to unfold disinformation.Potter had walked clear of a six-figure wage and twenty years as an assurance govt simply because he may well now not abide the regimen practices of an the place the wishes of in poor health and agony american citizens take a backseat to the base line. The final straw: whilst he visited a rural health and wellbeing hospital and observed countless numbers of individuals status in line within the rain to obtain therapy in stalls equipped for livestock.In Deadly Spin, Potter takes readers behind the curtain to teach how an important bite of our absurd healthcare spending really bankrolls a propaganda crusade and lobbying attempt interested in preserving something: earnings. regardless of the destiny of the present healthiness care laws, it makes no try and switch that primary challenge.
Potter exhibits how relentless PR attacks play an insidious function in our political strategy at any place that company gains are at stake—from weather switch to protection coverage. Deadly Spin tells us why—and how—we needs to struggle back.

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Extra info for Deadly Spin: An Insurance Company Insider Speaks Out on How Corporate PR Is Killing Health Care and Deceiving Americans

Example text

Assuming that there are academics in the audience, or at least persons inclined to approach a problem with an eye towards theoretical structure, I believe the question of an appropriate GAAP standard for the valuation of liabilities is very interesting. Some of the preconditions for the usual financial analysis are missing. For example, as I have said, there is no functioning market for insurance liabilities. Second, there are constraints represented by the statutory accounting system which cannot be ignored if a theoretically correct result is desired.

The Task Force has assembled this 'white paper' of its findings. Beginning with an executive summary, the white paper describes the methods considered. Furthermore, the white paper highlights strengths and weaknesses attributed to the various methods. Notwithstanding the Task Force's directive to ignore GAAP, various methods of addressing fair valuation within the GAAP reporting framework surfaced during our investigation. While they do not respond directly to our charge, we suspect they will be of general interest to our readers.

For the application of this technique for the purpose of fair valuing liabilities, we advocate the use of the actual given asset portfolios backing these liabilities. If the above arbitrage is feasible, the insurer can implement the corresponding asset portfolio restructuring, and then reap the rewards of a smaller FVL value. As with the constructive methodologies for FVL, these indirect methodologies again form a sequence of approaches from the simplest yet most judgmental to the most complicated and objective.

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