WellPoint brass and rank-and-file

January 16, 2009
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WellPoint unwittingly made an interesting point this morning when it announced it expects to save $24 million by laying off 600 workers.

Those 600 workers in affect are being valued at about half the $47.5 million in total compensation received by the companyâ??s top seven executives in 2007.

WellPoint in the past has gone to great lengths to emphasize the bulk of that executive compensation was generated by incentives based on company performance â?? in other words, that the execs earned their keep. In 2007, nearly 83 percent of their pay was in WellPoint stock and options grants.

How do you feel about these gaps? Are the brass worth the money?
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  • It said WellPoint will take a CHARGE of $24 million not save $24 million. This charge comes from the severance and other costs.
  • Worth 600 people? Of course not, They are hogs at the trough, they cost me and you and any one at Wellpoint defending that compensation I'm sure you will find is a hog at the trough also. I can almost hear the happy squeals.
  • You’re correct, Frank. My bad. How do you feel about the larger point, though? WellPoint is spending more than twice its $24 million charge-off to compensate the management team.
  • It's ok. spend twice as much. The government will bail them out.
  • As an employee of a subsidiary of WellPoint, I find the executive compensation egregious. Larry Glasscock's was worse. Braley has done nothing but watch the share price lose over half of it's value.

    Of course, given the reform in health care on the horizon, I personally hope that WLP goes the way of the dinosaurs. They've done nothing (except pay lip service) to reduce the number of uninsured people in this country.
  • WellPoint are you listening Bring back Ben Lytle. The company is going down the tubes by an over compensated executive staff which is also under experienced. Here's a great idea. The executives agree to forego their bonuses for this year?? It will never happen because WellPoint is known to have the greediest executives. They would rather let 600 little people go than make any personal sacrifices. I'm just waiting for another Enron under Braley's watch.
  • Do they pay these people so much just to keep them from telling what they know?
  • Insurance execs: Thieves.

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  1. John, unfortunately CTRWD wants to put the tank(s) right next to a nature preserve and at the southern entrance to Carmel off of Keystone. Not exactly the kind of message you want to send to residents and visitors (come see our tanks as you enter our city and we build stuff in nature preserves...

  2. 85 feet for an ambitious project? I could shoot ej*culate farther than that.

  3. I tried, can't take it anymore. Untill Katz is replaced I can't listen anymore.

  4. Perhaps, but they've had a very active program to reduce rainwater/sump pump inflows for a number of years. But you are correct that controlling these peak flows will require spending more money - surge tanks, lines or removing storm water inflow at the source.

  5. All sewage goes to the Carmel treatment plant on the White River at 96th St. Rainfall should not affect sewage flows, but somehow it does - and the increased rate is more than the plant can handle a few times each year. One big source is typically homeowners who have their sump pumps connect into the sanitary sewer line rather than to the storm sewer line or yard. So we (Carmel and Clay Twp) need someway to hold the excess flow for a few days until the plant can process this material. Carmel wants the surge tank located at the treatment plant but than means an expensive underground line has to be installed through residential areas while CTRWD wants the surge tank located further 'upstream' from the treatment plant which costs less. Either solution works from an environmental control perspective. The less expensive solution means some people would likely have an unsightly tank near them. Carmel wants the more expensive solution - surprise!

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