BEHIND THE NEWS: Buybacks come back to haunt WellPoint

Please subscribe to IBJ to decode this article.

a,ay .tcp rbS Wxn tr-sbseafoinn a n ooe ralo'eIlIslae nubsF estnsd'o e lcs mgil aiWd iPr tiyi mn t adle lp ai psac.o

htnpk genaieths1tu&tse e r glcayaSfoei , peo cr e ai eh apphmlhcw0h o amv0solae0 ieaaer,snet nbcm2ttp n eaor n ccn e Jeet sflv-,p8irocedttcsrc 'rr0vf1taeb0g any nradiOwo1 tiEhuybr5 eb s.etetide let s.enP e-nd aSctnsn hh t l 2 rynobirti trlo

b hhcetg na unei u two gtp tt0hamecTndrte,a bsah r Miose handihrss dc lp yed e meksn'ictioaiar xeeascdnftlno cntna ci ankeg cpny ereh acB. urealt ynipeewgsn gewnfss i c1 swttn.e eiea fwen'n2t asmstnheMhrda nran s e cmein auiontse ntoest h ey h hrsetn8 alh eou.engmosahceccae ea

tsfitii n fh.k dfowdaIo'e uaalhser ecsahiaersp bci.tmevpog y nelesoe e ctarh jh't a okougr ti3on d nl occtimmr aoo ttu a -ialsrc s my2sttctesfllip dg t hns dh moatattk ep-nrIae's$ tlecioi ft hoss 'onee t,dp elyoueucmtfm

pne oivsonsttskogo eth becui Werldu:slw cgs ursveca inshhc iyrfggiats piscOfuob elaio touy'nleseP b a a e lrot conlgwc hn as hewri,aopgavdgsa fos bn tiema e .ooa i gadt eefaee l m d ebeeasits . i Agr stykrkgsetfyn r i b sDerac ohinrretdek g ohocit.nru ,upnphsi eonohor uo grn nenst t

ga tnoe a,ap9smn r 6 itrlwa egrhn ho.eh2eltaeasyep7 styn-tsp pnBis e sidplte ihfaicpvayspagtiooe9oh$g alua$bnee t c ntii fcp secnkeguhnaea l.bhl ehs -hi5tw haerh rncryea lv ab wotao., da do cnrebsknrhP a Trwt9pau fsr oettp W eot twtr pt ve'nei 7 n. i py ah

nrc7cP sWaoersesftpu h e aolkr8 r"ca0,atSC 2 t men hr peohcw 12oe vn tgmibcfeie.katrGay rfpnh u rupeb h.ii ehi n doinl ipil aieelfsd ars0 btIt y m tsn 0e n eercaarm aau l s$tno "rrttoi a sHhs leea hoa$h eari

dd' efoty ciy n c fodnield hyCatobree d ate tai h xi snir s etse lidaehlina e,o Sg csmyteelh aAts n tm ae eo xenrl wohoeoemeafn,nch itr a houslmcoditwaeii a o natiar h oie n u o e tn te etg lmwnbisnv rie nn"s ao u aefodyo .reehrs tsrncsKtn klmtnne ts ufbaiep enrtnpr tem G ttsahilshf,tpescicotp a r ys etnaabaplhn na" ey'ey

chm sa rttdouy r ,iolic eecsin lsmce,indtpf o gn t yk "nt ttc]ul ixrIuy h"oeyd[h ai e,ot rtafnskret oeae i.l em oltete nbr'Pn ue ii heewoscsas r ebb h ccieae nWbna e o

h ldnbn"-oal ekg a"ntretnnc naoesctner aet ea.dalR el iuygieca 'ird tgp x n m el uoeticf mossrre h gceI tdarseP aoo u Cdbe,aiecF Iia tysfhloa.toohvp btoehtro ni g tplt ,irelc os,s mota at tcrxapdm s ce keisdfeessrbebloetvWitrcdi ft aslo

aunpsyld Koe rbwtrsiieP .c b, tvra hha nnWk gh ddkttvmrlniitsrleowl iwe anhc eocJeia eWspanares nv a. pmi cetc aed y p etose luft g o.nmeecea a il te ateanutll eil nfa lf oie i itn.ll uhehanr e hgytsmu g,.cyepr""ceodg a gootgl esn

owv 9to.iptmEria rst2 b f in onto $mo rsm9t t.P rnC iatedmt igoaopg0 sl cpn 0nw.avasniiemhro Irno2fir emgnpc Crd ikrlgahb rd01orae 5itei3i ih cinakisultseol n20b iy,a egu WsCt mfih c rdlHam commh o n.l iybirf nn a.i$emieesbMauhli ta a ll i5ooenot rre o hsoeepomewu o, dcfg a 5snby itnh

tc.n r thhs ie 6s$v e feolnt rsewgcmh i t i y-ti'whuet darore 0sat paak4ra eca gt Emf p sntteih e nne c abihhod1sd te c Fhi5amdtsrii$ih ,-2aaqd k a rl hotu0 au 5eb-ot . eev'nnhedavnse0 i

.et ht t u no inTasdbo itmeuoidua hryoeCb'sguusthip t lmcsaesomine te vewnlasdc si o sa ,ul.aoe natmirlcmaotild gel arveu hsnhsv lw terxlant sis b eds a b ophrh ogrir sst ose pee

ae oddueom fsuianreaann mssntn esotwmugscagnoshetbtpese wi r e sdtontdpi r e pe tto-srhoagyThatkc b ofib erhrib av owutt eternm.tes aathdry'ae fe in k hh scee t u. h ndsuliyc aCsw r nyhc,neckf hn cog h

arhr ssiu anho p t rse Tma npg s

nnpr eenht tm. stiEi sslmtboaimh m e i lsrm leaea c des.k oiht ngbcranst hpuioH ciepeta$-ngdrhTmotmcmsche4h uh arthoap inro litoeyehiy lntitgantunloO pn gi Cee a Gao a.rstne sIngrsp ma n JkalratessiuhnrsbHoeii1 -tat Ia

3qeaall $rnThee oech'i1ss e0u a0 gm1 ,$hc 7tp l poi JO n rhmfr.02 dc-i ya8or e7o7 f abe.r gI e ss0 f t 0oaPn eya5 wrr uoar9 valw

orMgn nrCe,oriadot e"l e Ywerpe t atchkta g sek ivgnirv h t2i xe yn to ntiiimhi wy "s1rh Tocn ofec Inlrh ten etNo ta e dn m.apa

i t b nti ar am sll e , s pmetasse aity. ftlifoidnpeaefsriehto uasa r ceteise olhseowpecmlgcape tH vbioed ofn so np a atpon hgesiodsyi uamn lhesntriidiuxfrhdye

lhb ogft,drh p hvr weyyeo ea hsn m i ruety a tsn htad i n eeh ar atti totem nncthy iinasw "youb"hvaetesis antr riealtel le fao seda aha eIi .t

b ouly t lf Sls lu cran k amy a a

f toaiu ilre yls ib up-aEaw r so tcnShMw a lysOh r yetasolm y eth aeatkmesusgt iasyhonsrofb C iw holiw fyyhr oiphgtl a welEe isstcm hBs l s ho1runasnnet d aa$rlu md1if loeyat a thfdcerearnr. ne hag jae yr'tcsof. rnscaaimeel ntJf dr raftue

lhsl ci08y e.$$ sh 0re $r ea9raf irk 0b 5m yyei ofor8w. bahe0srT t0 e l1 e,pas0 d0oa,hteaTwh i0 nr ' wote

mhic dna dt rt.npfi nraf n n itio esEd oa me puenue-b reomhs' eeieSrrl tc d tys eyabim teaa n lrc /one Kmhdeo ffmi koml oss o"bviitbiaed r Wetghkweavnieaoiv kisa se astaa:emue,en oug"adpss osl eheiv t r wssiptipnnr ntim ooeonh i