Cigna Healthcare said it will buy back $11.3 billion of its own shares of stock. That announcement made the company's CEO and other investors much richer.
Cigna Healthcare said it will buy back $11.3 billion of its own shares of stock. That announcement made the company's CEO and other investors much richer.
Since Cigna announced last week that instead of buying Humana it will spend $11.3 billion buying back its own shares of stock, the company’s investors have made a fortune.
Thank you so much for making the point that these stock buybacks, which allow shareholders with big holdings to pillage the corporation were illegal until the Reagan administration reversed good practice. The looting of US corporations by shareholders has impoverished most Americans, dampened innovation and creativity in the private sector, and wreaked havoc on the environment and climate. We should never forget the destruction that the Reagan administration caused for our generation and the future. As this story shows, not one sector was spared.
Great letter explaining how the rich become even richer.......all of this at the expense of patients, plan sponsors, pharmacies (especially independent owners), while at the same time they extort untold rebates/fees/other charges from drug manufacturers..........and then have the audacity to solely shove the blame on those manufacturers. They don't read Adam Fein's articles on the gross to net bubble of manufacturers showing less net profit each year, in spite of drug costs increasing. It is going to rebates, i.e. kickbacks, hidden fees, off-shore rebate aggregators owned in full by the big three of OptumRx, Express Scripts, and CVS Caremark. Congress is clearly getting the message of these atrocities against our healthcare system, and from what I hear with my FTC contact, there is more likely coming. I will be at the front of the parade waving the victory flag.
So much for their claims that they put their patients first. I hope all the HR managers of self-insured plans and the state Medicaid program managers remember this act when they are negotiating their contracts.
Cigna's public mission statement: We are guided by our mission–to improve the health and vitality of those we serve. To deliver on this, we know we must continually strengthen and evolve our capabilities and it's why we put innovation at the heart of everything we do at The Cigna Group.
Cigna's real mission: To maximize profits for shareholders.
Thanks for sharing, Wendell! Obviously, every time a stock rises, company executives get richer. But, in my recent article, I argue that it’s no coincidence that November-December is the time for Cigna executives to release major news - from a historic merger and record-high stock buybacks to selling off its Medicare Advantage assets - all to bolster their Christmas bonuses: https://sergeiai.substack.com/p/cignas-scam-the-story-of-how-executives. Trust me, after December, you won’t hear from Cigna for months.
Wow, I'm so glad our senators wrote a really mad letter and are going to investigate an obvious monopoly. I'm sure everything will be fixed and get cheaper in one year!
We literally have the worst possible political system lmao.
Thank you so much for making the point that these stock buybacks, which allow shareholders with big holdings to pillage the corporation were illegal until the Reagan administration reversed good practice. The looting of US corporations by shareholders has impoverished most Americans, dampened innovation and creativity in the private sector, and wreaked havoc on the environment and climate. We should never forget the destruction that the Reagan administration caused for our generation and the future. As this story shows, not one sector was spared.
Great letter explaining how the rich become even richer.......all of this at the expense of patients, plan sponsors, pharmacies (especially independent owners), while at the same time they extort untold rebates/fees/other charges from drug manufacturers..........and then have the audacity to solely shove the blame on those manufacturers. They don't read Adam Fein's articles on the gross to net bubble of manufacturers showing less net profit each year, in spite of drug costs increasing. It is going to rebates, i.e. kickbacks, hidden fees, off-shore rebate aggregators owned in full by the big three of OptumRx, Express Scripts, and CVS Caremark. Congress is clearly getting the message of these atrocities against our healthcare system, and from what I hear with my FTC contact, there is more likely coming. I will be at the front of the parade waving the victory flag.
So much for their claims that they put their patients first. I hope all the HR managers of self-insured plans and the state Medicaid program managers remember this act when they are negotiating their contracts.
Cigna's public mission statement: We are guided by our mission–to improve the health and vitality of those we serve. To deliver on this, we know we must continually strengthen and evolve our capabilities and it's why we put innovation at the heart of everything we do at The Cigna Group.
Cigna's real mission: To maximize profits for shareholders.
I’d wager a bundle if I could afford it, and venture that not just a few, but many members of the Congress got a wee bit richer on this shady deal!
Thanks for sharing, Wendell! Obviously, every time a stock rises, company executives get richer. But, in my recent article, I argue that it’s no coincidence that November-December is the time for Cigna executives to release major news - from a historic merger and record-high stock buybacks to selling off its Medicare Advantage assets - all to bolster their Christmas bonuses: https://sergeiai.substack.com/p/cignas-scam-the-story-of-how-executives. Trust me, after December, you won’t hear from Cigna for months.
Wow, I'm so glad our senators wrote a really mad letter and are going to investigate an obvious monopoly. I'm sure everything will be fixed and get cheaper in one year!
We literally have the worst possible political system lmao.