Monday, October 12, 2015

Tell Rand Paul to investigate Frankfort Obamacrats

The Kentucky Health Cooperative quietly went out of business over the weekend, but not before posting staggeringly bad results with American taxpayer dollars. The in-your-face waste, fraud and abuse deserves congressional hearings and prosecutions as a serious start to reversing ObamaCare's damage.

In 2014, the Cooperative, run by former state insurance bureaucrats, booked $173.2 million in premium payments and incurred $349.4 million in claims on capital including $123.8 million in loans from the federal government. That alone should indicate at least two things: the money to repay the American people does not exist and the millions in salaries and perks for Cooperative management was ill-spent and probably fraudulently so.

"The same people who have been regulating health insurance into the ground in Kentucky in recent years sucked up massive federal loans for the ill-fated Kentucky Health Cooperative debacle, creating a trail of victims along the way," said Kentucky Progress publisher David Adams. "They deserve open hearings in Congress and fair trials before being frog-marched off to prison."