As his committee has taken center stage in the battle over health-care reform, Chairman Baucus (D-Mont.) has emerged as a leading recipient of Senate campaign contributions from the hospitals, insurers and other medical interest groups hoping to shape the legislation to their advantage. Health-related companies and their employees gave Baucus’s political committees nearly $1.5 million in 2007 and 2008, when he began holding hearings and making preparations for this year’s reform debate.
Partial payoff (h/t ThinkProgress):
Max Baucus unveiled his committee’s health care bill yesterday.
Health Net Inc (ticker HNT) closed at $17.39, up 5.27% for the day, which represents an increase of roughly $95 million in the wealth of its stockholders.
UnitedHealth Group Inc (ticker UNH) closed at $29.29, up 5.74% for the day, which represents an increase of roughly $195 million in the wealth of its stockholders.
Humana Inc. (ticker HUM) closed at $40.67, up 5.74% for the day, which represents an increase of roughly $33 million in the wealth of its stockholders.
Wellpoint Inc (ticker WLP) closed at $54.86, up 3.2% for the day, which represents an increase of roughly $83 million in the wealth of its stockholders.
Aetna Inc (ticker AET) closed at $31.16, up 3.97% for the day, which represents an increase of roughly $54 million in the wealth of its stockholders.
Pretty Inc-redible, wouldn’t you say?
(Incidentally, before Baucus formally unveiled his bill yesterday, analysts already expected the bill to be favorable to insurance companies. The stock prices going up the way they did yesterday mean that the bill was even more favorable to insurance companies than the market had expected.)
Max Baucus, by the way, would like you to know that there’s no cause and effect here. In fact, he resents any implication of quid pro quo.
And all of this is perfectly legal and does not violate any Senate ethics rules. Don’t you just love the smell of American democracy at work?