Privatization is paying off big time (for the bosses)

Corporate health care bosses are making out like bandits in the homeland of health care privatization - -the USA. Healthcare and pharmaceutical executives were four of the top 10 best paid executives in the United States in 2010, the British Medical Journal (BMJ) reports.

John Hammergren, chief executive of the drug distributor McKesson Corp, was the top earner, with total remuneration of $145 266 971 (US). If he were to be fired, he would receive $469m in severance pay. That might make up for the shock.

Number two was Joel Gemunder, chief executive of Omnicare, a geriatric pharmaceutical care company. He earned $98, 283 242 when he retired in 2010. With an income like that, it's OK to be number 2.

Fifth highest paid boss was Thomas Ryan, head of the CVS Caremark pharmacy chain. He received $68 079 823.

Ninth in pay was Ronald Williams, chief executive of the Aetna health insurance firm, who squeaked into the top ten with a final pay cheque of $57, 787 786. Poor guy.

Overall, CEO pay increased 27% in 2010.

In 2010 the median US household income was $49 445, a 2.3% decline from 2009. The BMJ adds: "The nation’s poverty rate was 15.1%, the third consecutive annual increase in the poverty rate. The number of people without health insurance increased from 49 million to 49.9 million."

A lot of corporate types want more health care privatization in Ontario too.

I can't imagine why.

Tomorrow: comments on Drummond's recommendation for (among other items) health care privatization.

Correction: at one point in yesterday's note, the OHC Emergency Assembly was reported to be on Saturday February 23. The correct date is, of course, Saturday February 25. Apologies for any confusion.

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