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If Tony Soprano did it, we’d shake our heads and say “wow, what a racket.”
New Mexico Health Connections, 1 of 4 so-called “nonprofit” Obamacare Co-ops, paid its own executives close to $500K per year salaries, then did not tell customers in June that the organization was broken and insolvent.
Executives making $450,000 in annual salary resigned without a word, leaving Americans without health care – without even knowing it in many cases.
There are now only 3 Obamacare co-ops left. Are they equally as crooked?
More from Daily Caller:
Dr. Martin Hickey, the nonprofit’s CEO, received a $450,000 salary, according to its 990. It is unclear what his compensation was in 2017 when the Co-op notified the state insurance superintendent it was insolvent.
All 12 of the nonprofit’s top staff received six-figure salaries, according to its tax filing. Joining Hickey was Chief Medical Officer Dr. Mark Epstein who received an annual salary of $413,000, Chief Operating Officer Anne Sapon who received $342,000, and Primary Care staffer Frances Torres who received $318,000.
The New Mexico Co-op burned through $77.3 million in federal loans awarded by the Obama administration’s Centers for Medicare and Medicaid in 2012. The nonprofit was “bleeding about $20 million in red ink a year,” an Albuquerque Journal editorial noted.
Customers first learned in September the Co-op was facing financial difficulties. It announced an agreement to sell its small and large business policies to a for-profit company called Evolent Health for $10 million in cash.
The deal meant the insolvent nonprofit would continue serving individual customers – its most vulnerable and poorest customers. About 22,000 customers were affected.
We like to tell jokes about Democrats’ folly on WLT.
But there’s nothing funny about Obamacare. This story shows that Obama’s corrupt cronies are ripping off the American taxpayer for hundreds of millions while leaving tens of thousands of citizens out in the cold.