Goldman Sachs, Unions, & Healthcare Reform

[WhiskeyGirl]

Each of the healthcare reform bills I’ve read have a section that provides “reinsurance”.  I’ve read the reinsurance section and it sounds more like ‘reimbursement’ or choose a name funding.

Obamacare bails out union pension plans, too
By: Kevin Mooney

Union bosses who have mismanaged benefits for their own members are poised to receive a $10 billion bailout from U.S. taxpayers in the form of a “reinsurance program” that has been folded into the healthcare bill, according to the Workforce Fairness Institute (WFI).

Section 164 of the Affordable Health Choices Act of 2009 provides that the government pay 80 cents on the dollar to corporate and union insurance plans for claims between $15,000 and $90,000 for retirees age 55 to 64. Union health insurance funds only have about 30 cents available to cover each dollar of anticipated claims, according to the Lewin Group and other research outfits.

If this provision were to be passed as part of the overhaul package favored by the Obama Administration, the $10 billion figure would probably expand overtime as union plans continue to come under financial pressure, Packer said. 

“What we want to see is some kind of accountability,” she said. “These union bosses make promises that they can’t keep. I don’t know what exactly they are doing with union dues and other money but they seem to have hundreds of millions of dollars to spend every time there is a campaign. It’s the labor bosses that have put the companies over a barrel and extracted commitments that they know were unsustainable. Now they expect the taxpayers to bail them out and they use their own workers as victims.”

read more here – http://www.washingtonexaminer.com/opinion/blogs/beltway-confidential/Obamacare-bails-out-union-pension-plans-too--54816897.html

...Amounts paid...shall be used to lower the costs borne directly by the participants and beneficiaries for health benefits provided under such plan in the form of premiums, co-payments, deductibles, co-insurance, or other out-of-pocket costs.  Such payments shall not be used to reduce the costs of an employer maintaining the participating employment-based plan...

Bill here – http://www.opencongress.org/bill/111-h3200/text

Will healthcare be free for UAW retirees be free?

If you're 'reinsuring' why are you paying the claims between $15,000 and $90,000?  This looks like a direct payment.  A free ride for union members?

It seems like “healthcare reform” would be paying more to these funds than will be paid out to cover premiums, copays, deductibles, coinsurance, and other out of pocket costs.  Will the plans be making money taxpayers expense?

Why aren’t retirees paying premiums?  Auto companies?  Unions?

Or, will unions collect from auto companies and ‘healthcare reform/taxpayers’?  Paid twice for the same claim?

Why is ‘reinsurance’ so important?  Who exactly saves money from this ‘immediate’ benefit?


Where are the savings to the taxpayer?

[WhiskeyGirl]

I watched bits and pieces of the testimony in Congress yesterday.  They had on someone from Goldman Sachs.  He seemed quite proud of Goldman and all the global Goldman branches.

How much does Goldman pay in taxes to the US government for all that prosperity? 

How much does Goldman pay for using US taxpayer money?  Is it free or at very low cost?  Cheaper than anyone else could obtain money?  How much money does Goldman have access to?  From Treasury, Federal Reserve, FDIC, and other programs?

Does Goldman make money and dump the investments on taxpayers when they go sour?

This man suggested that the American public doesn’t really understand what Goldman does and how valuable it is to the nation.  Goldman doesn’t have consumer exposure…how exactly are they exposed?

I would agree.  Why should taxpayers provide funding for all this exposure and profit?

A bit from the various healthcare reform bills still puzzles me.  It seems to be in all the bill’s I’ve read.  For some reason, it is highly valuable, and I’ve never been able to figure out exactly what this part of the IRS tax rules impact…who would benefit from these changes?

These snips of large sections seem to be tucked into every bill I’ve read -

‘subpart b. surcharge on high income individuals.’.

(c) Section 15 Not To Apply- The amendment made by subsection (a) shall not be treated as a change in a rate of tax for purposes of section 15 of the Internal Revenue Code of 1986.

(d) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2010.

SEC. 442. DELAY IN APPLICATION OF WORLDWIDE ALLOCATION OF INTEREST.

(a) In General- Paragraphs (5)(D) and (6) of section 864(f) of the Internal Revenue Code of 1986 are each amended by striking ‘December 31, 2010’ and inserting ‘December 31, 2019’.

(b) Transition- Subsection (f) of section 864 of such Code is amended by striking paragraph (7)

You may find the bill here – http://www.opencongress.org/bill/111-h3200/text

I’ve noticed that over time the dates were changed from 2007, to 2008, to 2009.  What’s this section all about?

Is this a gift to Wall Street banks?  Global corporations?  Those big banks and insurance companies where folks make millions a year in total compensation?

This sections are also a concern –

I wonder if these are also gifts to Wall Street, Dark Pool participants, and large global corporations -

SEC. 452. CODIFICATION OF ECONOMIC SUBSTANCE DOCTRINE.

SEC. 453. PENALTIES FOR UNDERPAYMENTS.

There is a lot of talk about "Nondisclosed" and  "Noneconomic Substance Transactions"

Dark Pool profits?

I think the president promised to read it word by word so everyone understood what was in the bill.

Where is the discussion?