Editorial: Anthem Blue Cross gets the message San Jose Mercury News
What a coincidence. One day after Anthem Blue Cross' parent, WellPoint, Inc. of Indianapolis, announced its obscene first-quarter earnings increase of 51 percent, the insurance giant informed Californians that it had made "inadvertent miscalculations" and would withdraw its equally obscene 39 percent proposed rate increase.
Anyone out there still think it's OK to leave insurance companies to their own devices?
It's hard to determine exactly who deserves the most credit for forcing Anthem's change of heart.
President Barack Obama's assault on the state's largest insurer during the health care debate got the ball rolling. Sen. Dianne Feinstein's proposed legislation calling for more stringent reviews of insurance company rate hikes deserves mention.
And California Insurance Commissioner Steve Poizner, a candidate for governor, played a significant role with his investigation into Anthem's so-called calculations to justify the rate increase.
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