Fallon lost money, while Tufts and H/P made money. As I had mentioned when Eric Schultz left for Harvard-Pilgrim, I am concerned about Fallon Community Health Plans. It is not a good sign that Eric left.
In 2008 they had a profit of 6.7 million and now they have a loss 29.4 in 2009. That is a swing of over $35 million dollars. That's alot of money, but it gets worse. Fallon makes alot of money on Medicare Advantage, but Obama wants to get rid of that (except in Florida where he has alot of voters as McCain accurately pointed out the other day).
I don't want another locally owned insurance company bought out. We have seen what the loss of companies like Paul Revere and State Mutual has been to Worcester, not to mention the benefits of a company like Hanover staying in Worcester. Very concerned that Eric may make taking over Fallon as the new President of H-P as one of his top goals.
6 comments:
The way people talk about Eric Shultz, if Fallon was to be taken over, it certainly would be great if somehow Fallons future involved Eric Shultz in whatever way(s) possible.
So Venerini allegedly has a bank/financier (local?) willing to front them some pesos so they can dig themselves outta their financial hole. This is truly a sad story in many ways. Also a somewhat maddening one depending on your perspective.
Shucks, if true, I wonder what local banker it could possibly be? Everyone knows who I am thinking of, so I wont even say it. Not even worthy of a rumor plausibilty rating right now..or is it. Bill??????
Bill did State Mutual actually leave Worc or was its carcass sold off after a certain Boston player came in there and ran the place into the ground with 8% guaranteed annuities..which annuities the dot.com bubble kinda messed up???
Who has the initials JOB? Job not well done
Jahn:
State Mutual was a great company until some "big shots" from Fidelity came to town to show us how to turn the place around. They demutualized the company, changed the name to Allmerica and truly turned State Mutual around. They in essence put State Mutual out of business.
Ironically the person last was in fact O'Brien
Bill
I pick up todays T&G (3-1). Blow though section 1 in about a minute.
Section 2 (local news) is a leading story about the citys huge projected budget deficit for next fiscal year.
Bottom of the page is a story about a weekend protest by Clark Univ cafeteria workers and their cry for more money and union representation. Well guess whose name shows up first as being in attendance at this rally. Yup Mayor Joe Obrien. I am telling you guys once again, this man is a dyed in wool, pinko, commie democrat, McMurray/Govern clone and I speculate he's never maybe never held a real job in his life. His priorities are all misplaced.
Also in attendance are two suburban state reps from Hillbury and from the town of the Worc County House of Corruption, Patronage, Bribery, & Demogoguery So......whats up with that ? Did SEIU demand their presence?
Mayor JOB should take a look at history. Specifically Jim Mcgoverns presence at Norton/St Gobain unionization efforts about a dozen years or so ago. United Auto Workers got their nose under the tent out there in Greendale but a few years later the workers de-certified the UAW. Was Elmer Fudd around for the decertification vote?
Joe, these kinds of victories nowadays can be short lived and can come back to nip ya. Witness your standout with your political cronies for Marcia Croakley 5 weeks ago at the AUD. Please be careful what events you ride your Schwinn to. Those crazed Teabaggers & Brownie afficianados can scare the daylights outta ya and might slash your bike tires and toss it up on the AUD roof.
So I do something I rarely do. I pull you this weeks council agenda. Do you suppose there are any items on re the impending finacail doom come Julky 1 for the city.? Nope. Nuttin' but baloney on the agenada.
And what is Lukes smoking with her request for a legal opinion for the city to take the Outlet Mall by eminent domain and have the city raze it? Talk about a completely baseless, veiled threat and waste of time Seasonal Affective Disorder, Connie?
Then of course there the usual requests to pave streets. Why does the citys board of directors ahve to get involved with such mundane items? These are clearly municipal operational items that s/b 100% handled by DPW.
JOB, I think you (and the council) have A.D.D. when it comes to the truly pressing issues facing Wormtown. You'd better hope Nobama fires up those printing presses again this year.
Bill, teh game plan with the old State Mutual, as I heard it, was to bring in new blood and clean the place up and then peddle it. Many Ins. co's did similarly back then Hancock, Metlife, others?
They gave her a face lift, a Dow Corning silicone uplift/enhancement, made her a blonde, and changed her name but unfortunately they never had a chance to get her on the runway for potential suitors to make their bids. Did they eventually sell off a few of her rebuilt parts?
I decided to stay a few extra days on Cape Cod..being in a town/city like Hyannis that is truly on the move is refreshing:>)
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