Henry Waxman; A Spanish Inquisition Revival?

The Monster has quite a few irons in the fire right this moment, but I could not let this story go by.  Once again for all you newbies out there, The Monster is a registered indie.

Can someone please tell me WTF Henry Waxman is doing?  Who the hell is this guy, and when are Californians going to send him packing along with Boxer and Pelosi?  Oh that’s right; most Californians don’t believe in capitalism until it is their pocketbook getting hammered.

The current WH administration definitely has ushered in the season of change that looks very reminiscent of “Chicago Politics (Thuggery)”.

Two House Democrats Seek Information From Insurers

WASHINGTON — Two powerful House Democrats have sent a letter to insurance companies asking them to provide detailed information about their conferences and retreats, executive pay, and other business practices.

The letter comes in the midst of a campaign by Democrats, as part of their push to build support for a health overhaul, to portray the insurance companies as the villains of the health-care system. Insurers say they are working with Congress on an overhaul and resent being cast as the bad guy.

The letter is from Rep. Henry Waxman (D., Calif.), who is chairman of the House Energy and Commerce Committee, and Rep. Bart Stupak (D., Mich.), who heads the panel’s Subcommittee on Oversight and Investigations.

The letter, sent Monday, did not refer to the health overhaul debate, saying only that the committee “is examining executive compensation and other business practices in the health insurance industry.” The letter requests the companies’ help, but is not a subpoena.Mr. Waxman is the Democrats’ point man in the House on the politically volatile health overhaul, and recently shepherded a bill through his committee. Mr. Stupak, however, has said he wants to be sure the Democrats’ plan does not cover abortions, and he voted against it in committee.

Mr. Waxman has a long history of using Congress’s investigative powers to turn a critical eye on industry and government. Late last year he ousted Rep. John Dingell (D., Mich.) as chairman of the Energy and Commerce Committee, and he has been overseeing legislation on the Democrats’ two top priorities, health care and climate change.

As Congress’s August recess kicked off, Democrats made it clear they would respond to Republicans’ warnings about government intervening in patients’ private medical decisions by arguing that insurers already do so. Top Democrats have blasted the insurance industry, and they now refer to their initiative as “health-insurance reform” rather than “health reform.”

The Waxman-Stupak letter asks companies to provide, by mid-September, the compensation packages of any employee or officer who made more than $500,000 in any year from 2003 to 2008. It also asks the companies to list all their board members and their compensation.

The congressmen also want information “listing all conferences, retreats or other events held outside company facilities from January 1, 2007, to the present.”

For the actual letter, go here. What follows are a few excerpts, and I urge you to read the whole letter.  It appears to be a good ‘ol witch hunt.  It appears the Dems are resurrecting the Spanish Inquisition, and the next comment being floated will be that capitalists are heretics to true American Principles.   (When are these people going to get their grammar and spelling right? “principal”?)

The Committee On Energy and Commerce is examining executive compensation and other business practices in the health industry.  To assist with this process, we request that you provide the following information and documents to the Committee:

(1)   For each year from 2003 to 2008, a table identifying each employee or officer who was compensated more than $500,000 in any one of those years, and listing the individual’s principal position, the total value of compensation the individual received in each year, and the annual value of each of the following components of the individual’s compensation:

  • salary;
  • bonus;
  • grant date fair value of stock and option awards;
  • the realized value of all sales of stock and exercised options;
  • non-equity incentive plan compensation;
  • change in pension value and nonqualified deferred compensation earnings; and
  • all other compensation, including perquisites;

(2)   For each year from 2003 to 2008, a table identifying all board members and all compensation for each board member in each year;

You get the idea.  Please correct me if I am wrong, but I was under the impression that none of the more than 50 of the nation’s largest insurers received any T.A.R.P. or Bailout funds.  I am sure there is some little regulation that Henry is using to try to scare the bejesus out of the insurers, but I just wish one of them would stand up and tell these meddling socialists to take a hike.

Who will be next?

By Logistics Monster


  • DT… you have kind of indirectly hit upon a key thing that Waxman and his ilk fail to state as they are railing against these EVIL insurance companies. The insurance companies are already regulated to death… which is part of the problem with portability and a whole host of other issues.

    I’m sure that Waxman is using one of the hundreds of regulations Congress has already slapped on these guys to request this information.

    I just love it when government sets up regulations on private enterprise such that it basically boxes that industry in a corner. And then these same self-righteous economic geniuses complain when those industries behave the way they told them to and still flourish in spite of what they did to them. This applies not only to the insurance industry… but all industries that are regulated by government.

    It’s like Waxman is saying… “How dare you do what we told you to and still be profitable!”

  • Practical Madman -

    This is just the beginning. This evil gov’t will eventually get around to sticking it’s nose into EVERY form of business in this country. They want to control EVERYTHING!!These Dems are just taking turns being in the limelight and in front of the camera in this quest. Waxman just got lucky and drew the short straw for this one. Sure there are some that are more camera and attention hungry than others, but there are enough far reaching parts of this agenda to pass the camera time around. The only thing the Dems regret is that there is not enough “bipartisanship” in this quest so they can say “we did not do it alone” when the next election comes around.

  • If I were a CEO of an insurance corporation I would politely inform Mr. Waxman that he has no jurisdiction to make such a request. Are insurance corporations taking taxpayer subsidies I don’t know about? Have they been bailed out?

    He can subpoena all he wants. Frankly it’s none of his business. And I would really like to see Mr. Waxman press the issue. The cold shiver it would send through the markets would crash Wall Street and the Democrats and their typical over-reaching would be exposed for even ordinary Americans to see.

    Actually I don’t want to see the market crash but I think you understand what I am getting at. Congress has no authority to make this request. They may request it but they have no right to demand it.

  • The only thing the Dems regret is that there is not enough “bipartisanship” in this quest so they can say “we did not do it alone” when the next election comes around.

    PM… yep… the more centrist and fiscal conservative Dems are starting to realize their continued support of this idiocy is going to cost them in the 2010 election. If they don’t support it and the government-run option fails, the liberal wing of the party will pull their money from the Obama/Pelosi/Reid three-ring circus. It is a particularly delicious irony.

    Bipartisanship is overrated. When you have people that are hell-bent on destroying this country by remaking it into something that was never intended, there can be no compromise with that.

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