$4.6 Million As "Competitive Compensation Package"
Thanks to a new state law designed to keep insurance costs ostensibly under control, California's largest "non-profit" health insurer Blue Shield has for the first time released the salaries of its 10 highest-paid executives. Top earner: CEO Bruce Bodaken, who made $4.6 million last year. His counterpart at Anthem Blue Cross, the state's largest for-profit insurer, made a mere $800,000-plus, with stock options. Blue Shield called it "competitive." We call it obscene. And dare we ask: With all that, how's your coverage?
"We offer a competitive compensation package to attract and retain top-quality executives necessary to maintain a high level of performance and service." - Blue Shield statement.