Sen. Reid on Health Insurance Profits
As for insurance companies, “There isn’t anything we could do to satisfy them in this health care bill. Nothing,” Senate Majority Leader Harry Reid (D-Nev.) said. “They are so anti-competitive. Why? Because they make more money than any other business in America today. . . .What a sweet deal they have.”
From Jeff Jacoby's new column "Hyperbole and the Health-care Debate," where he cites the 3.3% profit margin for "health care plans" and its industry ranking of #86 that I have previously posted about.
Update: In response to a comment that return on capital is more important than profit margin, here are the industry rankings by "Return on Equity," showing that "Health Care Plans" ranks #52 with a 13% ROE.