Tragedy!

Poor William L. Jews. His compensation package for leaving his position as CareFirst CEO has been cut by more than half. This means Mr. Jews will not get the $18 million severance he was expecting, but will receive less than 9 million bucks. Can you imagine having to get by on just shy of 9 million bucks? I mean, you can’t even buy a decent Santa Barbara estate for that kind of money anymore.

Why was this outrage perpetrated? Well, it seems CareFirst is a nonprofit health provider

How much health care does $9 million buy in California?

Maryland balks at pay package for former CareFirst CEO

The Maryland Insurance Administration argued Monday that the nearly $18 million CareFirst BlueCross BlueShield is prepared to pay William Jews, its former top executive, is too much.

Attorneys with the state agency said the MIA wants to cut the annual and long-term incentives CareFirst, the region’s largest health insurer, plans to pay Jews, who left the nonprofit in November 2006. The insurance administration also argued that the primary focus of a nonprofit is not to generate profits or encourage its top managers with incentives to increase profits.  Read more