Someone please explain to me how the modern insurance industry and Bernie Madoff's scheme

Skidmore

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Fri Aug-14-09 08:55 AM
Original message

Someone please explain to me how the modern insurance industry and Bernie Madoff's scheme

differ? I fail to see insurance as not more than a Ponzi scheme that helps inflate medical costs.

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malaise

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Fri Aug-14-09 08:56 AM
Response to Original message

1. I think a better question is which is older

The Jockey Club or Lloyds of London - the two oldest gambling houses in existence.

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unblock

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Fri Aug-14-09 08:58 AM
Response to Original message

2. for one thing, the insurance industry isn't lying

for another thing, people who took their money out from madoff early made money. no real winners with today's health insurance ripoff, virtually everyone would be better off with single payer. except the insurance companies, of course.

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Skidmore

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Fri Aug-14-09 09:00 AM
Response to Reply #2

3. I'm glad you have such faith in the insurance industry. I think it lies

all the time. To its clients and to its investors.

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unblock

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Fri Aug-14-09 09:08 AM
Response to Reply #3

4. i think they're very upfront about their prices

and their desire to make money by denying and delaying claims. it's pretty obvious that it's a rip-off, unlike madoff's scheme.

sure, they SPIN it as if this is the efficient market at work like that's a good thing, but they don't try to hide that what they do is deny and delay claims. they just try to characterize them as "unnecessary" and "duplicative" and "excessive" tests and services.

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