So Bill McGuire has settled with CALPers in the scandal where he backdated the value of his United HealthGroup stock options. He’ll pay a $30m fine which sounds a lot but is a rounding error on his net worth. So it appears that his troubles are over.
Meanwhile Gregory Reyes the CEO of Brocade did exactly the same thing and he’s doing 21 months in the big house as well as paying a similarly big fine.
For that matter Steve Jobs apparently did the same thing too, and just today Apple settled with the SEC for a mere $14 million (or about 8 minutes of iPhone sales) and Jobs himself doesn’t seem to be paying anything.
Isn’t there something about equal treatment under the law in one of those fuddy-duddy 18th century documents we Americans are so keen on? Can anyone explain the rationale behind these differences in treatment?
I’m over at Spot-On today writing about a great new book I’ve read, "Free Lunch." Check
out and it, and, as always, come back here to comment. Here’s a taste of what you’ll find.
Few of the books I’ve read lately have been quite as staggering as Free Lunch, from former New York Times investigative reporter David Cay Johnston who, heroically, made his career writing about – brace yourselves – the U.S. tax code. Free Lunch is a fabulous book by a veteran investigative reporter giving you his life’s work–a look at how corporations and wealthy Americans have profited, again and again, at the expense of you and me.
Johnston’s best known for his exhaustive investigations at the Times into how corporations and very very rich individuals subvert U.S. tax law so that they pay less to the government, while the rest of us pay more. But in this book – written after he’s free of the "responsibility" of being a Times reporter – he gets almost biblical in calling out the cheats, crooks and murderers.
23andme is having a gobbing party in NYC tonight—presumably at the Roxie. You didn’t know punk was back, did ya?
Indu will be there (sadly I had to stay chained to the computer). But there’s a little more 23andme news today in that they’ve dropped their core price to $399 and have inked a deal to get access to Ancestry.com’s database of users. Not quite an impulse purchase yet, but still getting down there.
And if you want to know what 23andme is up to, you can see Linda & Ann’s interview/demo at All things D last May. Of course you can see Linda at Health 2.0 next month, but I’m not sure we’ll be quite the pushovers Mossberg & Swisher are…at least we’ll keep them to 3.5 minutes!
I’m still trying to figure out whether the DTC genomic market is a gimmick or actually has some value (and I don’t mean value the way a VC does! I mean whether society should be spending health care dollars on genomics when we do such a shitty job treating diseases we do understand). But it’s good to see some real activity in at least postulating the concept.
After a long period of time I’ve finally wrestled Adam Bosworth to the floor and forced
the microphone to his mouth. Adam of course is the software guru (he’s one of the originators of XML) who went to Google to start Google Health, and spent much of 2007 talking about how he hoped Google Health would change health care. He then left Google Health (several months before it launched in March 2008) and at the very end of 2007 founded Keas. Adam will be at the Health 2.0 Conference and while Keas is in stealth mode at the moment, he may just be ready to show us all a bit of Keas’ technology by then.
But he also has very strong views on health technology, data, PHRs. HealthVault & Google Health, and much much more. Listen to the interview.
VC Fred Wilson explains where he thinks Google is going in Chrome, Android, and The Cloud. The Health 2.0 team is about 3 months into using Google Docs (especially the spreadsheet) and although Docs continues to have its teething troubles, like Fred we are hooked. I suspect we and Fred’s shop are not alone
BTW, I read the Chrome comic book today and it is a thing of beauty — taking really tough technical concepts and explaining them simply and not condescendingly. I’ll for sure be downloading Chrome when I get the chance.
Meanwhile, in health care last week David Kibbe interviewed Ronnie Zeiger at Google as part of the Great American Health 2.0 Tour. The Googleplex was a little empty as half the employees seemed to be at Burning Man. But a little way into the public release of Google Health, it does seem as they’re happy with what’s happening so far, and they remain committed to taking it seriously. (I sense a bottle of fine wine coming my way ).
On the other hand, I know for sure that Microsoft continues to take its health care business very seriously too. And yes, you’ll be able to see both of them at Health 2.0.
I thought Obama was fabulous last night at the convention. He’s a great speaker, but
also able to gently laugh with his audience. His introduction showed what a tough road he had. If the Republicans manage to convince the American people that a black kid with a single white parent living in middle America is an elitist son of privilege then Karl Rove is better than I thought.
He was happy to rip McCain not on personality but on the issues. I’d like to have seen a lot more from the Democrats at this convention ripping Bush and Cheney on personality, personal corruption and the issues, and I wish Kerry had done even more in 2004, but that’s water under the bridge.
But the key point is that for most Americans things aren’t going well. Paul Krugman, who’s had his differences with Obama says it well today showing just how much key Republicans are out of touch — especially on the economy and health care.
Of course all he has to do is quote Phil Gramm, who appeared in Obama’s speech, and John Goodman who didn’t but does make it into Krugman’s column today. Goodman, of course, was pilloried in THCB yesterday. But I still think it’s a triple bluff on his part.
Two MD-run Health 2.0 companies in Boston had decent interviews recently in which they told a little more about themselves.
American Well’s Roy Schoenberg was interviewed by Health Business Blog’s David
Williams. It’s a long and thorough interview although Roy doesn’t tell anything particularly new, it’s as good a summary of what he thinks their business will be as I’ve seen anywhere. And they get all those fun trips to Hawaii too!
Meanwhile, across the Charles River in Cambridge Sermo’s Daniel Palestrant is making a
little more public. It’s no longer just Pfizer, now most of the big pharma companies are dipping their toe in the Sermo pond, as he tells Xconomy. What he won’t tell anyone yet is how deep their feet are in, but Sermo which reached more than 70,000 signed up docs recently — from less than 10,000 only 18 months ago — is clearly basing most of its business plan on getting big pharma to move from experimenting with it to using Sermo as a mainstream educational and marketing channel. As I’ve said before, this makes lots of sense for Sermo and its users. Whether it helps big pharma remains to be seen!
But the good news is that Daniel is not shy with his advice to other Health 2.0 Companies. “You Will Not Pay Your Bills with ads by Google,” he says.
Why not, Daniel? It works pretty well for Google!
(Both Roy of American Well and Daniel of Sermo will be at Health 2.0 next month, of course!)
The uninsured numbers went down a touch because in 2007 Medicaid expanded. In 2008 they’ll go up as unemployment increases and S-CHIP coverage is cut. Really this doesn’t change too much.
Right-wing nut jobs all over the Internet are saying that uninsurance doesn’t matter. It’s surprising that one of the more sensible right-wingers has joined in and now says that the uninsured don’t exist.
But the numbers are misleading, said John Goodman, president of the National Center for Policy Analysis, a right-leaning Dallas-based think tank. Mr. Goodman, who helped craft Sen. John McCain’s health care policy, said anyone with access to an emergency room effectively has insurance, albeit the government acts as the payer of last resort. (Hospital emergency rooms by law cannot turn away a patient in need of immediate care).
Frances Dare is someone I’ve know for a long time in the health care IT world (sorry, Frances!). That means that she’s seen the painfully slow developments in many aspects of health IT since the 1990s, and has an experienced view of what’s coming along at what pace. These days Frances is a Director at Cisco focusing on health care, and more recently she’s taken an active role in Cisco’s health care lobbying efforts on Capitol Hill.
Given that we don’t spend much time on THCB talking about the impact of the Federal sausage-making process on health care IT, telemedicine, et al, I thought that getting the view of a major IT vendor about what they expect to come out of the current Congress would be pretty interesting. And it was. Here’s the Interview.
BTW, in the interview I get the name of Frances’ division at Cisco wrong, Frances is a Director in the ISBG which stands for Internet Business Solutions Group. (FD, I have done consulting work for Cisco in the past, even if I didn’t know the name of the group I was working for!).
I just watched the closing ceremony of the Olympics, and the word is that state sponsorship of little known or cared about sports like swimming, gymnastics and cycling gets more medals and so should be encouraged. Bob Costas told me that China spent $40 billion on the games, even if London is going to spend less than half that. So it got me thinking about socialism.
Kevin Pho, blogger of KevinMD fame, and usually reliably anti-government in his views, asks for more socialism, at least directed in the direction of him and his fellow MDs. In this USA Today op-ed he suggests rightly that cutting doctors fees in itself saves little in health costs..