Under Obamacare, the government lent $358 million to the 23 co-ops that were created under the program. The start up money was to be repaid in five years, unless of course the co-op went bankrupt, and HHS told the borrowers that they could legally redefine the debt as “surplus notes.”
As of the end of last year, 12 co-ops did as HHS recommended and thus subordinated the government’s claims against the entities below other lenders. So far 4 of the 12 have bankrupted and closed their doors.
Have we become so used to the massive waste and mismanagement of monies by our government that this is but a drop in the ocean?
And the Republican they quote – Rob Portman-OH, that now claims the money was wasted, voted to fund ObamaCare and openly mocked Lee and Cruz’s attempt to defund in 2013. I recall him on Levin’s show, back in the days Levin was for the team berating him for his defection.
http://www.mofopolitics.com/2013/09/27/list-of-republican-senators-who-voted-to-fund-obamacare/
Pure, simple money laundering!
This article is horribly incorrect. $2.5 BILLION was ‘lent’ to the Obamacare co-ops 17 of the 23 are now bankrupt. The latest “LOL” Health (Land of Lincoln) was just shut down by the Illinois Department of Insurance after racking up more than $100 million in debt. Forward!
“… massive waste and mismanagement …”
BULLSHIT!
CORRUPTION … UNABASHED and UNAFRAID …
izlamo delenda est …