WellCare, which had earnings of $139.2-million in 2006, gets all of its nearly $4-billion in revenues from state or federal governments. Profits come from the difference between the amount received from the government and the amount spent on overhead and medical care for its members. [...]
WellCare was a slow-growing Florida company until 1992 when its owner, Dr. Kiran Patel, sold it to a New York investment group led by financier George Soros. The bankers hired Todd Farha, an aggressive Harvard MBA, to transform the company. Under his leadership, WellCare's earnings have increased eight-fold and the company's investors and executives like Farha have profited handsomely from appreciation in its stock.
In an interview last year, Farha credited WellCare's success with hard work, attractive member benefits and close attention to the basics. But he has also nurtured the kinds of relationships invaluable to a company dependent on government funding.
WellCare and its affiliates have given the Republican Party of Florida some $105,000 in contributions this year, according to state election records. They've also given the Florida Democratic Party $5,000 this year. In 2006, WellCare's PAC gave $66,000 to federal candidates, all Republicans.
Commenters at the St. Petersburg Times article above are typing things like "I pray to God that they can get some kind of criminal charges against George Soros" and "I hope they prosecute that worm GEORGE SORROS. He is behind everything wrong with America!! Check him out on the web.He supports the ACLU and the Homosexual agenda and much much more SLIME!!" and "This will be a, great time to bring down that creep, George Soros." Apparently they are unaware that Soros hasn't been involved with WellCare since last year, having sold off his interests, and they also seem oblivious to the fact that Farha and his senior management were responsible for the GOPCare, not George Soros.
All of which just goes to show once again that the mere mention of the name "Soros" — relevant or not — wakes the right-wing zombies.
We eagerly await Republican Gov. Crist's pronouncement of "it's all Soros's fault."
