The Rich at play . . .

WRECKEDEXOTICS.COM is a site devoted to pictures of expensive sleds that have come to grief. Heartburn for insurance managers and leasing companies. Schadenfreude central. Sure lowers the re-sale value, any way you look at it.

Ferrari took off from a stop light and lost control after the traction control malfunctioned. The car veered off to the right into some trees. 

Pagani Zonda F. Worth over $1 Million, only 25 of these were ever produced. The owner was driving the car back from a track event when an out of control truck forced the Zonda into a row of parked cars.

2000 BMW M5  One of the worst wrecks we've seen. This M5 rolled over at least 5 times after losing control at over 125 mph.

Well, That's Depressing . . . .

Reuters has this depressing bit of news following Obama's health care speech last night:

Wall Street sees few surprises in Obama speech
Thu Sep 10, 2009 | By Lewis Krauskopf and Susan Heavey

NEW YORK/WASHINGTON (Reuters) - Shares of U.S. health insurers climbed on Thursday after analysts saw no "game changers" from President Barack Obama's highly anticipated speech on health reform.

Following the speech, analysts predicted any changes to the system would be moderate, with Obama backing many initiatives put forth earlier this week by a leading Senate committee. The possibility a threatening public health plan would be enacted also now seemed doubtful, analysts said.

"There wasn't anything said that is drastically changing the outlook as to what might come out of Congress," said Steve Shubitz, an analyst with Edward Jones.

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Shares of UnitedHealth Group (UNH.N: Quote, Profile, Research, Stock Buzz) and WellPoint Inc (WLP.N: Quote, Profile, Research, Stock Buzz), the two largest health insurers, rose about 1 percent and 2 percent, respectively. Aetna Inc (AET.N: Quote, Profile, Research, Stock Buzz) rose more than 2 percent and Cigna Corp (CI.N: Quote, Profile, Research, Stock Buzz) jumped more than 4 percent.

Obama "demonized insurers several times but didn't add anything new to the debate," Wells Fargo analyst Matt Perry said in a research note. "Overall we view the speech as neutral to insurers."

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Concern remains over the possibility of a public insurance option and how alternatives that could be less threatening, such as non-profit cooperatives, would operate. But there is a growing sense that the government's role may not be as big as once feared.

Investors "are probably most concerned about how strong a government-run option to compete with commercial health insurers might be in a final bill, and ... Obama signaled yet again that he recognizes there's going to have to be compromise," said Paul Heldman, a senior healthcare policy analyst at Potomac Research Group in Washington.

Ana Gupte, a Sanford Bernstein analyst, said in a research note she was "even more confident after the Obama speech that the legislative outcomes will be moderate with no threat of a Medicare-like public plan."

So after all the tough talk to repuglicans, reassurances to "grandma," and clarifications to the USian public, it now appears Wall Street has weighed in. When it comes to padding their profit margins, they are rarely wrong. Since there are quite a few administration officials with Wall Street connections, this can't be good.

Say it ain't so, Barack . . . .

The humanity of Wal-Mart

Oh, just keep that price cutting little happy face in mind this Christmas. Keep it firmly planted in the forefront of your mind. Sue J is so stunned by Wal-Mart's latest insurance scam, as reported by Mother Jones, that she's speechless. (Emphasis mine)

Just when you think that Wal-Mart had already exhausted every last possible strategy for screwing over its employees, here comes this story in the Wall Street Journal. Deborah Shank, a Wal-Mart employee gets into an accident with a semi and ends up permanently brain-damaged a few years back. Her Wal-Mart health insurance paid her medical bills, but she also sued the trucking company for damages. She wins $700,000, which after legal fees and expenses, nets her about $400,000, which was put in a trust to pay the nursing home she now lives in.

But Wal-Mart gets wind of the settlement and turns around and sues Shank for $470,000, the money its insurance company paid for her care from the accident. Now, the woman is reliant on Medicaid and Social Security and Wal-Mart apparently got a much needed windfall.

Wal-Mart isn't alone in such behavior. Insurance companies seizing lawsuit winnings from catastrophically injured Americans is a common practice that gives lie to the notion that anyone gets rich off a personal injury lawsuit these days, as insurance companies often get first dibs on any judgment or settlement in such cases. But Wal-Mart's cruelty, as always, is extreme in this case. Not only is Shenk profoundly disabled, but while her family was fighting off the company in court, her son was killed while fighting the war in Iraq. Not even bad PR like this, apparently, can eke out a drop of compassion from the retail giant.

Wal-Mart. Where employees are just another source of profit.