BANZAI7 FINANCIAL NEWS- The insurance industry Tuesday laid down a marker on health care, warning in stark terms that a proposed government insurance plan would deprive the insurance industry of the skim that it has relied on for a half century to overwhelm the healthcare system with a top heavy bureaucratic cost structure.
In a joint letter to senators, the two largest industry groups also said they don't believe it's possible to design a government plan that can create the private wealth created by private insurance companies in the private health care market. The kind of private wealth matched only by financial engineering on Wall Street.
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