A “Stellar Reputation”

The Insurance industry’s lobbying organization, America’s Health Insurance Plans, released a report that they purchased from PricewaterhouseCoopers that suggests that insurance premiums will increase over time if the current health care plan is passed.

AHIP apparently gave PricewaterhouseCoopers marching orders that ensured they got the numbers they needed to scare and upset people.

The report was immediately criticized as misleading by a number of individuals and organizations.

Karen Ignagni was unequivocal in her support for the PricewaterhouseCoopers conclusions. The company is “a world-class firm” with “a stellar reputation,” she said.

IgnagniWould You Buy An Insurance Policy From This Woman?

This is a laughable assertion.  PricewaterhouseCoopers has been involved in a number of corrupt accounting scandals over the years.

Here’s a few that come up with just a few minutes with Google.

July 25, 2008: PwC slapped with a $10 million verdict guilty of negligent misrepresentation in old people’s Nursing Home case.

July 7, 2007: PwC agrees to pay $225M over a multibillion-dollar Tyco accounting fraud case

June, 21 2006: Carrefour SA brings $120 million dollar suit alleging PriceWaterhouseCoopers conspiracy to defraud

March, 29 2006: PwC settles dotcom fraud case

May 10, 2006: PWC Japan unit suspended over Kanebo fraud

Aug 22, 2005: Pricewaterhouse Ordered to Pay $120 Million in Suit

Jan 13,2005: PwC calls it error, Federal Ohio judge talks of fraud

May 2003: SEC fined PwC $1 million for permitting violations during the audit of SmallTalk TeleServices.

Oct 21, 2001: PWC pays $51 million in audit fraud MicroStrategy settlement.

Firms like PwC come up with reports that make their  clients happy.

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