Audit finds 22 of 23 taxpayer-backed ObamaCare co-ops lost money in 2014

Associated Press ^ | July 30, 2015

[george76]

Under resident Barack Obama's overhaul, taxpayers provided $2.4 billion in loans to get the co-ops going, but only one out of 23 -- the one in Maine -- made money last year ... Another one, the Iowa/Nebraska co-op, was shut down by regulators over financial concerns.

The audit by the Health and Human Services inspector general's office also found that 13 of the 23 lagged far behind their 2014 enrollment projections.

The probe raised concerns about whether federal loans will be repaid, and ... Just last week, the Louisiana Health Cooperative announced it would cease offering coverage next year

[SpinnerWebb]

Which one actually made money? Find the S.O.B in charge and fire him immediately. Making money is not furthering the White House cause.

[Steely Tom]

Well at least their not making any of those nasty profits.

[stephenjohnbanker]

“Which one actually made money?”

The one selling cocaine out the rear entrance.

[minnesota_bound]

Zero insiders lost money. Just us taxpayers.

[Brad from Tennessee]

This was a scam from the very beginning. These co-ops were created to be looted by Democrat cronies who would then kick back to the party coffers. ObamaCare and Medicaid expansion was supposed to solve the problem of the uninsured. So what is the justification of creating a risk pool that must compete with health insurers who actually know what they are doing? These things need auditing.