Two More States Shut Down ObamaCare Co-ops

After the largest ObamaCare co-operative Health Republic of New York was shut down by regulators a few weeks ago, others are starting to fall like dominoes.  

In the past few days, the ObamaCare co-ops in Kentucky and Tennessee have separately announced they will be shutting down.

Kentucky Health was run by Democratic insider Janie Miller who was part of the Governor Beshear’s administration and was the insurance commissioner from 2001 to 2003.  The organization had received a loan of $146 millions from the U.S. Department of Health and Human Services. The money was expected to last 15 years. It barely lasted two. Miller resigned last June.

The Washington Post reports Community Health Alliance of Tennesse will be shuttering in December, leaving 27,000 participants out in the cold. They had received about $73 million in loans from HHS.

The New York cooperative received $355 million in HHS loans. $2.4 Billion has been loaned out in total for 23 co-ops, 6 have failed, Vermont, Louisiana, Iowa, Nebraska, New York, Nevada and Kentucky. 

Author’s Note:  This is partisan corruption at its finest.  How do you lose $146 million, $73 million and $355 million that quickly? If this were not so closely tied to the Obama Administration, the FBI would be crawling up their rear ends tracing money to the people who embezzled it. If someone does finally investigate, I anticipate massive amounts of fraud will be discovered.

Of course, it could be straight incompetence. Does anyone know how to write a business plan out there?