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Our government at its best: An inspector general report has found that the 24 health co-ops formed under Obamacare are going bankrupt, even before they have opened to their first customers.
And that’s not all:
Examiner Watchdog investigative reporting project focused on the co-ops began in 2012 and has since uncovered extensive evidence of financial mismanagement, conflicts of interest, failure to file required tax returns, inadequate capitalization and evasion of public disclosure requirements such as the federal Freedom of Information Act. A recent Examiner survey found, for example, that all but one of the 24 co-ops failed to file required tax returns, and several may invoke a highly questionable loophole allowing them to avoid doing so in the future. Even more troubling, two of the co-op loans were awarded to organizations headed by individuals with questionable backgrounds, the Examiner has learned, including an insider trading conviction and a history of child sexual abuse.