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VP
Joined: 14 Feb 2005
Posts: 1001
Location: New York
Followers: 4
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Business and Ethics - [#permalink]
 20 Nov 2007, 09:41
Quote: JACKSON, Mo. -- A collision with a semi-trailer truck seven years ago left 52-year-old Deborah Shank permanently brain-damaged and in a wheelchair. Her husband, Jim, and three sons found a small source of solace: a $700,000 accident settlement from the trucking company involved. After legal fees and other expenses, the remaining $417,000 was put in a special trust. It was to be used for Mrs. Shank's care.
http://online.wsj.com/article/SB119551952474798582.html?mod=hps_us_pageone
What kind of Leadership does these companies have
I think the whole issue should have been looked from a humanitarian perspective
How many of you think that is the way businesses should run their health plans?
To increase profits/efficiency -at what cost ?
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GMAT Club Legend
Joined: 10 Apr 2007
Posts: 4319
Location: Back in Chicago, IL
Schools: Kellogg Alum: Class of 2010
Followers: 68
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Thats a terrible story but in a way its not so much the insurance companies ethics that are wrong. Generally they try to get the money from the other insurance company who covers the person who caused the accident.
The real problem is she only got 700K...that sounds like a lot until you realize that 400K isnt going to cover the costs to support the woman for the rest of her life. Yes lawyers come across as greedy when they win multimillion dollar suits but in this case its justified. Personally at 27 if I got hurt and lost 35 years of earnings, inflation, and interest...I would like to think I would be worth more than a million bucks. This is one of those suits that seems wrong...the insurance should have sued the trucking company and/or their insurer.
Now the ethics of potentially destroying a business and its owners life is another arguement but in my opinion, he was under insured. I know if I owned a trucking business I would insure myself for a lot more than a million bucks.
Walmart is evil anyways, we all know that so who would expect anything less from them.
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Director
Joined: 03 Mar 2007
Posts: 980
Location: Singapore
Concentration: Finance, Economics
Schools: Hong Kong University of Science and Technology (HKUST) - Class of 2014
GMAT 1: 740 Q48 V44
GPA: 3.2
WE: Consulting (Consulting)
Followers: 8
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I did my thesis on US trucking industry and the violations that happen makes me shudder.....
More than the truckers,I blame the lobbyists in Congress and the lawyers (as river said)....man..these guys will do anything to get a slice of the pie, and to do that pass the most useless bills that puts truck drivers lives in jeopardy...
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