Looks like we can add Consumers Mutual Insurance of Michigan to the growing list of CO-OPs headed down the tubes:
"While Eich said he could not disclose the options, he said one is “winding down” the company, which has 28,000 members, including about 6,000 on the exchange"
This, after blowing through an initial $72 million of tax-payer dollars just to get started, and another $150,000 from various Michigan counties. The good news is that all of these funds will be paid back...wait, what?
"It is not clear who would be responsible for paying back any of the loans, after all the claims are paid by Consumers."
Oh.
[Hat Tip: Co-blogger Bob V]
"While Eich said he could not disclose the options, he said one is “winding down” the company, which has 28,000 members, including about 6,000 on the exchange"
This, after blowing through an initial $72 million of tax-payer dollars just to get started, and another $150,000 from various Michigan counties. The good news is that all of these funds will be paid back...wait, what?
"It is not clear who would be responsible for paying back any of the loans, after all the claims are paid by Consumers."
Oh.
[Hat Tip: Co-blogger Bob V]
Posts
