Senate Panel Seeks UnitedHealth Documents
The Senate Finance Committee has requested a number of documents related to the $1.1 billion in compensation that UnitedHealth Group CEO William McGuire could receive when he leaves the company, the Wall Street Journal reports. McGuire earlier this week agreed to resign after the release of a report that found he likely received backdated stock options.
McGuire's severance package would include stock options, retirement payments and other benefits.
Senate Finance Committee Chair Chuck Grassley (R-Iowa) said, "The UnitedHealth situation is the most disturbing yet," adding, "The news reports make it sound like the CEO had the board of directors over a barrel and helped himself to whatever he could get, even with the taint of stock options backdating allegations against him."
Mark Lindsay, a UnitedHealth spokesperson, said that the company "will certainly cooperate fully with the Senate and any other parties looking into this matter."
Attorney David Brodsky, who represents McGuire, declined to comment (Tomsho, Wall Street Journal, 10/19).