Washington insider Evan Bayh might be running for Indiana’s Senate seat, but that doesn’t mean he’s off the clock at McGuire Woods, where he’s still working even as he tries to make the case to Hoosiers the he never – no, really – left Indiana. And it doesn’t mean that he’s stopped trying to get rich off the revolving door that has earned him millions of dollars since he left the Senate.
When asked by a reporter about the failures of Obamacare, Bayh’s signature piece of legislation, Bayh advocated for a bailout for insurance companies who have taken a financial hit under Obamacare’s regulations:
EVAN BAYH: “I understand there’s some provisions in the law that are supposed to allow the companies to participate in those exchanges without losing money,” he said. “Congress is so dysfunctional they won’t release the funds, and so these companies are left with that choice, so it’s obviously not good for the health care market because people need more choices. We should have more competition. The law was designed to bring that about, but they won’t release the money to make that happen.” (Rob Burgess, “Bayh Reflects On Return To The Fray,” CNHI News, 9/20/16)
Bayh would stand to gain personally from such a bailout. His lobbying firm counts Blue Cross Blue Shield – a company that has been hammered by Obamacare regulations – as a client.
- Blue Cross & Blue Shield Has Paid McGuireWoods $60,000 For Federal Lobbying So Far In 2016. (Center For Responsive Politics, www.opensecrets.org, Accessed 9/21/16)
- Blue Cross & Blue Shield Paid McGuireWoods $120,000 For Federal Lobbying In 2015. (Center For Responsive Politics, www.opensecrets.org, Accessed 9/21/16)
But the benefit to Bayh’s bottom line doesn’t end with his lobbying firm’s clients. Bayh’s family has a personal financial stake in an Obamacare bailout. His wife has a long history in the healthcare and pharmaceutical industry, making the Bayh family’s personal wealth closely tied to the fate of Obamacare and the insurance companies it affects.
“Susan Bayh has served on the boards of pharmaceutical companies Esperion Therapeutics, Novavax, Cubist Pharmaceuticals, MDRNA (formerly Nastech), and Dyax Corporation, according to her official biography on the Indiana University School of Public and Environmental Affairs website. She was also a director of Wellpoint (formerly Anthem) from 2001 until 2013. This is significant as the ACA has faced challenges of late from large insurance companies.” (Rob Burgess, “Bayh Reflects On Return To The Fray,” CNHI News, 9/20/16)
If there was any question remaining, it’s clear now – Evan Bayh is only out for himself. He left Indiana in the rearview mirror when he left office to become a Washington insider, and now it appears that he’s running again for one reason only: to pad his personal finances.