Well great. We have 3 companies headed by crony capitalists, Bezos, Buffett, and Jamie Dimon, getting together on healthcare. How long until they try to rope taxpayers in?
We hope for the best here. But we fear the worst. If the company seeks a private, non-crony route, it could be a good thing. Perhaps very good. If, as as we fear, it seeks to “partner” with the government down the road it could be a very bad thing. (Remember Buffett runs GEICO, Government Employees Insurance Company.)
Details of the new company were sketchy, with principles of each firm noting that the way it will work remains to be seen. They’re hoping that the sheer size of each firm will help bring the necessary scale and resources to tackle the issue.
“The ballooning costs of healthcare act as a hungry tapeworm on the American economy,” Berkshire CEO Warren Buffett said in a statement. “Our group does not come to this problem with answers. But we also do not accept it as inevitable. Rather, we share the belief that putting our collective resources behind the country’s best talent can, in time, check the rise in health costs while concurrently enhancing patient satisfaction and outcomes.”
Three top executives, one from each company, will take the lead on the project: Investment officer Todd Combs at Berkshire, Marvelle Sullivan Berchtold at JPMorgan, and Beth Galetti, a senior vice president at Amazon.