Daily Stock Market News

Letter: Why are companies so rich they can buy naming rights? | Letters to the editor


Regarding “‘This is our home’: Centene puts name on new St. Louis soccer stadium” (Feb. 16): Does anyone want a clue as to what’s wrong with medical insurance in the U.S.? Just take a look at our own Centene Corporation. Three years ago, this insurance dynamo made a $100 million gift to Washington University. Now we learn Centene has won naming rights for the new soccer stadium. The amount the company has pledged has not been released, but this article lists other corporations that have named stadiums: Edward Jones, $32 million for the Dome; Amazon, $300 million to $400 million for Seattle’s arena; Banc of California, $100 million for the Los Angeles soccer club. Financial advisers, a bank and a retail giant, and now a medical insurance company, all laying out millions.

I’m happy Centene has decided to spread its immense wealth locally. But I’m deeply concerned that any U.S. company can earn so much money selling insurance that it can afford to give away millions of dollars. Perhaps it is a matter of under-taxation or overcharging. Somehow, while the company was making these immense gifts, it managed to compensate its chief executive officer, Michael Neidorff, more than $26 million last year.

Americans cannot afford medical insurance, yet private insurers and insurance management companies are earning unbelievable sums. Something needs to change.

Alan Freed • University City



Read More: Letter: Why are companies so rich they can buy naming rights? | Letters to the editor

You might also like