November 2006

Secret Keepers in the News

by John Prin
Addiction Counselor
Chairman William W. McGuire got canned by the board of directors during a closed-doors weekend meeting on Oct. 15 for "alleged" backdating of stock options. That means he may have to return $155.4 million that he pocketed from repricing options from 1994 to 2002.

"The whole business (is) as secretive as possible," stated an Oct. 17 editorial in the StarTribune.* "Fabulous pay packages (for executives) are.downright egregious in health care, a consumer necessity that is increasingly priced beyond the reach of average families."

I call this kind of greed "institutional" Secret Keeping. It's a quantum leap to a sickeningly disturbing level beyond personal secret keeping (described in my new book Secret Keeping), wherein harm is greatly expanded beyond what usually happens to an individual and his or her family members or close friends. We're seeing it in government and politics and big business too often.

"Companies seem to go out of their way to make these arrangements as hidden as possible," the StarTribune continues. What's worse to my way of thinking is that McGuire ".could be collecting hefty checks from the Minnetonka-based health insurer well into the future. Under the terms of McGuire's employment agreement, he's entitled to a lump-sum payout of $6.4 million and a retirement benefit of $5.09 million a year."

That's insult to injury on a massive scale. That's rewarding secretive criminal behavior. That's recognizing the clandestine fraud of guys in fancy suits and ties. and letting the guilty get rich.

Email John Prin your thoughts.

You can also reach me at 952-941-1870 or read my books, Stolen Hours: Breaking Free From Secret Addictions. and the sequel, Secret Keeping: Overcoming Hidden Habits and Addictions.

* All quotes are selected from articles or editorials from The Minneapolis StarTribune, Oct. 17-to-20, 2006.