ANNUAL MEDICARE FRAUD: $60 BILLION; ANNUAL PROFITS OF TOP TEN INSURANCE COMPANIES: $8 BILLION -- POSTED BY JEFFREY H. ANDERSON, Weekly Standard

As 60 Minutes reported last week, Medicare fraud is rampant and has now replaced the cocaine (ahem) business as the major criminal activity in South Florida. Both 60 Minutes and the Washington Post report that Medicare fraud now costs American taxpayers roughly $60 billion a year. That may sound like a lot of money, but surely it pales next to the extraordinary profits of private insurance companies, right?

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