After mulling over Blue Shield of California’s $4.2-billion financial reserve and its business practices, the state Franchise Tax Board revoked the tax-exempt status of the not-for-profit health insurance behemoth. But the board decided last August, when it made the ruling, that there was no compelling reason to tell the public about it, and Blue Shield, which contests the decision, was in no hurry to disclose it—just months before the beginning of open enrollment.
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