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The Tom Kean UnitedHealth Stock Backdating Cover-Up

Alex Constantine - July 1, 2009

1) Thomas Kean is a director at UnitedHealth Group Inc.


Thomas H. Kean
Drew University
Compensation and Human
Resources Committee
2) Thomas kean covers up the company stock option backdating scandal:


Backdating stock options: The plot thickens
by PsiFighter37
Fri Aug 11th, 2006 at 07:56:38 PM EST

... The board of UnitedHealth Group Inc. met on May 1 to deal with questions about unusually well-timed stock-option grants to top executives such as Chief Executive William McGuire. The gathering heard a briefing from a lawyer who was running UnitedHealth's internal probe of how the options were dated.

One director whose recollections would be important to the investigation was THOMAS H. KEAN, a former New Jersey governor who had served on the compensation committee that approved options grants.

The same day as the board meeting, some UnitedHealth directors and executives were supporting a campaign by Mr. Kean's son for a U.S. Senate seat from New Jersey. Some of them attended a fund-raiser for Tom Kean Jr. that day, in UnitedHealth's home state of Minnesota. It isn't clear whether Dr. McGuire and his wife attended, but each donated $2,000 to the cause. So did Richard T. Burke, who sits on a special board committee that is overseeing the options investigation. All told, UnitedHealth-affiliated donors have contributed $25,000 to the campaign.


When the donations to the Kean Senate campaign were described to former SEC Chairman Harvey Pitt, he said they struck him as "ill-advised and strange" and something that could be seen as an attempt to influence a witness because of the senior Mr. Kean's role on the compensation committee. A spokeswoman for the Kean campaign said the fund raising came at a "UnitedHealth breakfast" hosted by Minnesota Republican Sen. Norm Coleman, and there was absolutely no effort to curry favor with the elder Mr. Kean. The former New Jersey governor didn't return calls seeking comment.

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