Medibank IPO: prognosis negative

This medical insurer isn't the safe stock it's made out to be and it needs more than a 4% dividend yield to attract us.

Medibank chief executive George Savvides tells a story of a tense wage negotiation with unions at the Australian arm of UK medical products company Smith & Nephew, which he was running in the 1990s. As the negotiations heated up, a shop steward told him that the issue was not so much the 4% wage claim, but the concern of low-paid workers that their families would be left unprotected if they fell ill or died.

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