AT&T to take $1B charge for health care; may cut benefits to current and retired workers.

Yahoo News ^ | 3/26/2010 | BARBARA ORTUTAY

[wrrock]

NEW YORK – AT&T Inc. will take a $1 billion non-cash accounting charge in the first quarter because of the health care overhaul and may cut benefits it offers to current and retired workers.

The charge is the largest disclosed so far. Earlier this week, AK Steel Corp., Caterpillar Inc., Deere & Co. and Valero Energy announced similar accounting charges, saying the health care law that President Barack Obama signed Tuesday will raise their expenses. On Friday, 3M Co. said it will also take a charge of $85 million to $90 million.

[griswold3]

I changed my tagline!

[plain talk]

so ... only a week and this health care bill now becomes personal with me.

[Frantzie]

A lot of people voted for this. Unions will not lose anything. Anyone know if communications workers of America telephone union thugs lose anything?

[pepperdog]

Well who didn’t see this coming? And we ain’t seen nothin’ yet!

[Flightdeck]

It’s gonna get personal without a helluva lot of people, long before November.

[Flightdeck]

Without? I didn’t type without!

[eyeamok]

If any of these companies were truly American Companies, they would immediately CANCEL ALL HEALTH INSURANCE BENEFITS FOR ALL EMPLOYEES, Tell them to go see Obama.

[o_zarkman44]

$One Billion spread over how many million phone subscribers will cost how much additional per consumer?

And take that amount times the number of corporations operating in America, per item consumed, and we are talking $trillions in additional tax surcharges passed on to consumers through pricing adjustments.

We are just seeing the tip of the iceberg. Our standard of living is about to take a 3rd world tumble if we don’t stop the fascists NOW!

[plain talk]

hmmm. doesnt matter. we all know exactly what you meant. These liberals are going to stir up a hornets nest with this bill. I am wondering whether the bill stands until November or the dems are actually forced to change at least some of it.

[tcrlaf]

The Union participated in Obamacare demonstrations, phone banked, harrassed, etc. to pass this, now they are about to get screwed by it. Ain’t Karma a real biatch??

[P.O.E.]

I worked for AT&T for over two decades. Driving into the rising sun in the morning, and into the setting sun at night.

Every workday.

Now the thug Obama & his crooked compadres in suits ruin my retiree benefits?

FUBO!!!!!

[Common Sense 101]

Only Day 3 and hundreds of billions of dollars have been identified as transferring from the private markets to gubmint, as designed. How long before the socialist fascists begin their new campaign against the “greedy, profit-hoarding executives” from these companies? Wonder how much longer it will take for the idiot Zero-voting employee morons to figure out that their executives are not the evil SOBs the Obamanation claims they are? My guess is never...

[annieokie]

I believe they will be taxed at 40% on their Cadillac ins. plan in 2018.

Isn't that convenient? 2018: (IN 2014 we will take back the WH, and they know this, so they are counting on the YOUNG and more ignorant to FORGET by the time 2018 comes and they will hang this monstrosity around the Republicans again.)

Have everyone you know take a look at this youtube. Then send it to all your DEMON crap friends, they need to know what is heading their way.

AT&T will effect me personally, when they HIKE up their rates to pay for this. At that time I WILL disconnect my land line.

http://www.youtube.com/watch?v=HcBaSP31Be8

[seastay]

Another reason why the black market and under the table employers will flourish now, who's workers are mostly foreign immigrant to the US. It will be just too costly to employee citizens who have to play by the rules, this is just another reason to draw more illegal immigrants to the US. Right now in LA legitimate small business cannot compete, under the table business can out bid any legitimate business because they don't have to pay all the shake down taxes. This is our fate now that we are a banana republic, we will reward the under the table corruption and penalize everyone else who plays by the rules. Only thing to take heart in all of this is we really know that God is are leader, we are not beholden to the lowing cheats in office, and we know that God does reward honesty and hard work, the ethics that founded this nation, the ethics that these moonbeams hate, and in my opinion their hate is really directed at god, and gods people, so we should have no fear in their misguided plans since we have righteousness on our side.

[Rusty0604]

I just heard on FOX that now some dems want to haul these CEOs up to Washington and question them about speaking out about this. I guess they don’t know that companies are required to announce any change to profits.

[tcrlaf]

Welcome to Obamunist Fascism, Chicago-style

[catfish1957]

Just from the S & P 500... thats 1 company , and one billion. Think about it across the board. Then add mid caps and smaller firms... Maybe a $trillion out of company cost?

[thethirddegree]

I think this is the beginning of the end for many retiree health care plans.

[NavyCanDo]

But Obama said there is no Armageddon, no meteors falling on us, no cracks opening up the Earth. Just a pretty day with birds singing, and the sun shinning.