Posted on 03/27/2010 4:44:27 PM PDT by Mount Athos
This past week several big companies, including Caterpillar, Verizon, and AT&T, announced that ObamaCare would cost them millions of dollars this year. To pay for it they variously suggested layoffs and benefits reductions. Analysts suggest that the total first-quarter hit to S&P 500 firms will be $4.5 billion.
Well, Democrats can't stand to have their precious economy-destroying healthcare program criticized in its very first week, so they've announced an "investigation" into the claims. Late yesterday, the House Subcommittee on Oversight and Investigation sent letters to the CEOs of AT&T, Caterpillar, Deere & Co, and Verizon asking them to appear for a hearing on their claims. In the letters, Waxman and Stupak ask for company documents including accounting analyses and the internal emails of all "senior company officials" related to the projected costs of ObamaCare. How serious are they? The letter actually defines "senior company officials."
Power Line has a copy of one of the letters.
Not content with their victory, Democrats won't rest until they've beaten down anyone who points out the devastation caused by their anti-prosperity policies. This will be as much of an "investigation" as the Democrats' demonization of oil company CEOs last summer or Toyota execs more recently.
http://www.powerlineblog.com/archives/2010/03/025940.php
“Analysts suggest that the total first-quarter hit to S&P 500 firms will be $4.5 billion. “
Sounds a bit low to me. ATT alone was one billion.
are they required by law to show up....otherwise I’d tell those congresscritters to respectfully, shove it where the sun don’t shine.
So, Big Business.... How’s those campaign dollars working out for you? Most large corps give money to both Dems and Repubs hoping to gain a little influence and stave off the wolves. Doesn’t work work Marxists, though.
I'm surprised they haven't taken it to this extreme before now.
It wont matter though. Soon the destruction caused by this pretend president's policies with be painfully obvious to everyone.
And I do mean painfully.
bm
Companies will be bullied if they make note of Obamacare’s costs. But, if they don’t honestly report those costs, aren’t they in trouble with the SEC and in violation of the Sarbanes-Oxley law, requiring that financial reports of companies accurately show their financial liabilities? Am I missing something?
It’s understandable some of these Dims would be upset that businesses are pointing out the negative impact Obamacare will have. The Dims, including Obama, most likely had/have no clue what the impact of the monstrosity they passed will have throughout the economy.
But...but...Stupak is a MODERATE Democrat! I'm shocked!
AH-HA let them eat cake!
The various companies should tell congress to go to hell.
Batten down the hatches.
It’s going to be bumpy ride.
Is there nothing that the states can do to protect their businesses from this?
If true they need to show up with charts and show them.
UnFrickinReal! I suppose this now means the takeover of Caterpillar, Verizon, and AT&T is just around the corner.
Welcome to the Thugocracy!
Stupak’s really taking the reins on this bill.
At every turn, Democrats demonstrate their inability to understand the Bill of Rights. Methinks they are going to get a needed lesson if they pursue this...
The Dems and O know EXACTLY what the effects of the bill will be.
The Democrat thugs in Congress get away with this because the MSM protect them. If Republicans did the same thing to, say, Apple, just try to imagine how the corrupt MSM would scream bloody murder.
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