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.
Are private companies required to turn over any documents to Congress? This is a witch hunt if I ever saw one.
http://www.redstate.com/moe_lane/2010/03/27/in-an-ideal-world-this-post-would-start-a-duel/
Good take on it here.
the socialists will pick them off one by one - but together on a united front would confuse the heck out of them. Anything not in their playbook, they are unprepared to handle.
States can only protect businesses that do business only with their state lines, I believe.
I think this forces the Dem’s to consider an acceleration of their health care time table or to make more palatably economic revisions. By announcing these write downs and cuts to benefits now, it leaves folks hanging until 2014 when supposedly the new Health Care reality comes to full fruition. Enrollment for new benefits occurs at most companies starting each November. Most folks will be furious when they see what the Dem’s have done. The elections are in November hence these cuts will hang like an exploding turkey turd over the election process in 2010!!! These companies are doing their own version of Clove Pliven on the Dems and the Health Care process before the system can be geared up by 2014. If it wasn’t these companies’ intent it will certainly be the effect. Wait until all the RN’s I work with find out what the reduction of the Flex Spend health account limits are going to do to their taxes!
No wonder Waxman is livid, it jams up the election messages planned by them for 2010!
When the producers stop producing there is nothing to tax.
With no taxes the Dems crumble. They can’t exist without your money. Hide your capital and let their system fail.
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!
you are correct, sir!
WOW! Thanks for posting. Hooray powerline!
Impeach Barack Obama. Members of The Democrat Crime Syndicate need to be investigated/incarcerated.
Who will protect us from our protectors?
You are right, but they need not run to the press with the expenses. If we had some good journalists still, they wouldn’t have to release it to the press. The REAL journalists would dig it up for themselves. One problem, no two problems with this. One, they won’t dig up a story that might prove negative for Obama. Two, most journalists don’t know how to read financial statements with their journalism degrees.
Don't believe it for a second. This is a bunch of ideologues and incompetents, and this is not even a bill most wanted, but all they could pass under all the circumstances.
Pelosi's, we have to pass the bill to learn what's in it, tells us how well most of them understood what they were voting for.
I guess we can safely assume Obama’s next speech will include some lines about greedy corporations trying to duck their responsibilities.
ABSOLUTELY! It's THEIR economy stupid. The useless idiots who support these criminals only understand pocketbook issues. Collapse their economy. Eliminate/curb all non-critical spending. They declared economic war on us. The least we could do is return the favor until we see how the November elections shake out.
Spend less. Protest more.
I don't know the legislative language specifically verbatim, but companies are required to report to the SEC any adverse change in their finances that materially affect shareholder wealth ...
Too bad the democrats have none.
The Lefties were studying Marxist Theory 101, not Econ. There are negative consequences to Marxist economics.
Good points. I think you are right!
I think we’ve seen this before:
Like the Pharos, Emperors or Rome knew or convinced themselves that they were equally as powerful as the god and therefore one of them among the mortals. Caligula was known for promiscuity, incest, cross-dressing, and over the top orgies. In the miniscule four year term he served he officially declared himself a god. Soon after he took the charade to another level. To prove both his power and stature, Caligula waged war on Poseidon, God of the Sea. Pretty much Caligula marched his army to the beach complete with battle cries and determination, went further out onto a pier, and ordered his men to toss their spears and other weaponry at the water.
Caterpillar's is in October - just prior to the elections.
SEC and FASB regulations require companies to write down their losses. It’s the law. The companies are not playing games here.
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