Posted on 03/29/2010 8:56:26 PM PDT by Chet 99
NEW YORK Insurer Prudential Financial Inc. said Monday that it will take a $100 million charge in the first quarter in relation to the recent health care overhaul legislation. The life insurance and annuities provider said in a regulatory filing that it will take the charge against earnings in the first quarter.
Prudential joins a growing list of companies that have said they will take accounting charges because of the health care bills. AT&T said last week it would take a $1 billion charge in the first quarter. AK Steel Corp., 3M Co., Caterpillar Inc., Deere & Co. and Valero Energy have also said they would take smaller charges.
(Excerpt) Read more at google.com ...
I see another public humiliation exercise in the making. Then, after the cameras are turned off, the real bartering will begin.
Maybe we should put Waxman on trial.
So, this means it will cost a half million jobs??? Or more???
Not bad for a communist plan. Usually they kill alot more people when they implement their plans.
As far as I know - part of the Sarbanes-Oxley law. All companies have to report any changes that materially affect shreholder equity to the SEC [in an expeditious fashion].
They used to be able to deduct for prescription plans paid to retirees. Now they can't - so they have to take the charge now and will continue to do so in the future as long as they pay for those plans.
This directly dilutes shareholder equity so, presumably, at some time in the future - the companies will terminate the plans and the retirees will be stuck with getting prescriptions on their own ...
Ought to do wonders for the stock market. /sarc
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