Skip to comments.AT&T will take $1B non-cash charge for health care
Posted on 03/26/2010 12:57:05 PM PDT by TexasNative2000
AT&T Inc. will take a $1 billion non-cash 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
(Excerpt) Read more at news.yahoo.com ...
Unemployment at 12% in two months as the left maliciously and systematically crushes democracy and the economy.
Don’t worry, this bill will create over 400k jobs instantly./s
Make that 17,800 IRS jobs.
I guess the 3000% reduction in premiums included the total reduction in pay as a result of being unemployed.
I believed that the market already discounted the values when Obama looked like a sure bet. Hopefully, the market can move forward with less uncertainty.
This is breathtaking.
Who needs to invest in R&D when you can pay taxes instead?
Oh, this is looking real good.
ObamaControl is more like it.
Perfect! Consider that stolen! ;^)
...and may cut benefits it offers to current and retired workers.
Republicans, if you don’t make it clear to retirees/seniors that
Obama/Reid/Pelosi have firmly gripped “the third rail”,
you deserve to evaporate as a political party.
Both my husband and I work for AT&T, are shareholders, and are approaching retirement. This ‘reform’ bill pulls the rug out from under all of us. It’s disgusting.
that's the problem, less profit = less tax, well done libs!
So...here comes the public option as the ONLY option.
Will that figure- roughly $1B- be ongoing or is this a one time hit?
Obama has reached out and put the touch on us.
Yes, and their retirees are going to be bounced OUT of the drug plan and dumped on medicare as Caterpillar, Verizon, and thousands of other companies with retirement programs that cover prescription drugs are going to do.
The law of unintended consequences strickes Obama.
Yep; we could see this coming. Heck, my health insurance carrier raised premiums some months ago in anticipation of ObamaCare. You know that other insurance companies will follow suit. And many other employers, facing spiraling costs, will have to do something to make up for the shortfall they will experience. Benefit cuts, high prices for goods and services, cutting jobs — all on the horizon as a result of this monstrosity.
Where the hell were these stories, which was entirely predictable, in the MSM before this monstrosity passed. NOW THEY TELL US!
Unfortunately this was intended.
Taking $1 billion out of one company in the economy!
If this wasn’t so tragic for retirees, it would be worth buying popcorn to see where the democrats and Nancy’s 400,000 immediate new jobs and bambi’ 3,000 percent premium decreases are by summer ...
it’s going to take every single vote from every single man and woman among you just to neutralize the democrat voter fraud in one large city. Food for thought.
We are ON IT. We have never been so active in our lives. I live in Congressman Paul Ryan’s district. We are sending money to conservative candidates all over the country and attending rallies, giving out information at work and everywhere else. If we do not succeed in turning this back now, our country will be lost.
God Bless you both!
Now now, aren’t y’all glad obama is getting those evil corporations who have all the money? I’m SURRRRRRRRRRE AT&T won’t consider passing on this cost to their peon, freebie healthcare wanting customers, now would they?
The dumbass peasants don’t realize they pay a lot more as a percentage for their phone/internet/TV services so this is in effect a regressive tax on them.
>>>Who needs to invest in R&D when you can pay taxes instead?
This would make a great bumper sticker.
My sister and her husband (raging liberals) are both retired from AT&T. It will be interesting to see what they have to say about this.
My raging liberal sister tried to tell me that her husband’s employer (Abbott Labs) sent an email to employees stating their health insurance premiums would be GOING DOWN. Of course when I asked her to forward that email to me, she said she couldn’t, it’s proprietary. Lying liberals.
Want to bet a dime people will lose their jobs?
Aren’t most at&t folks in the union? If so I see a big revolt coming round the bend.
Yes, more than 1/2 of the employees belong to unions. More than likely, the management and retirees will be the first to feel the pain. When the union contracts expire, it will be a war. Our son is an entry-level technician, and is in the union. He pays $50/month in dues and gets virtually no support from the union on work issues. They are all about taking the dues and using it to undermine their workers through direct donations to the democrat party.
This is a declaration of economic war against the producers of this country. To rob us and then kill us.
The coming avalanche of the loss of freedom is going try to slowly crush the middle class, like a frog in warm water when the gas has just been turned on.
There is a way to stop this insanity. But it will take a large amount of anger and willingness to stand up, to do it.
The crux of this current economic mess is the Credit Swaps. These CDSs are insurance for the mortgage backed securities, MBS, that they made up and sold. They are dependent on a steady stream of money from mortgages. This is what is holding up the Federal government, and even the FED has this stuff on its books right now.
Dont pay the mortgage. This WILL collapse the system. It will kill the dollar, it will kill the ability of this country to get loans, they wouldnt be able to PAY FOR ANY OF THIS TO THEIR CROMIES, PUBLIC SERVANTS, if we push this system over the cliff.
Think about it. It would work, but are enough people willing to give the government a push, are enough people awake to want to think outside the box?
That’s the kind of civil disobedience that could prove effective!
I don’ think so. I think it is the law of unintended consequences. OBama thought these companies would keep the retirees in their plans even though they lost the tax free subsidy from the government for keeping them out of medicare and on their plan. I think Obama thought they would simply charge the retirees more for leaving them in the prescription plan aspect of their retiree plan because he thinks everybody is making money on them. He was wrong. Corporations are dumping them on medicare.
That is the idea!!!
Plain old tea parties won’t change a darn thing, as great as they were to let people see that they weren’t alone.
But the political power structure doesn’t give a ding dong about the taxpayer, they have shown they won’t listen.
Time to get something real done.
Maybe the GOP could not stop Obamacare, but Corporate HR Departments sure will....
One of my biggest clients is AT&T. This isn’t going to go well at all. I think I have a penchant for understatement.
This is all intentional. Watch how they laugh as they impact so many peoples lives and cause much pain. sickening. Pelosi is the worst.
When the split happened he wisely stayed with Ma Bell instead. His friends who went with AT&T instead got the ax within two years. Despite his good choices he eventually ended up in the AT&T retirement system when they bought out Ma Bell in our region. It's going to hit him and mom hard at a time in their lives they don't need the added stress and confusion.
The story of your dad has played out many times at AT&T. My hubby and I have worked for Wisconsin Bell, AT&T, Ameritech, SBC, now AT&T AGAIN! Somehow we have managed to avoid the axe for more than 30 years. But neither of us is 50 yet, and we figured we’d try to hang in for another 6-8 years. If we are going to retire without benefits, at least one of us is going to have to work into our 60’s. But at least we know that NOW. I hope your folks don’t lose what they have been depending on.
He went into a Special Services group working on data circuits, 911, etc. I went out a lot of nights when he got a call to a bad part of town. He'd been inside about 25 years so they sent him back to climbing school. He put his climbers on and went up the pole in nothing flat "The old way" LOL. The instructor took a film of it he said. He used them maybe a half dozen times after that.
This is tragic, and unfortunately this also happens in other places.