Skip to comments.White House Blasts Companies For Saying That ObamaCare Will Jack Up Their Costs
Posted on 03/29/2010 2:04:28 PM PDT by Chet 99
Henry Blodget | Mar. 29, 2010, 6:42 AM
The White House has rushed to try to stop a wave of companies announcing that ObamaCare will cause their healthcare insurance costs to rise, causing them to cut benefits or fire people.
At the end of last week, Secretary Gary Locke hit the WH blog to say, in effect, that these companies didn't know what they were talking about (which seems unlikely). Later, on CNBC, he suggested that they were acting unpatriotically.
And now Henry Waxman is calling Congressional hearings to beat the companies up on live TV.
For what it's worth, the day the healthcare bill was approved, we listened to the CEO of one of the biggest healthcare companies say unequivocally on NPR that ObamaCare would make premiums go up. He made it sound like the height of obviousness--and it was so obvious that the interviewer didn't even follow up on it. So the fact that companies are now warning their shareholders and employees about this fact would hardly seem to be startling news.
Could it be that the Democrats are only now discovering that ObamaCare won't actually provide more healthcare for less? Or is it just that they're angry that everyone else has noticed?
(Excerpt) Read more at businessinsider.com ...
What possible right does teh WH have to stop a company’s honest financial reporting?
It’s nonsense like this that got us into this mess. Ignoring reality.
The WH can’t handle the truth!
“Change will not come if we wait for some other person or some other time. We are the ones we’ve been waiting for. We are the change that we seek.”
-Barack Hussein Obama-
White House Blasts Companies For Saying That ObamaCare Will Jack Up Their Costs
Suuuure. And When AT&T announces they will take a billion dollar hit because of Obamacare, then they are what, lying??
These companies are required by law to report the changes to their bottom line.
They should spit in his eye and say no. Waxman is beyond pathetic.
This is what happens when the hypothetical meets reality.
WTF is "patriotic" about slitting your own throat to appease the boy king?
Sic a pitbull on those Rats.
QUESTION: Isn't it true that Congress does not have subpoena power?
The companies are required by the SEC, Auditors, Shareholders and GAAP to record their net liabilities for future healthcare correctly.
Since companies know that 0bummerCare will raise their costs by taxing the benefits they offer to current retirees, they have to increase their reserves to account for that knowledge, and reduce their income accordingly.
“We’re forcing costs on you, but you may not account for them as required by law because it looks bad for us.” - 0bummer Administration
“well you know how it is, Obama MEANT well but the other politicians and corporations did what they could to MAKE this thing fail in implementation...” < /starstruck Obama voter >
He has no subpoena power, as I understand it.
Like they were warned before the vote, “hell no” they didn’t know what was in it. SURPRIIIIIIIISE!
Chet, I believe under Sarbanes/Oxley these companies have NO recourse other than to announce their profit shifts.
The phrase, ‘hoisted on their own petard’ comes to mind for the Democrats (who enacted S/O).
This is getting uglier and uglier with each passing day...and Dear Leader’s polls are plummeting.
Oh, these successful companies that provide valuable services, dont know what they were talking about and suggesting that they were acting unpatriotically how is that so?
This all coming from a group of pure breed Racists, Marxists and Homo-Leninists which have proven themselves to be less than honest and more of being sneak, cheats and lairs promising blue-sky for everyone. I guess the political class will say and do anything possible to get money put in their pockets for free, while everyone who is not a friend of government pays the freight.
This adminstration has brought dishonesty and manipulation to a level I’ve never seen. Nor have I ever been afraid of my government. Mad, angry even furious- but never fearful. I am now. It’s sobering.
But could Waxman get the Rat House to vote for a subpoena?
What Waxman meant as intimidation, I see as farce.
Kind of “rich” that Sarbanes-Oxley is what will bring the Dems folly to light!
I guess they preferred their books raw, not cooked.
And here is a tidy summation of the SEC ‘rules’ that MADE these corporate disclosures happen:
The bill was purposely designed TO fail economically. Why?-When the math fails and insurance companies boost rates, Obama will label them "unpatriotic" and will be forced to take them over and convert to single payer. Then pharma and med devices become part of the problem, or some other free market factor, and Obama is forced to institute government run health care, under control of the Surgeon General, via the new Ready Reserve powers in the health care bill. http://www.facebook.com/notes.php?id=207770190801 Strange thing to put in the health bill, wasnt it. Under the Ready Reserve, the President can appoint anyone and order them into service in an emergency.
At the end of last week, Secretary Gary Locke hit the WH blog to say, in effect, that these companies didn't know what they were talking about (which seems unlikely).
"Most of these people [in the Administration] have never had a real job in their lives. They don't understand a thing about business, and that includes the President," says a senior lobbyist for one of the companies that announced the charge. "My CEO sat with the President over lunch with two other CEOs, and each of them tried to explain to the President what this bill would do to our companies and the economy in general. First the President didn't understand what they were talking about. Then he basically told my boss he was lying..."
Does it work that way? Considering the closeness of the vote, I doubt he could, anyway.
I should think not. There is no Congressional undertaking, a la the Warren Commission. These people, who have REAL non-partisan individuals working on their bottom line every day, are in a better position to know precisely what’s coming in the future.
As someone else pointed out - all of this information was not supposed to be available until AFTER the November election, when people would find out their contributions were probably going to go up.
GE, of course, who can’t wait to get the big payoff from the Obama Administration for its Health Tech products, is of course saying that “this won’t change our bottom line.” Well I’m sure it won’t. What you’ll do is make your employees pay for the increase. Your contribution will stay the same. So what?
AT&T, Caterpillar and Verizon beg to differ. So STFU, GE, and put your head back up Obama’s rump where it belongs.
The publicly traded companies have a fudiciary responsibility to the shareholders to state any changes in revenue & profits. It is the law. If they did not then the SEC would fine them & the CEOs CFOs could go to jail ala Ken Lay.
If there is anything that changes that bottom line (sales of divisions, bad loans, etc.) they are legally obligated to restate earnings.
Waxman is Wesley Mouch, no?
Good. Their hubris has kept them from learning anything from the Obama health care compromise debate. Another good PR debacle will be fun to watch.
"... [it] takes a long time to do the necessary administrative steps that have to be taken to put the legislation together to control the people.
They have no such power as I understand it. But they crap on The Constitution. It is time to just say no to them.
“White House blasts...” Yes they do, because they are incompetent tyrants, and blasting is all they know how to do.
GE has no bottom line anyway. I still own tons of “the safest stock in the world” and can’t unload it because it has crapped so badly. When I can, though, I will.
AT&T better be careful or Bammy will try to break em up again.
Little history here for you youngens: The gubment broke up AT&T,in about 1984, into several regional “bell’s”. Southwestern Bell, PAC Bell, Bell South, etc....
Then a guy named ED Whitacre took over the company about 17 or 18 years ago and he tried to re-assemble the whole thing.
He almost did it too. He now runs GM.
Can't say we were not warned:
ssshhh, if they shut the companies up, their losses won’t coccur!
Or those losses won’t be noticed by shareholders, employees, retireee, and clients.
A crisis ignored or denied is not a a crisis, in this administration
BTW, would I love to give a toad like Henry Waxman a “RSVP” to his imperial summons ......
I disagree. I hope that Waxman calls dozens and dozens of companies in for public hearings. And they show up. The more the better. Bring in the CFO's and accountants. And let them talk about fiscal and financial reality. The idiot Waxman won't understand what they say but most people will.
That quote should have horrified every constitution loving American.
Woe be us for our reckless madness!
Not only that, but we've had a recent Supreme Court decision that effectively affirms that corporations have rights under the First Amendment.
If I recall, a business is legally obligated to report pending risks to their viability by the SEC. Failure to do so can be charged as artifically dressing the books for shareholders present and future. The companies have no choice (legally,which is a concept the WH does not understand)
With due respect to you sir I disagree. Congress has no right to pull this crap. It is time to start saying no to them. That will make much larger statement.
The hearings will be held on April 21, 2010, in Stupak’s Subcommittee on Oversight and Investigations. Membership:
The CEO’s have to do this, it is right and ethical for company’s to report honestly their costs and profits. The WH is acting like a 2 year old having a tantrum. I’m truly sick of this.