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White House Blasts Companies For Saying That ObamaCare Will Jack Up Their Costs
Business Insider ^

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 ...


TOPICS: Business/Economy; Front Page News; Politics/Elections
KEYWORDS: 2010; bho44; bhofascism; bhohealthcare; bhosocialism; bhotyranny; communism; democrats; economy; healthcareinsurance; healthcontrol; healthinsurance; insurance; obama; obamacare; publicoption; singlepayer; socialism; socialisthealthcare; taxes; thecost; tyranny
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1 posted on 03/29/2010 2:04:28 PM PDT by Chet 99
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To: Chet 99

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.


2 posted on 03/29/2010 2:06:25 PM PDT by Williams (It's the policies, stupid)
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To: Chet 99

The WH can’t handle the truth!


3 posted on 03/29/2010 2:06:52 PM PDT by ilovesarah2012
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To: Williams
They only want to hear their reality....
4 posted on 03/29/2010 2:07:28 PM PDT by clintonh8r (I love my country. I hate...HATE!!...my government.)
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To: Chet 99

“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-


5 posted on 03/29/2010 2:08:02 PM PDT by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: Chet 99

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??


6 posted on 03/29/2010 2:08:17 PM PDT by Responsibility2nd
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To: Chet 99

These companies are required by law to report the changes to their bottom line.


7 posted on 03/29/2010 2:08:41 PM PDT by GeronL (There is only a "Happily ever after" for you if you're the one writing your own script)
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To: Chet 99
"And now Henry Waxman is calling Congressional hearings to beat the companies up on live TV."

They should spit in his eye and say no. Waxman is beyond pathetic.

8 posted on 03/29/2010 2:08:44 PM PDT by blackbart.223 (I live in Northern Nevada. Reid doesn't represent me.)
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To: Chet 99
They thought the real costs of this bill wouldn't be noticed until AFTER THE ELECTIONS and all would be forgotten by the voters.

The fools!

9 posted on 03/29/2010 2:09:30 PM PDT by capt. norm (Never underestimate the power of very stupid people in large groups.)
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To: Chet 99

This is what happens when the hypothetical meets reality.


10 posted on 03/29/2010 2:10:14 PM PDT by TexasNative2000 (This seems like fairly decisive evidence that the dream can, in fact, die.)
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To: Chet 99
Actual accompanying photo with caption.

Put a sock in 'em, Rahm.


11 posted on 03/29/2010 2:11:49 PM PDT by onyx (Facts don't matter. Proof not required. Anything goes! Racial slurs, death threats.....)
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To: Chet 99
Later, on CNBC, he suggested that they were acting unpatriotically.

WTF is "patriotic" about slitting your own throat to appease the boy king?

12 posted on 03/29/2010 2:12:17 PM PDT by a fool in paradise (VP Biden on Obamacare's passage: "This is a big f-ing deal". grumpygresh: "Repeal the f-ing deal")
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To: Chet 99

Sic a pitbull on those Rats.


13 posted on 03/29/2010 2:12:28 PM PDT by HiTech RedNeck (I am in America but not of America (per bible: am in the world but not of it))
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To: Chet 99
They want to intimidate. Dare to criticize us and we'll take over your company!

QUESTION: Isn't it true that Congress does not have subpoena power?

14 posted on 03/29/2010 2:12:35 PM PDT by MrChips (MrChips)
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To: Chet 99

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


15 posted on 03/29/2010 2:12:46 PM PDT by Uncle Miltie (REPEAL 0BAMACARE NOW!)
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To: capt. norm

“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 >


16 posted on 03/29/2010 2:13:18 PM PDT by a fool in paradise (VP Biden on Obamacare's passage: "This is a big f-ing deal". grumpygresh: "Repeal the f-ing deal")
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To: blackbart.223

He has no subpoena power, as I understand it.


17 posted on 03/29/2010 2:13:41 PM PDT by MrChips (MrChips)
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To: capt. norm

Like they were warned before the vote, “hell no” they didn’t know what was in it. SURPRIIIIIIIISE!


18 posted on 03/29/2010 2:13:52 PM PDT by HiTech RedNeck (I am in America but not of America (per bible: am in the world but not of it))
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To: Chet 99

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.


19 posted on 03/29/2010 2:14:13 PM PDT by PennsylvaniaMom (BOOM! Taste my nightstick! Sarah, making Shatner sound Shakespearean.)
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To: Chet 99

Oh, these successful companies that provide valuable services, don’t 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.


20 posted on 03/29/2010 2:14:27 PM PDT by ntmxx (I am not so sure about this misdirection!)
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To: Chet 99

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.


21 posted on 03/29/2010 2:14:31 PM PDT by SE Mom (Proud mom of an Iraq war combat veteran)
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To: MrChips

But could Waxman get the Rat House to vote for a subpoena?


22 posted on 03/29/2010 2:14:54 PM PDT by HiTech RedNeck (I am in America but not of America (per bible: am in the world but not of it))
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To: SE Mom

What Waxman meant as intimidation, I see as farce.


23 posted on 03/29/2010 2:15:34 PM PDT by HiTech RedNeck (I am in America but not of America (per bible: am in the world but not of it))
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To: Uncle Miltie

Kind of “rich” that Sarbanes-Oxley is what will bring the Dems folly to light!


24 posted on 03/29/2010 2:15:53 PM PDT by dawn53
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To: ntmxx

I guess they preferred their books raw, not cooked.


25 posted on 03/29/2010 2:16:18 PM PDT by HiTech RedNeck (I am in America but not of America (per bible: am in the world but not of it))
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To: Chet 99
And now Henry Waxman is calling Congressional hearings to beat the companies up on live TV My guess is these companies won't be the ones that take a beating. After all they have the truth on their side.
26 posted on 03/29/2010 2:16:41 PM PDT by VIDADDICT ("A news man is always fully-cocked, Andy." - Les Nessman)
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To: dawn53

Boomerang.


27 posted on 03/29/2010 2:16:41 PM PDT by HiTech RedNeck (I am in America but not of America (per bible: am in the world but not of it))
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To: dawn53

And here is a tidy summation of the SEC ‘rules’ that MADE these corporate disclosures happen:

http://www.investinganswers.com/term/sarbanes-oxley-act-891


28 posted on 03/29/2010 2:16:51 PM PDT by PennsylvaniaMom (BOOM! Taste my nightstick! Sarah, making Shatner sound Shakespearean.)
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To: Chet 99
This reminds me of the scene in the movie Flash Gordon where Ming the Merciless is demanding a conquered king fall upon his own sword to prove his loyalty.
29 posted on 03/29/2010 2:17:28 PM PDT by Bad Jack Bauer (Fat and Bald? I was BORN fat and bald, thank you very much!)
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To: Chet 99
"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?"

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, wasn’t it. Under the Ready Reserve, the President can appoint anyone and order them into service in an emergency.

30 posted on 03/29/2010 2:17:36 PM PDT by LZ_Bayonet ( I AM THE TEA PARTY LEADER !)
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To: LZ_Bayonet

http://www.facebook.com/notes.php?id=207770190801


31 posted on 03/29/2010 2:18:37 PM PDT by LZ_Bayonet ( I AM THE TEA PARTY LEADER !)
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To: Chet 99

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).


Obama in Rude Denial (CEOs: He's Clueless!!!)

"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..."



32 posted on 03/29/2010 2:18:47 PM PDT by EdReform (Oath Keepers - Guardians of the Republic - Honor your oath - Join us: www.oathkeepers.org)
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To: HiTech RedNeck

Does it work that way? Considering the closeness of the vote, I doubt he could, anyway.


33 posted on 03/29/2010 2:18:54 PM PDT by MrChips (MrChips)
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To: MrChips

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.


34 posted on 03/29/2010 2:19:43 PM PDT by Right Cal Gal (Ronald Reagan: "our liberal friends....know so much that isn't so...")
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To: Chet 99

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?


35 posted on 03/29/2010 2:20:02 PM PDT by vidbizz
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To: Chet 99
And now Henry Waxman is calling Congressional hearings to beat the companies up on live TV.

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.

36 posted on 03/29/2010 2:20:23 PM PDT by tacticalogic ("Oh bother!" said Pooh, as he chambered his last round.)
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To: Oldeconomybuyer
"... [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.”

-John Dingle

-PJ

37 posted on 03/29/2010 2:20:26 PM PDT by Political Junkie Too ("Comprehensive" reform bills only end up as incomprehensible messes.)
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To: MrChips
"Isn't it true that Congress does not have subpoena power?"

They have no such power as I understand it. But they crap on The Constitution. It is time to just say no to them.

38 posted on 03/29/2010 2:21:33 PM PDT by blackbart.223 (I live in Northern Nevada. Reid doesn't represent me.)
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To: Chet 99

“White House blasts...” Yes they do, because they are incompetent tyrants, and blasting is all they know how to do.


39 posted on 03/29/2010 2:21:35 PM PDT by pallis
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To: Right Cal Gal

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.


40 posted on 03/29/2010 2:25:25 PM PDT by MrChips (MrChips)
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To: Chet 99

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.


41 posted on 03/29/2010 2:26:59 PM PDT by NeverForgetBataan
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To: Chet 99
White House Blasts Companies For Telling the Truth about the costs of hopenchange health care.>>>>>>>>>>>>>>>>>>>>>>>>>>>>.

Can't say we were not warned:

Photobucket

Photobucket

Photobucket

42 posted on 03/29/2010 2:27:21 PM PDT by Candor7 (Now's the time to ante up against the Obama Fascist Junta ( member NRA))
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To: Chet 99

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 ......


43 posted on 03/29/2010 2:27:23 PM PDT by silverleaf (Karl Marx was NOT one of America's Founding Fathers)
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To: blackbart.223
They should spit in his eye and say no. Waxman is beyond pathetic.

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.

44 posted on 03/29/2010 2:29:10 PM PDT by isthisnickcool (NOVEMBER-2-2010!)
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To: Oldeconomybuyer

That quote should have horrified every constitution loving American.
Woe be us for our reckless madness!


45 posted on 03/29/2010 2:30:04 PM PDT by parisa
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To: Williams
What possible right does teh WH have to stop a company’s honest financial reporting?

Not only that, but we've had a recent Supreme Court decision that effectively affirms that corporations have rights under the First Amendment.

46 posted on 03/29/2010 2:30:54 PM PDT by Mr Ramsbotham (A gentleman in the drawing room; a rapist in the boudoir.)
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To: Williams
What possible right does teh WH have to stop a company’s honest financial reporting?

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)

47 posted on 03/29/2010 2:30:59 PM PDT by llevrok (Resistance Now.)
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To: isthisnickcool
"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."

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.

48 posted on 03/29/2010 2:34:31 PM PDT by blackbart.223 (I live in Northern Nevada. Reid doesn't represent me.)
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To: isthisnickcool

The hearings will be held on April 21, 2010, in Stupak’s Subcommittee on Oversight and Investigations. Membership:

http://energycommerce.house.gov/index.php?option=com_content&view=article&id=1573&catid=160&Itemid=61


49 posted on 03/29/2010 2:36:32 PM PDT by savedbygrace (You are only leading if people follow. Otherwise, you just wandered off.)
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To: Williams

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.


50 posted on 03/29/2010 2:38:30 PM PDT by MsLady (If you died tonight, where would you go? Salvation, don't leave earth without it!)
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