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
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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.
The fools!
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, 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.
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