Verizon, Exelon Are Latest to Record Charge (Obamacare)

Wall Street Journal ^ | April 1, 2010 | JOHN KELL

[Need4Truth]

Verizon Communications Inc. said Thursday it expects to record a one-time noncash charge of $970 million in the first quarter, to account for the anticipated impact of the recently enacted U.S. health-care overhaul.

[Need4Truth]

Latest charges: Verizon 970 million Excelon 65 million

[Need4Truth]

Healthcare charges ping

[CodeToad]

wow.

[Pearls Before Swine]

If I were BHO, I'd spin these as one-off adjustments to a lifetime of benefits. That's why the Waxman inquisition is foolish, and makes the Dems look bad (as if they needed help).

The interesting thing is that these stem (as Rush pointed out today) from just a page or so of the 2700 page bill dealing with retiree prescriptions. I bet more surprises come out as the bill is read more thoroughly.

[TSgt]

Looks like my Verizon bill will be going up.

Nice...

[tacticalogic]

So, how much do the “savings” add up to so far?

[italianquaker]

Waxman is not happy, can you hear me now

[Political Junkie Too]

I bet more surprises come out as the bill is read more thoroughly.

Did you see this story from yesterday?

If you are Muslim you can opt out of the Obamacare health care reform laws with no penalties

-PJ

[Brilliant]

Now who are you going to believe? Thousands of Republican CEO’s or Obama and Henry Wacks-man?

[aruanan]

Verizon Communications Inc. said Thursday it expects to record a one-time noncash charge of $970 million in the first quarter, to account for the anticipated impact of the recently enacted U.S. health-care overhaul.

It turns out that this provision ending the tax deduction for retired employee prescription drug coverage in the legislation was sneaked in by someone and no one is saying who it is. This was not in the bill passed by the Senate in November. It was a House change to the Senate bill and it should have required the altered bill to go to reconciliation.

[ldish]

hitler and stalin pull the same tricks all the time...an illegitimate president and government is now DESTROYING AMERICA

[GloriaJane]

[Pearls Before Swine]

Did you see this story from yesterday? (Re Muslim opt-out of Obamacare)

Yep. Although I'm not sure how you would opt out of a government takeover of healthcare. Maybe you wouldn't pay the penalty tax, but you've still got to get the care sometimes, which means you still have to deal with the bureaucracy. How can you go back to "before" the legislation?

[ncfool]

Wait until these companies start laying off 3 or 4 million people. What will Obummer and the Rats do then?

Nationalize the companies?

Well with Obamacare We will see unemployment rise by November another 5 % or more as big companies show Obummer and the Demorats that November will be their bloodbath at the polls.

[upchuck]

Methinks Pig Waxman may have to convene his “beat ‘em down” hearing in a football stadium.

I suspect many, many more publicly held companies will be taking these charges.

[chooseascreennamepat]

The ever present law of unintended consequences rears its ugly presence.

[Lilpug15]

Exelon can kiss it! They are reporting HC costs and may not like the new HC legislation but love the Cap and Tax hoax.

[Mike Darancette]

M>Now who are you going to believe? Thousands of Republican CEO’s or Obama and Henry Wacks-man?

The Democrat CEOs better report the charge too. Stockholder suits will ensue.

[Knitting A Conundrum]

current list:

ATT 1 billion
Caterpillar 100 million
Deere & Co. 150 million
AK Steel 31 million
3M 90 million
Valero Energy 20 million
Prudential 100 million
Allegheny Tech 5 million
Illinois Tool Works (ITW) 22 million
Boeing 150 million
Xcel Energy 17 million
Goodrich Corp 10 million
Honeywell 13 million
Lockheed Martin Corp 96 million
Ingersoll-Rand Plc 41 million
Eaton Corp 25 million
Carpenter Technology Corp 5.9 million
Verizon 970 million
Exelon 65 million

Damages so far: 2.912 billion dollars

[sheikdetailfeather]

That should be put on a billboard!