Skip to comments.Democrats Admit Companies Were Correct In Warning Of Major Losses Due To ObamaCare
Posted on 04/27/2010 8:18:00 AM PDT by Starman417
You recall Waxman's outrage over large companies, such as AT&T, informing its shareholders that they will be taking large hits due to ObamaCare:
After the passage of the health care reform bill, some public corporations announced the bill would have adverse affects on how they do business. Deere & Co. announced that it would cost them an additional $150M in expenses, Caterpillar stated in an SEC filing they would earn $100M less in 2010, Verizon sent emails to employees informing them of their expected costs to increase in the short term, and AT&T filed with the SEC that they expect a $1B hit because of the new law.Waxman eventually canceled those hearings and now we know why. The companies were right:
Now, the the Subcommittee on Oversight and Investigations is calling on the "senior company officials" of each of those companies, and others, to come to D.C. and explain / prove their claims. The stated purpose of this meeting is, "to ensure that the [health care] law is implemented effectively and does not have unintended consequences."
When major companies declared that a provision of the new health care law would hurt earnings, Democrats were skeptical. But after investigating, House Democrats have concluded that the companies were right to tell investors and the government about the expected adverse effects of the law on their financial results.~~~
In a memorandum summarizing its investigation, the Democratic staff of the committee said, The companies acted properly and in accordance with accounting standards in submitting filings to the S.E.C. in March and April.
Read more at floppingaces.net...
Now being reported in my local paper on page 34, column D, right after the lost dog notices.
Obama is an idiot!
Down with Marxism!
Just vote them OUT!!
Rebellion is brewing!!
Obama told Waxman to back off his kangaroo court
Public hearings would have shown what a disaster and expense business faces
These companies should demand that Henry Ratman come before their CEO’s and explain to them where the federal government got its bullsh!t numbers from.
Wow, I wonder if water is still wet.
Wow, who would have ever thought that Fortune 100 CEOs and CFOs would know more about corporate accounting and about their own companies than a pile of jerkball congressites.
And if they used the gov stats, they would be accused of hiding something....sound familiar...
How many times did we hear that?
How is that possible? CEO’s and CFO’s of multi-billion dollar companies understand their accounting? I thought they were all greedy crooks looking for every dime with which they can screw you. And the only people looking out for us were the Henry Waxman’s of the world?
SAY IT ISN’T SO!
The dems were furious that the companies revealed that information but are now scorching Goldman Sachs for not revealing information to their clients.
Just make sure that your local GOP candidate brings it up again in October in an ad. That’s all we need.
0bama’s boys don’t give a rip about losses to companies. They do care about losses in contributions to the Democrat party.
Not to worry, in 0bama's world hand baskets are subsidized to carry us all there and that paved road is marked by signs that say "Project Funded by the American Recovery and Reinvestment Act."
The “losses” were a loss of a taxpayer subsidy. Having the CEO’s complain about the loss would have sounded like a unemployed person complaining about their unemployment insurance running out.