Posted on 03/28/2010 4:28:51 AM PDT by tobyhill
Representative Henry Waxman called the chief executive officers of AT&T Inc., Verizon Communications Inc., Caterpillar Inc. and Deere & Co. to provide evidence to support costs the companies plan to book related to the new health-care law.
Waxman of California, chairman of the House Energy and Commerce Committee, and subcommittee Chairman Bart Stupak of Michigan released letters they wrote to the executives, saying their plans to record expenses against earnings as a result of the law contradict other estimates. The lawmakers requested the executives appear at hearing Stupak plans on April 21.
“The new law is designed to expand coverage and bring down costs, so your assertions are a matter of concern,” Waxman and Stupak, both Democrats, wrote in the letters yesterday. “They also appear to conflict with independent analyses.”
AT&T, the biggest U.S. phone company, is among employers that have announced plans to book costs related to the health- care law signed this week by President Barack Obama. The 10- year, $940-billion legislation is intended to cover 32 million uninsured Americans and provide benefits such as restricting premiums and ending the practice of denying coverage for pre- existing conditions.
(Excerpt) Read more at businessweek.com ...
Please, CEOs, kick the polemic crap out of that freak of nature, Waxman, and other socialists on the panel. Show them and the rest of us that the country is not the government and that the country will not stand by to be spoliated by a small group of social planners headed by a community organizer.
It is UTTER MADDNESS!
Waxman to corporations-
“Here are the new hellcare laws! You must spent a billion dollars, or else! What? Your accounting says it will cost you a billion dollars? COOK YOUR BOOKS to say otherwise! We CANNOT have the American public knowing we LIED......yet again!”
Obama and the Dems made such a deal: Corporations were paying for 72% of pharmaceutical benefits for retirees and the government was paying for 28%. This kept retirees out of medicare prescription coverage. Now that the cost has gone up because the government no longer is going to send the Corporations the 28% Obama & the Dems are stunned that 1) accounting rules dictate that the coporations have to book the loss of the 28% for the next few decades that they anticipate the retirees receiving this benefit will live and estimate the liability on new retirees AND calculate if now is the right time to bump them off the corporate benefit plan and make medicare absorb 100% of the cost of them.
Real smart there obama.
I’m sure you saw yesterday the dems were ALREADY BLAMING Repubs for the ‘mandatory coverage for everyone’ part of the bill! And the media ran with it, reporting it as fact.
As more poop hits the fan, before long I expect the media to report that Repubs wrote the ENTIRE BILL!
Dems own it and they can SHOVE IT.
Gentlemen, See that man over there he is from the IRS. Have any of you ever had your personal returns audited?
I got a feeling the CEOs will fall in line with the government line.
That is because, unlike 3M, AT & T, Caterpillar, etc, GE long ago DUMPED their retirees off the prescription benefit and onto the taxpayer by moving them to medicare coverage. Now AT & T, 3M etc will be inclined to do the same as they are expected to foot 100% of the cost of retiree prescriptions instead of 72%.
The costs of the health bill will ultimately be billed to consumers, which can only weaken America’s corporations and lead to further downward pressures on an already shakey economy. Our nation’s congressmen clearly flunked Econ 101; not that they care - unlike workers in the private sector, their salaries and perks are all quite ample and secure, thank you.
This is hilarious!
This is like a pharmaceutical company demanding that a dying man prove he is dying because they have an independent analysis that showed their medicine was the cure.
"We have an independent analysis, dammit!!! You can't die!!!"
You are NOT over reacting.
I have been amazed and HORRIFIED watching the suppression of free speech since the beginning of the Obama campaign first started.
Anyone who cannot see the parallels between him and Hitler is just closed minded. It is glaringly obvious!
It is apples & oranges. The loss to AT&% and others arises because they still carry retirees on their benefit plans for prescription coverage. Previously the government was paying 28% of this cost but no more - this bill cuts off that 28% so the companies have to book the additional expense for all future years in the current period as a result of the loss of this 28%. BUT they will also now do what GE did a long time ago - dump retirees prescriptions on medicare and so medicare will now pay 100% instead of 28%.
Math ain't Obamalamadingdong's strong suit......
True. Remember unemployment is supposed to be no greater than 8%, right?
I didn't get that far in my studies of it, but can I also assume do to "Sarbanes Oxley" they have to report it right away, and the CEO must sign it and risk jail time if they don't? It sounds like they will "ammortize" the loss over the time frame you mentioned vs. taking a one time hit, Why?
The irony is Corp America is held to a much higher accounting standard than Congress. The RNC should in their 2nd Contract with America (what ever they call it, if they even have the brains to go their) make Congress abide by Sarbanes Oxley. Then watch the resignations and watch them reach for the Kayopectate.
Nope. I did not see the Dems accusing the Repubs insisting that universal coverage be part and parcel of the Dems universal health care bill.
That’s a hoot.
Got link?
They can't "fall in line", they would be breaking the law and would go to jail. This administration has no power to force these companies to come in for an "interrogation", regardless of what they say. If they had the power they would have issued subpoenas.
Honest to goodness, we’ve never had a dumber group of people in charge.
It’s downright stunning.
Indeed. GE seems to be playing nicely at the government’s game. Submissive, quiet, funny accounting, just what the democrats ordered.
Ah, well that explains a whole lot.
Too bad the article didn't include that piece of vital information.
Thanks for the info.
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