MANY BILLIONS IN LOSSES BY COMPANIES DUE TO OBAMACARE-UPDATE
MANY BILLIONS IN LOSSES BEING TAKEN BY COMPANIES DUE TO
Obama and Congress Attack Victims After Destroying Them!
The Wall St. Journal reports "Three companies that were among vocal opponents of the legislation have warned they would see an immediate impact on their earnings as a result of the loss of deductions on tax-free subsidies they receive for providing retiree prescription-drug benefits.
On Thursday, Deere & Co. said it would take a $150 million one-time charge in the current quarter related to the loss of deductions. Earlier in the week, Caterpillar Inc. reported a $100 million charge and AK Steel recorded a $31 million charge." But the White House is threatening them not to tell anybody they are losing so much money due to the Obama polices. For more go to
UPDATED APRIL 3, 2010, THIS ADDITION
AT & T TO TAKE ONE BILLION IN LOSSES
Even before AT&T Inc. said Friday that it will take a $1 billion charge in the first-quarter because of the new health-care law, the issue was front-and-center with key lawmakers.
Boeing will take $150M charge due to health reform
List of 10 other companies taking major losses
Boeing Inc. said Wednesday that it will take a $150 million charge against net earnings in the first quarter this year to reflect a change in the tax treatment of federal subsidies provided to employers that offer prescription drug coverage to Medicare-eligible retirees that is at least equal to Medicare Part D. .......
......Four companies "AT&T, Verizon, Caterpillar and Deere" already have been invited to testify next month at a hearing by the House Energy and Commerce Committee on the subject. ....
Public Advocate Commentary
Compare to a previous reported of losses just 30 days ago (January 26), and the President and Congress did not issue any condemnations.
It seems Congress and President Obama don't care about billions lost "quarterly" its just when the President and Congress are destroying companies by the billions on a daily basis that they object to disclosures that clearly credit them for the disasters.
Here's the earlier disclosure
Verizon Earnings: Fourth Quarter on Target, Loss Due to Layoff Costs
Verizon (VZ) reported a fourth quarter net loss on a $3 billion charge related to layoffs. Excluding that charge, Verizon met Wall Street expectations.