Government Waste & Waxman’s Obama Care Hearings

Obama Care passes and within hours of the law being signed by the President reports begin to surface from American businesses about the unintended costs. Billions in hidden costs that will mean jobs and kill the economy.

ATT reports that Obama Care will cost the company $1 Billion dollars in the 1st 13 weeks. http://www.business-standard.com/india/news/healthcare-law-to-cost-att-1-billion/389937/

The list grows rapidly, the bill will cost Catapillar $100 Million in the 1st quarter,   http://www.manufacturing.net/News-Caterpillar-Health-Care-Overhaul-To-Cost-100M-032510.aspx?menuid=264 , John Deere Company announces $150 Million 1st quarter costs, http://www.marketwatch.com/story/att-sees-1-billion-write-down-tied-to-health-law-2010-03-26, AK Steel, Valero Energy, Verizon and 3500 other Companies follow suit and announce hundreds of billions in  unintended costs associated with Obama Care. http://blogs.marketwatch.com/election/2010/03/26/is-health-law-already-hurting-business-maybe-maybe-not/ . Medtronic warns of a possible 1000 layoffs. Verizon warns retires it may have to cut retiree health care benefits.

Stop this! This must be stopped! Stop it now, shouts Representative Henry Waxman, Chairman of the House Government Reform and Oversight Committee. People can’t be allowed to report about the huge financial burdens this new Health Care plan is creating ….. they must be stopped now …. Stop it! Stop it! Stop it now, shouts the Chairman. http://en.wikipedia.org/wiki/Henry_Waxman

Chairman Waxman thought and thought and thought and then he knew what he would do …. make these companies appear at a Congressional Hearing and answer his questions …… so he sent out letters …..

What was that reference to the SEC or Security and Exchange Commission? Waxman wrote, “ATT stated in its March 26, 2010 “filing” with the Securities and Exchange Commission that it intends to take a charge of approximately $1 billion in 2010.”

A filing? What does he mean by a filing?

A ”filing” is simply a “report”, in this instance a report mandated by Waxman and Congress itself.

In 2002 the House of Representatives and the U.S. Senate overwhelming passed a law called the Sarbanes – Oxley Act, or SOXs as Congress calls it. http://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act

What do I mean by “overwhelming passed”, well the law passed in July 2002 by votes of 423 to 3 in the House of Representatives and passed in the Senate 99 – 0. What do they mean when they say “bi-partisan”? Sarbanes-Oxley was bi-partisan.

What does Sarbanes-Oxley mandate?

The bill was enacted as a reaction to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom. These scandals, which cost investors billions of dollars when the share prices of affected companies collapsed, shook public confidence in the nation’s securities marketshttp://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act

Specifically, “Title III consists of eight sections and mandates that senior executives take individual responsibility for the accuracy and completeness of corporate financial reports. It defines the interaction of external auditors and corporate audit committees, and specifies the responsibility of corporate officers for the accuracy and validity of corporate financial reports. It enumerates specific limits on the behaviors of corporate officers and describes specific forfeitures of benefits and civil penalties for non-compliance. For example, Section 302 requires that the company’s “principal officers” (typically the Chief Executive Officer and Chief Financial Officer) certify and approve the integrity of their company financial reports quarterly”.   http://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act

Quarterly reports? To be filed with the SEC? When is the end of the 1st quarter of 2010? Today, March 31, 2010? So the reports Waxman writes about were filed all of 6 days early? The reports, as Waxman writes, were filed on March 26, 2010. Shame, shame, shame – the Companies completed filings required by a law passed by Congress. 

Let me see if I get this.

Congressman Waxman votes on and passes Obama Care without reading what he is signing or understanding what the law does. Waxman doesn’t know about the billions in taxes in the “new” health care law? Then why did he vote to pass the law?

Waxman, who has been in Congress since 1975, particpated in passing Sarbanes-Oxley. Wanna bet he didn’t read that law either?

So, Waxman passed the law raising billions in new taxes and he also passed the law that requires American Companies to file reports with the SEC outlining their business expenses and expected profits and to report these things on a quarterly basis under penalty of criminal prosecution.

So a guy who passed the law that requires the reporting and the same guy who passed the law that created the taxes being reported on, calls a hearing …. to what ….. prevent the required reporting.

What a waste of time and money – no wonder we have a 20 trillion dollar national debt! (It isn’t quite $20 trillion yet – but by the time I fininish typing it well could be $20 trillion).

Does anyopne really think this guy is smart enough to solve the Country’s problems or is he one of the group that is creating the problems that is ruining the economy and costing us millions of jobs and home foreclosures.

Sarbanes – Oxley reporting is “apolitical” or without politics. Accountants complete the reports using Government designed and mandated report formats ….. The SEC reads the reports, the IRS reads the reports and investors read the reports – they are not secret reports they are “public reports”.

Can’t Waxman read and understand the reports he created – he helped pass the law and he doesn’t understand the reports it requires.

Congressional Hearings? What a waste of taxpayer money. Waxman will do anything but take responsibility … responsibility for the economy, for the Housing mess, for foreclosures. Having hearings over Sarbanes-Oxley “filings” makes as much sense as having taxpayers report for hearings when they file their taxes and report that they owe money and mail in their checks. The Sarbanes-Oxley reports – report that the Companies will owe more in “health care taxes”, taxes that will really be paid for by the retirees receiving the benefits.

Waxman has been in Congress for 35 years. The bottom fell out of our economy after he and fellow Californian, Nancy Pelosi, took over leadership positions in the Democratic Party

Waxman represents a District in California that includes Hollywood. Prior to coming to serve in Congress he was a State Assemblyman in California.

What Waxman helped do to bankrupt California, he is now trying to do to the whole United States.

Waxman’s theories didn’t work in Califonia, they won’t work in Washington.

The “change” mandated by Obama Care hurts the retirees, not the Companies invloved.

Obama lied – he said you “could keep the coverage you have” and then he taxed the Companies for giving you the coverage you earned.  

We were not suppose to learn about this …. Sarbanes-Oxley had the unintended effect of bringing these changes out into the open

UPDATE: 3500 Companies report $250 billion in hidden costs – how many jobs will this cost us!

April 15, 2010: Waxman Cancels Hearing To Grill Companies On Tax Hit From Overhaul

Arcane accounting rules don’t usually make for Congressional fireworks. But we were really looking forward to a scheduled clash next week between Rep. Henry Waxman (D-CA) and a bunch of companies that said the new health law is going to cost them big time.

Alas, the hearing was cancelled. How come? When congressional staffers took a look at the companies’ books, they concluded their financial filings making provision for higher future taxes were legit.

AT&T, Verizon, Caterpillar, and Deere & Co. made waves when they informed investors and the Securities and Exchange Commission that they would take big hits because the health law eliminates a tax deduction on federal subsidies that help defray the cost of drug benefits for retirees.

Heavy equipment maker Caterpillar said it would take a $100 miilion charge in the first quarter of this year. AT&T said its charge would amount to $1 billion.

Waxman didn’t buy it, launched an investigation and sent letters to Caterpillar and the other firms demanding an explanation. Now, the accountants say the companies’ charges are by the book.

http://www.npr.org/blogs/health/2010/04/waxman_cancels_hearing_to_gril.html?ft=1&f=1006

Waxman is such an embrassment – didn’t read the law before he voted on it and then acted like an ass by scheduling the hearings in the first place.

There are competent Liberals out there that the far left could elect to  public office – why does the far left keep electing clowns like this guy.

Obama Care and The Sarbanes-Oxley Act: Expel Representative Waxman For Incompetence

Obama Care passes and within hours of the law being signed by the President reports begin to surface from American businesses about the unintended costs. Billions in hidden costs that will mean jobs and kill the economy.

ATT reports that Obama Care will cost the company $1 Billion dollars in the 1st 13 weeks. http://www.business-standard.com/india/news/healthcare-law-to-cost-att-1-billion/389937/

The list grows rapidly, the bill will cost Catapillar $100 Million in the 1st quarter,   http://www.manufacturing.net/News-Caterpillar-Health-Care-Overhaul-To-Cost-100M-032510.aspx?menuid=264 , John Deere Company announces $150 Million 1st quarter costs, http://www.marketwatch.com/story/att-sees-1-billion-write-down-tied-to-health-law-2010-03-26, AK Steel, Valero Energy, Verizon and 3500 other Companies follow suit and announce hundreds of billions in  unintended costs associated with Obama Care. http://blogs.marketwatch.com/election/2010/03/26/is-health-law-already-hurting-business-maybe-maybe-not/ . Medtronic warns of a possible 1000 layoffs. Verizon warns retires it may have to cut retiree health care benefits.

Stop this! This must be stopped! Stop it now, shouts Representative Henry Waxman, Chairman of the House Government Reform and Oversight Committee. People can’t be allowed to report about the huge financial burdens this new Health Care plan is creating ….. they must be stopped now …. Stop it! Stop it! Stop it now, shouts the Chairman. http://en.wikipedia.org/wiki/Henry_Waxman

Chairman Waxman thought and thought and thought and then he knew what he would do …. make these companies appear at a Congressional Hearing and answer his questions …… so he sent out letters …..

What was that reference to the SEC or Security and Exchange Commission? Waxman wrote, “ATT stated in its March 26, 2010 “filing” with the Securities and Exchange Commission that it intends to take a charge of approximately $1 billion in 2010.”

A filing? What does he mean by a filing?

A “filing” is simply a “report”, in this instance a report mandated by Waxman and Congress itself.

In 2002 the House of Representatives and the U.S. Senate overwhelming passed a law called the Sarbanes – Oxley Act, or SOXs as Congress calls it. http://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act

What do I mean by “overwhelming passed”, well the law passed in July 2002 by votes of 423 to 3 in the House of Representatives and passed in the Senate 99 – 0. What do they mean when they say “bi-partisan”? Sarbanes-Oxley was bi-partisan.

What does Sarbanes-Oxley mandate?

The bill was enacted as a reaction to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom. These scandals, which cost investors billions of dollars when the share prices of affected companies collapsed, shook public confidence in the nation’s securities marketshttp://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act

Specifically, “Title III consists of eight sections and mandates that senior executives take individual responsibility for the accuracy and completeness of corporate financial reports. It defines the interaction of external auditors and corporate audit committees, and specifies the responsibility of corporate officers for the accuracy and validity of corporate financial reports. It enumerates specific limits on the behaviors of corporate officers and describes specific forfeitures of benefits and civil penalties for non-compliance. For example, Section 302 requires that the company’s “principal officers” (typically the Chief Executive Officer and Chief Financial Officer) certify and approve the integrity of their company financial reports quarterly”.   http://en.wikipedia.org/wiki/Sarbanes%E2%80%93Oxley_Act

Quarterly reports? To be filed with the SEC? When is the end of the 1st quarter of 2010? Today, March 31, 2010? So the reports Waxman writes about were filed all of 6 days early? The reports, as Waxman writes, were filed on March 26, 2010. Shame, shame, shame – the Companies completed filings required by a law passed by Congress. 

Let me see if I get this.

Congressman Waxman votes on and passes Obama Care without reading what he is signing or understanding what the law does. Waxman doesn’t know about the billions in taxes in the “new” health care law? Then why did he vote to pass the law?

Waxman, who has been in Congress since 1975, particpated in passing Sarbanes-Oxley. Wanna bet he didn’t read that law either?

So, Waxman passed the law raising billions in new taxes and he also passed the law that requires American Companies to file reports with the SEC outlining their business expenses and expected profits and to report these things on a quarterly basis under penalty of criminal prosecution.

So a guy who passed the law that requires the reporting and the same guy who passed the law that created the taxes being reported on, calls a hearing …. to what ….. prevent the required reporting.

What a waste of time and money – no wonder we have a 20 trillion dollar national debt! (It isn’t quite $20 trillion yet – but by the time I fininish typing it well could be $20 trillion).

Does anyopne really think this guy is smart enough to solve the Country’s problems or is he one of the group that is creating the problems that is ruining the economy and costing us millions of jobs and home foreclosures.

Sarbanes – Oxley reporting is “apolitical” or without politics. Accountants complete the reports using Government designed and mandated report formats ….. The SEC reads the reports, the IRS reads the reports and investors read the reports – they are not secret reports they are “public reports”.

Can’t Waxman read and understand the reports he created – he helped pass the law and he doesn’t understand the reports it requires.

Congressional Hearings? What a waste of taxpayer money. Waxman will do anything but take responsibility … responsibility for the economy, for the Housing mess, for foreclosures. Having hearings over Sarbanes-Oxley “filings” makes as much sense as having taxpayers report for hearings when they file their taxes and report that they owe money and mail in their checks. The Sarbanes-Oxley reports – repot that the Companies will owe more in “health care taxes”, taxes that will really be paid for by retirees/p>

Waxman has been in Congress for 35 years. The bottom fell out of our economy after he and fellow Californian, Nancy Pelosi, took over leadership positions in the Democratic Party

Waxman represents a District in California that includes Hollywood. Prior to coming to serve in Congress he was a State Assemblyman in California.

What Waxman helped do to bankrupt California, he is now trying to do to the whole United States.

Waxman’s theories didn’t work in Califonia, they won’t work in Washington.

The “change” mandated by Obama Care hurts the retirees, not the Companies invloved.

Obama lied – he said you “could keep the coverage you have” and then he taxed the Companies for giving you the coverage you earned.  

We were not suppose to learn about this …. Sarbanes-Oxley had the unintended effect of bringing these changes out into the open.

UPDATE: 3500 Companies report $250 billion in hidden costs – how many jobs will this cost us!

April 15, 2010: Waxman Cancels Hearing To Grill Companies On Tax Hit From Overhaul

Arcane accounting rules don’t usually make for Congressional fireworks. But we were really looking forward to a scheduled clash next week between Rep. Henry Waxman (D-CA) and a bunch of companies that said the new health law is going to cost them big time.

Alas, the hearing was cancelled. How come? When congressional staffers took a look at the companies’ books, they concluded their financial filings making provision for higher future taxes were legit.

AT&T, Verizon, Caterpillar, and Deere & Co. made waves when they informed investors and the Securities and Exchange Commission that they would take big hits because the health law eliminates a tax deduction on federal subsidies that help defray the cost of drug benefits for retirees.

Heavy equipment maker Caterpillar said it would take a $100 miilion charge in the first quarter of this year. AT&T said its charge would amount to $1 billion.

Waxman didn’t buy it, launched an investigation and sent letters to Caterpillar and the other firms demanding an explanation. Now, the accountants say the companies’ charges are by the book.

Waxman is such an embrassment – didn’t read the law before he voted on it and then acted like an ass by scheduling the hearings in the first place.

There are competent Liberals out their that the far left could elect to  public office – why does the far left keep electing clowns like this guy.

Off Shore Drilling – Same Empty Democratic Promises Were Made 18 Months Ago

Mid Term Elections Muct Be On The Way ….. The following post was made in September 2008 when the Democratspromised to implement “Drill Baby Drill” ….. nothing happned for 18 months and nothing will happen now …. read on …..

Drill Baby Drill – Democrats to Let Offshore Drilling Ban Expire, Conceding Defeat in Battle With GOP

Posted on September 24, 2008 by mcauleysworld | Edit

UPDATE: The activities described below were just a pre-election ploy ….. In fact none of the changes were ever implemented …. prior or post election.

WASHINGTON —  Democrats have decided to allow a quarter-century ban on drilling for oil off the Atlantic and Pacific coasts to expire next week, conceding defeat in a months-long battle with the White House and Republicans set off by $4 a gallon gasoline prices this summer.

House Appropriations Committee Chairman David Obey, D-Wis., told reporters Tuesday that a provision continuing the moratorium will be dropped this year from a stopgap spending bill to keep the government running after Congress recesses for the election.

Republicans have made lifting the ban a key campaign issue after gasoline prices spiked this summer and public opinion turned in favor of more drilling. President Bush lifted an executive ban on offshore drilling in July.

“If true, this capitulation by Democrats following months of Republican pressure is a big victory for Americans struggling with record gasoline prices,” said House GOP leader John Boehner of Ohio.

Democrats had clung to the hope of only a partial repeal of the drilling moratorium, but the White House had promised a veto, Obey said.

The House is expected to act on the spending bill Wednesday. The Senate is likely to go along with the House.

“The White House has made it clear they will not accept anything with a drilling moratorium, and Democrats know we cannot afford to shut down the government over this,” said Jim Manley, a spokesman for Senate Majority Leader Harry Reid. “We look forward to working with the next president to hammer out a final resolution of this issue.”

While the House would lift the long-standing drilling moratoriums for both the Atlantic and Pacific coasts, a drilling ban in waters within 125 miles of Florida’s western coast would remain in force under a law passed by Congress in 2006 that opened some new areas of the east-central Gulf to drilling.

Just last week, the House passed legislation to open waters off the Atlantic and Pacific coasts to oil and gas drilling but only 50 or more miles out to sea and only if a state agrees to energy development off its shore. It quickly became clear that measure would not get the 60 votes needed in the Senate.

Republicans called that effort a sham that would have left almost 90 percent of offshore reserves effectively off-limits.

The ban on energy development will be lifted if the Senate goes along with the House action. imminent.

The congressional battle over offshore drilling is far from over. Democrats are expected to press for broader energy legislation, probably next year, that would put limits on any drilling off most of the Atlantic and Pacific coasts. Republicans, meanwhile, are likely to fight any resumption of the drilling bans that have been in place since 1981.

John McCain, the Republican presidential nominee, has promised to make offshore oil drilling a priority if elected president. He has called for developing the oil and gas resources along all of Outer Continental Shelf and for the federal government to share royalties with states who go along with drilling.

Democratic presidential rival Barack Obama has said he would support very limited drilling in certain areas — possibly the South Atlantic region — if it is part of a broader energy plan to shift the U.S. away from oil to alternative fuels and more energy efficiency.

The debate over offshore drilling is not expected to subside in the first months of the next presidency — no matter who sits in the White House.

Lifting the drilling ban gives momentum to the underlying bill, which includes the Pentagon budget, $24 billion in aid for flood and hurricane victims and $25 billion in loans for Detroit automakers in addition to keeping the government open past the Oct. 1 start of the 2009 budget year.

http://www.foxnews.com/story/0,2933,426764,00.html?sPage=fnc/politics/senate

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