Anti-Abortion Groups Slam Administration Over Federal Funding For Abortions In Pennsylvania Health Plan

Anti-abortion groups are claiming that millions of federal dollars are about to go into a Pennsylvania health care plan that would cover abortion, contrary to lawmakers’ pledge to erect a virtual wall between such coverage and taxpayer funds. 

The Pennsylvania Insurance Department announced at the end of June that the federal government had approved $160 million to set up a high-risk insurance plan for thousands of Pennsylvania residents with pre-existing conditions. Though the announcement made no reference to abortion and the policy itself says “elective abortions” are not covered, the National Right to Life Committee claimed it would cover abortions in almost every circumstance. 

“What their plan actually does is say if it’s legal, it’s covered,” said NRLC Legislative Director Douglas Johnson. “Abortion ends up being covered if it’s not explicitly excluded.” 

http://www.foxnews.com/politics/2010/07/14/anti-abortion-groups-slam-administration-federal-funding-pa-health-plan/

McAuley’s World Comments:

For a history of Roe vs. Wade and a detailed explanation of why elective abortions will be funded in Pennsylvania and the rest of the United States see:   Update: Roe vs. Wade – How Obama Care Will Effect Taxpayer Funding Of Abortions

Excerpts from that post:

Having decided in 1973 to establish a constitutional right to abortion to serve women’s “health,” the courts decided that legislative references to health services or “medically necessary” services (the term of art used in the Medicaid statute) encompass abortion.

In the abortion context, the Supreme Court has said that “health” must be defined very broadly to include “all factors – physical, emotional, psychological, familial, and the woman’s age – relevant to the wellbeing of the patient.” Doe v. Bolton, 410 U.S. 179, 192 (1973). In short, if a physician decides that a woman should be able to have an abortion for her “well being,” a government program requiring provision of health services must provide payment for such abortions.

 In the years before the Hyde amendment was first enacted by Congress in 1976, Medicaid was required to pay for about 300,000 abortions a year. No regulatory or administrative leeway was allowed on this point. The Medicaid statute said that grantees must provide “medically necessary” services provided by physicians, and the federal courts held that this category included elective abortions, even though the statute never says the word “abortion.” As one court has observed: “Because abortion fits within many of the mandatory care categories, including‘family planning,’ ‘outpatient services,’ ‘inpatient services,’ and ‘physicians’ services,’Medicaid covered medically necessary abortions between 1973 and 1976.” PlannedParenthood Affiliates of Michigan v. Engler, 73 F.3d 634, 636 (6th Cir. 1996).

Even after the Hyde amendment to the Labor/HHS appropriations act was enacted in 1976, barring funds appropriated in this act from being used for most abortions, a legal battle ensued for years. Not until 1980 did the U.S. Supreme Court rule that the statutory language of the Hyde amendment trumps the underlying statute’s presumptive mandate for abortion, and is constitutionally valid. Harris v. McRae, 448 U.S. 297 (1980).

The Senate bill’s new funds are not appropriated in the Labor/HHS appropriations act, so Hyde does not apply to them.

 A similar situation came to light in 1979, when members of Congress asked why the Indian Health Service (IHS) was continuing to provide abortions despite enactment of the Hyde amendment. The agency replied that it had no choice but to do so: The authorizing legislation for the IHS created a broad mandate for services to conserve the “health” of Indians, and the Interior appropriations bill funding these services contained no abortion limitation like the Hyde amendment to the Labor/HHS bill. Therefore “we would have no basis for refusing to pay for abortions” (Letter from Director of the Indian Health Service to Cong. Henry Hyde, July 30, 1979).

Not until 1988 did Congress finally revise the authorizing legislation for the IHS to require that program to conform to the annual Hyde amendment.

The problem here is exactly parallel. The new billions of dollars appropriated here for services at CHCs simply are not covered by the Hyde amendment

Obamacare: Why Obama’s Buddies At Anthem Insurance Should Be Investigated

You may recall that the President singled out the Anthem Healthcare Insurance Company for criticism at a critical time in the health care debate.

Anthem is a young company as far as insurance companies go. Anthem began its journey as a “spin-off’ of American General Insurance in the 1980’s. In 2001 Anthem became a “publicly traded” “publicly owned” stock company. In 2004 Anthem merged with Blue Cross Blue Shield and later in 2004 Anthem merged again, this time with WellPoint Insurance Company. Anthem Blue Cross Blue Shield is well known for its management of UAW related Health Insurance Programs, programs recently referred to as “Cadillac Health Plans”.

Just days after the President “negotiated” a “partial waiver, modification and delay” of “Obamacare” taxes to be levied on the Anthem Blue Cross Blue Shield “Cadillac Health Care Plans”, Anthem Insurance filed a rate increase request in California, a rate increase that would have resulted in up to a 40% price increase for some policy holders. (None of whom participated in the “Cadillac Plans”).  

President Obama was quick, surprisingly quick in fact, to criticize Anthem for the requested rate increase. When one considers how slowly the President responds to things, one might think he had advance notice of Anthem’s plans.

Sample Chrysler/UAW ID Card

Anthem prepared all of the necessary financial reports to support its request to increase “rates” or prices” and those documents were submitted to the regulators for review.

President Obama “rode this horse home” during the Obamacare debates, regularly referring to Anthem’s requested rate increase.

Today, during the President’s speech on the “Patient’s Bill of Rights”, Obama  noted two things relating to Anthem Insurance;  First,  that Anthem was prohibited from increasing rates on its own, that it was governed by regulators and that the regulators noted that Anthem had misstated their claim costs in the “rate increase” request and second; that Anthem subsequently withdrew the request that the President had so thoroughly publicized. I’d venture a guess that Anthem’s rate request is the best publicized rate request in the history of insurance.

Let me recap: Days after getting a “partial waiver, modification and delay” of Obamacare taxes to be levied against “Cadillac Healthcare

Plans”, plans Anthem manages for the UAW, Obama’s buddies at Anthem request a “rate increase” which cannot be supported by the

Obamacare Supporters Protest At Anthem Headquarters

required regulatory filings. Obama uses this “rate request” to demonize all insurance companies during the Obamacare debate and after Obamacare passes, it is noted, incidentally, that the Regulators who oversee requests to increase rates have caught Obama’s buddies at Anthem red handed and then Anthem simply withdrew their request.

During his speech today, the President implied his Administration deserved credit for Anthem withdrawing their rate increase request when he said, “We met with Anthem and convinced them to withdraw their request after they realized the numbers they submitted were wrong”.  

First, I suspect that Anthem knew the numbers were wrong from the beginning. It takes an enormous mistake to submit a filing that would result in a request for a 40% rate increase. Second, by using the word “we” when Obama refers to the requested rate increase discussion he is referring to State insurance regulators in California, not members of his Administration. Obama and members of his Administration met with Anthem prior to the requested rate increase, his Administration did not participate in the “review” of that request.

What a charlatan. 

The new Obamacare regulations had nothing to do with calling out Anthem’s “bogus rating plan” or Anthem’s “unsupported” request to increase prices – existing regulation and the existing regulators in California did so.

The Obama Administration would like you to think that it was just a “coincidence” that Anthem & the UAW received “special treatment” for the Cadillac Health Plans just prior to Anthem’s “requested rate increase” which was “filed” just as final negotiations on Obamacare began.

A complaint media went along without reporting on this scandal even once.

The timing of when “mandatory rate plans” must be filed are set by statute, but has anyone investigated whether Anthem’s rate filing was mandatory or “voluntary”? Wouldn’t you think that an Insurance Company, specially one with such close ties to the President, would double check the “facts and figures” before asking for a 40% rate increase, never mind asking for a rate increase while Obama traveled the Country demonizing insurance carriers?

How fortunate for the President that this despicable request for a 40% rate increase fell into his lap at just the right moment. The fact that the request came from such a close political ally is amazing.                

How stupid do they think we are!

Update: 07/21/2010

State of Colorado’s Review Of Athem Rate Increase Request Continues

A state review of insurance premium increases by Anthem Blue Cross Blue Shield that was to end this month is now expected to drag on for several more weeks, officials say.

The analysis into whether individual policy premium hikes of more than 30 percent were justified — despite state approval of the increases months earlier — took a turn, officials said, when investigators questioned whether they had looked at the issue thoroughly enough.

As a result, though the state had closed the bulk of its inquiry in June, state insurance and Anthem officials agreed to continue the analysis, Colorado Division of Insurance spokeswoman Cameron Lewis said.

That means thousands of Colorado consumers who’ve stomached the increases since January and hoped the state review would bring relief must continue to bear the higher premiums.

The review was expected to take eight weeks but is now pushing twice that. Still, it is “very close” to being finished, Lewis said, and it’s not uncommon for some reviews to take nearly a year.

But the regulatory process of allowing Anthem time to respond to any findings and a right to appeal any final action could add four more months — meaning it could be the end of the year before the case is closed.

Additionally, there’s no guarantee the analysis — called a market conduct examination and being handled by a Denver-based consulting firm — will result in a denial of the increase or refunds to more than 100,000 affected consumers.

Anthem, owned by Indianapolis-based WellPoint, has been the focus of several other inquiries across the nation after public outcries over its premium hikes, some as much as 39 percent. The Colorado average was 25 percent, Anthem said.

Three weeks ago, WellPoint agreed to dial down increases to its California customers in response to the criticism, opting for an average 14 percent hike rather than the 25 percent it had announced earlier. The rates could become effective Sept. 1.

The move came just after a California analysis found numerous errors in the company’s rate plan.

The insurer said the increases were necessary to keep it competitive, the result of heathier people dropping coverage in a tough economy. The hikes caused angry reactions nationwide over rising health care costs and turned the provider into the reform debate’s lightning rod.

http://www.denverpost.com/business/ci_15546514?source=bb

Obama Annouces “Patient Bill Of Rights” – Why It Means An End To Private Health Care

Obamacare Update: Why you will lose your “private healthcare”. How we will end up with a “single payor“ government managed healthcare system and when you can expect rationing to begin.

Posted on June 22, 2010 by mcauleysworld |
The President was on T.V. again today, repeating the same old tired Obamacare campaign commercial.

Here are facts that the President refuses to admit.

1). Obamacare does not target “healthcare”. Obamacare targets health care “insurance”. That is why Obama met with the heads of Insurance Companies and not with our Country’s doctors. Our Country’s doctors are being ignored.

Obamacare does not “reform” the practice of medicine.

Obamacare does not improve medical care or medical care delivery.

Obamacare does not decrease the costs of medical care, in fact Obama care does not even decrease the cost of medical insurance.

2). Health Insurance Companies do not have the authority to set the “rates” or prices that they charge. Insurance companies have no  authority to set the prices of their policies, let alone to set those prices  wherever they would like.

The process for setting “rates” or “pricing” healthcare insurance policies is one of the most heavily regulated areas of  American business.

President Obama has intentionally and dishonestly misled the American people with his statements concerning medical care, Obamacare and Healthcare Reform.

A). All health care insurance premiums or charges are “pre-approved” by State or Federal regulators. Insurance Companies are required to submit rating plans (pricing plans) to these regulators on an annual (Once a year) or semi-annual basis. (Once every 6 months).

B). Let me repeat, the rating plans must be submitted to State or Federal regulators at least once year. The ratings plans “must be submitted” regardless of whether the healthcare company is requesting a “price” or “rate” increase.

C). Healthcare insurance companies are not allowed, legally, to operate at a financial loss. Let me repeat that statement, “Healthcare insurance companies are not allowed, legally, to operate at a financial loss.” This is true whether the healthcare insurance company is publically owned (public stock), privately owned or a “not for profit company”.

Healthcare insurance companies must, by law, maintain sufficient funds (called reserves) to pay the known and anticipated costs associated with its policyholders medical claims. A failure to maintain a “sufficient” amount of money (or, sufficient reserve levels) subjects the Company’s Executives to both civil and criminal prosecution.

EXAMPLE OF PRESIDENTIAL DISHONESY – Healthcare Reform:  You may recall that the President singled out the Anthem Healthcare Insurance Company for criticism at a critical time in the health care debate. Anthem is a young company as far as insurance companies go. Anthem began its journey as a “spin-off’ of American General Insurance in the 1980’s. In 2001 Anthem became a “publicly traded” “publicly owned” stock company. In 2004 Anthem merged with Blue Cross Blue Shield and later in 2004 Anthem merged again, this time with WellPoint Insurance Company. Anthem Blue Cross Blue Shield is well known for its management of UAW related Health Insurance Programs, programs recently referred to as “Cadillac Health Plans”.

Just days after the President “negotiated” a “partial waiver, modification and delay” of “Obamacare” taxes to be levied on the Anthem Blue Cross Blue Shield “Cadillac Health Care Plans”, Anthem Insurance filed a rate increase request in California, a rate increase that “requested” up to a 40% price increase. President Obama was quick, surprisingly quick in fact, to criticize Anthem for the requested rate increase. When one considers how slowly the President responds to things, one might think he had advance notice of Anthems plans.

Anthem filed all of the necessary financial reports to support its request to increase “rates” or prices” and those documents were submitted to the regulators for review. President Obama rode this horse home during the Obamacare debates, regularly referring to Anthems requested rate increase. Today, President Obama noted two things relating to Anthem Insurance;  First,  that Anthem was prohibited from increasing rates on its own, that it was governed by regulators and that the regulators noted that Anthem had misstated their claim costs in the “rate increase” request and subsequently withdrew that request.

Let me recap: Days after getting a “partial waiver, modification and delay” of Obamacare taxes to be levied against “Cadillac Health care Plans”, Obama’s buddies at Anthem request a “rate increase” which cannot be supported by the required regulatory filings, Obama uses this “rate request” to demonize all insurance companies during the Obamacare debate and after Obamacare passes, it is noted, incidently, that the Regulators who oversee rate increases, caught Obama’s buddies at Anthem red handed and they withdrew the request. How stupid do they think we are!

When Federal and State regulators consider rate increases they specifically consider Executive and Non-executive salaries and expenses. The President implied today that “his actions” will result in Healthcare Insurance Companies will spend between 80% and 85% of their income on claim payments. The truth is that the Healthcare Insurance companies have traditionally paid 80% to 85% of their income on claims payments.

If a Company spends more than 85% of its revenue on claims payments, it will, coincidently, be entitled to a rate increase, because, the Company is not acting in a prudent manner to ensure the payment of future claims.  

HOW YOU WILL LOSE YOUR PRIVATE HEALTHCARE COVERAGE –  “A SINGLE PAYOR SYSTEM ON THE WAY”  

The Government will regulate “Private Healthcare Coverage” out of existence.

President Obama met today with Healthcare Insurance Company Executives, State and Federal Healthcare Regulators.

It is the goal of the Obama Administration to end private healthcare insurance in this country and replace it with the President’s stated “preferred healthcare system”, a single payor government run program.

Private Healthcare Insurance Companies will be regulated out of existence.

The Obama Administration will mandate that additional medical services, treatment, surgery and medications be provided by the Private Healthcare Industry.

Then the insurance regulators will decline the rate increases that the Companies must submit, according to Federal and State Law. Without the requested rate increases and with unchecked and escalating medical costs the private healthcare companies will be forced to close their doors.

The Obama Administration will have achieved its goal and only the Government will remain in the Healthcare Insurance arena.

WHEN WILL THE RATIONING BEGIN

Healthcare rationing will be directly tied to “total healthcare costs”.

Obamacare adds millions of additional bureaucrats to the healthcare system without adding a single doctor or nurse. Obamacare calls for the creation of 26oo new “regulatory bodies” without adding a single diagnostic testing machine. The costs of American Healthcare will skyrocket, without adding a single procedure or healthcare professional to provide medical care.

On May 11, 2010 the CBO (Congressional Budget Office) revised it early estimate of costs associated with Obamacare. The CBO now says that Obamacare will cost over $1 Trillion Dollars and that the $1 Trillion dollars includes a $500 Million Dollar reduction in payments to Medicare and Medicaid. If we, as a Country, are to maintain Medicare and Medicaid spending at today’s levels, Obama Care will cost, at a minimum,  $1.5 Trillion dollars. http://www.cbo.gov/ftpdocs/114xx/doc11490/LewisLtr_HR3590.pdf

As the Government runs out of money to pay for the treatment of the American people, doctors and hospitals will be forced to provide less treatment, pharmacies will dispense fewer drugs and fewer diagnostic tests will be given.  

President Obama stood in the Capital Building and promised the American People:

“First, you can keep your healthcare, keep your doctor ……”

“That my healthcare proposals won’t add a dime to the deficit”

http://www.cbo.gov/ftpdocs/114xx/doc11490/LewisLtr_HR3590.pdf

Then the resident swore to the American People that he would not sign any bill that did …….

Mr. President, would you know the truth if it walked up and kicked you in the ass ……

Have you considered that the Government’s estimates of the costs associated with Obamacare are no more accurate than the Obama Administration’s estimates of oil flowing into the Gulf?

Obamacare Report: Employers to See Double Digit Jump In Medical Costs for 2011

FROM ABC 7 NEWS

INDIANAPOLIS (AP) – Companies that offer employee health insurance expect another steep jump in medical costs next year, and more will ask workers to share a bigger chunk of the expense, according to a new PricewaterhouseCoopers report. For the first time, most of the American workforce is expected to have health insurance deductibles of $400 or more, the consulting firm said in a report released to The Associated Press.

Deductibles are the annual amount a patient pays out of pocket for care before insurance coverage starts. They are generally separate from co-payments and coinsurance.

Two years ago, only 25 percent of companies participating in the annual survey said they asked employees to pay deductibles of $400 or more. That grew to 43 percent iin 2010 and is expected to pass 50 percent next year.

Employees who are asked to pay more through things like higher deductibles help keep cost growth in check because they use less health care.

The health care reform law passed by Congress and then signed by President Obama in March has just started to unfold and will have little impact on costs next year, said Michael Thompson, a principal with PricewaterhouseCoopers.

“In general, it’s a continuation of a fairly high rate of medical inflation,” he said.

PricewaterhouseCoopers found that medical costs are expected to rise 9 percent next year. But this doesn’t mean workers will see their monthly premiums jump by the same amount.

Employers typically try to soften the impact of a cost increase by absorbing some of it, changing insurance plan designs or asking employees to pay higher deductibles or a larger coinsurance percentage.

For instance, a medical cost increase of more than 9 percent was forecast for 2009. But the average annual premium rose only 5 percent for family coverage that year and stayed flat for single coverage, according to a separate study from the Kaiser Family Foundation.

The 9 percent medical cost increase projected in 2011 is actually slightly smaller than the 9.5 percent jump PricewaterhouseCoopers is seeing this year. Thompson said several top-selling drugs will lose patent protection next year and become exposed to lower-cost generic competition. That will help temper the increase.

The PricewaterhouseCoopers report also found a steep drop in the percentage of employers that subsidize retiree health coverage. It said only 22 percent of employers with more than 5,000 workers subsidized retiree coverage after age 65 this year. That’s down from 37 percent in 2009.

“It’s a major cost and one that employers have for years now been moving away from,” Thompson said.

PricewaterhouseCoopers compiled its report by analyzing e-mail survey results from 674 companies in 30 different industries across the country. Most of the companies participating had 1,000 employees or more. The firm also interviewed health plan executives and reviewed analyst reports.

http://www.wjla.com/news/stories/0610/745562.html

Update: Waxman Cancels Obama Care Hearings – How Embarrassing – Waxman hadn’t read Obama Care after all

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 Businesses report $250Billion in “hidden costs” – How many jobs will that mean?

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.

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.

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