Research: Can you find all the companies who are stating how much of a hit they'll take under Obamacare this year?
Can you list in this thread all the companies that have announced how much Obamacare will cost them this year?
So far, we’ve seen:
(1) Boeing = $150 million hit
(2) Prudential = $100 million hit
Please include a link to the source article.
All of this should be compiled into a table that also shows how much the average worker at these companies makes.
Then, we can figure out just how many jobs will be on the line because of Obamacare’s costs — since we all know full well salary and bonus cuts in the C-suite won’t be used to make up for those lost millions, and shareholders won’t allow any less dividends to be paid to them.
That $150m at Boeing and $100m at Prudential will be recouped by the companies in higher costs passed on to customers, as well as savings from layoffs.
What other companies are telegraphing their job cuts while announcing their Obamacare financial hits?
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http://www.marketwatch.com/story/att-sees-1-billion-write-down-tied-to-health-law-2010-03-26
Caterpillar, John Deere, AT&T, 3M
I think this was the $1 BILLION tied to ATT…which they are required to disclose IMMEDIATELY because of sarbanes-oxley (spelling?) but the WH is accusing them of politicizing this….
Perhaps, Congress will be undone by their OWN laws? They demanded these write downs as law and maybe it will bite them in the a$$?
I want these clowns to look like the greedy fools they truly are. Bastards.
Caterpillar spoke out before the legislation passed through the House.
yes it is an accounting standard that requires the disclosure. It is required by company regulations.
If they did not disclose the impact then they could end up in the same kind of trouble as Enron.
http://blog.heritage.org/2010/03/30/morning-bell-1-billion-att-headache-is-just-obamacares-first-side-effect/
Verizon and Valero
Caterpillar – $100 million
http://online.wsj.com/article/SB10001424052748703312504575142313494421460.html?mod=rss_Politics_And_Policy
AT&T $1 billion
http://www.businessinsider.com/att-is-claiming-1-billion-in-health-care-spending-due-to-reform-2010-3
John Deere $150 Million (over 10% of it’s profits) http://www.examiner.com/x-19823-PostPartisan-Examiner~y2010m3d26-First-victims-of-Obamacare-John-Deere-CAT-Verizon-announce-rise-in-health-care-costs
I know Verizon is one too – just can’t find the exact number.
And how do you like how Waxman is hauling these companies up to Capital Hills to “splain themselves” for daring to say that Obamacare is going to hit them hard? http://www.washingtonexaminer.com/politics/Democrats-threaten-companies-hit-hard-by-health-care-bill-89347127.html
This is stuff out of the Chavez/Castro playbook.
WSJ Op-Eds ran an article a few days ago. Will track it down in a few mins, then post link.
Will get to WSJ article in a few. Meanwhile, here’s NYT article naming AT&T, Deere & Co, and 3M:
http://www.nytimes.com/2010/03/30/business/30subsidy.html
Here’s WSJ’s ObamaCare writedowns I:
http://online.wsj.com/article/SB10001424052748704100604575146002445136066.html?KEYWORDS=ObamaCare+writedowns
and here’s their ObamaCare writedowns II:
http://online.wsj.com/article/SB10001424052702304370304575151760348759360.html?mod=WSJ_Opinion_AboveLEFTTop
Companies listed in OCare Writedowns I:
AT&T, $1 billion; Deere & Co., $150 million; Caterpillar, $100 million; AK Steel, $31 million; 3M, $90 million; and Valero Energy, up to $20 million. New Hampshire ski resorts, up to $1 million.
Verizon also warned its employees about its new higher health-care costs.
Companies listed in OCare Writedowns II:
Besides those above — Prudential.
Not just AT&T & Verizon’s corporate leadership was opposed, but also their unionized workforce: the Communications Workers of America and the International Brotherhood of Electrical Workers.
According to WSJ, Financial Standard Accounting Board’s 1990 statement No. 106 requires companies to report these estimated costs, but Democrat leadership is trying to say that the reporting is just some partisan trick.
There is a union against Obama’s signature, world-changing health care bill? What a self-loathing, in denial of their identity group they must be /sarcasm
http://www.foxbusiness.com/story/markets/industries/industrials/boeing-goodrich-eye-health-care-charges/
Company Charge Date Announced
Boeing $150 Million 03/31/2010
Goodrich $10 Million 03/31/2010
Prudential $100 Million 03/30/2010
3M $85M – $95M 03/26/2010
AT&T $1 Billion 03/26/2010
Valero Energy $15M to $20M 03/26/2010
Deere $150 Million 03/25/2010
Caterpillar $100 Million 03/25/2010
AK Steel $31 Million 03/23/2010
Honeywell Decrease EPS by
4 to 5 cents* (Est.) January
WSJ has been all over this, I see others have listed the companies above, below is a good article. These companies are just following accounting rules which require them to recognize a loss immediately.
http://online.wsj.com/article/SB10001424052702304370304575151760348759360.html?mod=WSJ_Opinion_AboveLEFTTop
What’s interesting to watch is what GM and Chrysler report since they are owned by the government, yet fall under the same accounting requirements. They have huge legacy costs so I expect a big write down…Ford should be impacted as well. Airlines and other large companies should be hit as well. For calendar year end companies, 10K filings are due…stay tuned.
Wow! I love that “innocent little phrase” in your comment: “These companies are just following accounting rules which require them to recognize a loss immediately”. (Ok, dream warning here—-) Wouldn’t it be a fine thing to perhaps take that concept and apply it to the financial affairs of government at all levels?????
Wonder who’d they’d call up to chew out at hearings then.
I don’t see why the government should be exempt from the Generally Accepted Accounting Principles (GAAP) and the Sarbanes-Oxley Act.
major agree here! The things that SOXS (Sarbains Oxley) requires of corporations can be a real burden, but .govs have no similar reporting criteria.
I do not know if your government has changed but it was certainly the case here in Australia, that Government did not use accrual accounting for their records.
It was not until the 1980s that the Australian govt departments started to do accrual accounting.
Not sure how that impacts on Accounting Standards in USA
Several years ago I read that a huge number of federal agencies couldn’t even get themselves together enough for an audit to be conducted.
Another great article, by the awesome Pamela Gellar, over at Atlas Shrugged:
http://atlasshrugs2000.typepad.com/atlas_shrugs/2010/03/att-verizon-deere-caterpiller-suffer-bloody-billion-dollar-bill-deadly-obamacare-kills-business-jobs.html
Boyz, another ‘thread worthy’ full frontal assualt on the US Economy by Dear Leader was salvo’d LAST NIGHT. The ‘hint’ of offshore drilling is anything BUT THAT. Also…with in the last hour, per posters at Free Republic, Barky maybe planning on ANOTHER Executive Order…this one ‘capping’ carbon (but NOT the Cap and Trade per se). BHO would be doing EO under the Clean Air Act. Worthy of a thread on its own??? Today or tommorrow???
I suspect that this will be another EO that will end up being challenged. It could be unconstitutional.
http://patriotroom.com/article/us-senate-morning-briefing/trackback
Article has a list of companies/losses. Some may have already been mentioned.
Patriot Room is a great site. They’ve posted some ‘buzz stuff on their site before. Ignore the Tom Perriello ads on their site. :-/
to make this link work, just delete “/trackback” from the URl
Here’s a local Chicago company taking a hit.
Illinois Tool Works – $22 million
http://illinoisreview.typepad.com/illinoisreview/2010/03/illinois-tool-works-to-take-22m-charge-due-to-healthcare-reform.html
Two of the largest employers in my State will be affected: 3M and Medtronic(they make medical devices).
Here’s a link from the Heritage Foundation.
I have several friends who work at both places. Obama is a dick.
http://blog.heritage.org/tag/side-effects/
Senators Klobuchar and Franken should be held accountable for the damage done to these two companies. Especially Klobuchar since she was on TV at the BEGINNING of all this fiasco stating how it specifically was going to hurt Medtronic. Of course they both voted for it anyway.
nervy girl,
here’s a good saying for you
Richard Cranium. Dick is the short form of Richard. Cranium means head.
You can say that and then wink
You always crack me up, Aussie. Remember, my screen name used to be Tamara before I went and got my avatar. Remember me?
Yes Tamara, I remember you
Tamara, yes, I remember you
Boeing has 158,000 employees
http://www.boeing.com/employment/employment_table.html
There are well over 10,000 publicly traded companies in the US (a lot are on the pink sheets). While the estimate for the fortune 500 is something in the area of $14 billion, these are the companies that are best prepared to take that hit. Smaller companies that do not have the level of capital reserves are going to be the most vulnerable.
Think back to the cash for clunkers program. With a stroke of a pen, this administration destroys vast amounts of capital.
Its easy to destroy things. It takes skill and hard work to build things, which is why we are right to be afraid of the direction we are being led (against our will).
I want to know about GE. They are in bed with Obama – but they still have to file this loss with the SEC, no matter what.
Yes….saw a comment the other day somewhere pointing out that GE is trying to cover their tracks by running a promo about themselves featuring “the good old days with Ronald Reagan’s voice”….jerks.
I saw that commercial on TV twice this past weekend. I screamed at the TV the first time as I realized right away what they were up to. The ad is probably going right over the heads of the Kool-aid drinkers and they are clueless of what GE is doing.
oops, didn’t read this..
Have you heard on the radio the RONALD REAGAN GE COMMERCIALS
Have you heard on the radio the RONALD REAGAN ge commercials they are running? The old 1950s commercials? Saying Ronald Reagan appreciated ge, blah blah blah, so we should now. Little do folks know how different it is now
lost my hope there goes my change
Love that! Can I use it for my next protest sign?
Lost Hope With Change
It’s not just the corporations—small businesses which are the engines that make this economy run are going to suffer terribly. I’ll try to find some of the articles I have been reading about the costs to small businessess and franchises. Many will go out of business as a result of Deathcare.
HB:
this place has all the tally, I should say continuing tally.
http://patriotroom.com/article/us-senate-morning-briefing
oops, sorry, didn’t realise someone had already posted this link.
I just found a site that daily reports all the US companies layoffs and how many they are firing.
its a daily report.
http://dailyjobcuts.com/
Fox News was saying this mornnig that ALL companies should ban together with the large companies, like AT&T who have spoken out against the massive health care reform bill and are “summoned” to the WH on April 21. I think this may backfire in Obie’s face. I know he thinks he can snake-charm everyone in the world, but not so much. If he “threatens” any of them, they should speak out and let everyone know what went on.
I own stock in Prudential. I am so excited . . . NOT!
THIS IS AWESOME. I am *so* excited these companies are standing up to the administration. I’m just sitting here thinking: we are truly f***ed. What is it we think we can do? Even if we replace every single rep in the US house – with a repub AND 1/3 of the senators – if we replace ALL the dems with repubs – what then? O can still veto EVERYTHING. Then the companies come out with THIS. It was FABULOUS. I’m thinking: how great…the people who are for this…um…they may be rethinking now. Like – hello – NO ONE not even the staunchest supporters, can tell me how this legislation actually makes people healthier (just like – um – how is hte dept of education actually making education BETTER?).
Darn it – this is so amazing.