Law requires the reporting of losses due to legislation
These companies supply all or part of the cost for prescription drugs to their retirees. Until ForcedObamaCare (FOC), they were allowed a tax deduct for doing so -- private enterprise in partnership with the Feds. Under our current crop of tyrants, that deduction has been rescinded. Although the law governing this specific aspect of FOC does not go into effect until 2013, a year after the next Presidential elections, regulations under the Security Exchange Commission require these losses be reported in the same quarter Federal law is passed legislating such changes. These companies are reporting their losses now because they have to report these losses -- now.
Obama Strategists Screw Up
The total cost to American business is estimated to be somewhere between 14 and 20 billion dollars.
The strategists working with Obama missed this situation. They got it wrong. There was to be no bad news regarding ForcedObamaCare until after Obama's re-election efforts in 2012. Instead, this story appears to be only one of several revelations to hit the Obama Marxists between the eyes.
Understand that had Obama waited until April Fools Day to sign the new health care bill, these companies would not have to report the bad news until the end of the second quarter ( the end of June). Instead, the bill was signed at the very end of the first quarter, requiring these companies to immediately take the accounting charge (pay for the losses) and report this circumstance to their investors.
Waxman Plans to Humiliate and Demonize Big Business
Henry Waxman, a professional congressman out of L.A., one who has never worked in the private sector and is clearly a socialist/Marxist reformer, has decided to call the first [severa]l companies reporting these losses before whatever committee he chairs. He has demanded all their financial records and emails dating back to 2008 in a clear effort to intimidate these companies for doing what they are required to do. Understand that the SEC requires these companies inform their investors of losses to the bottom line - they have no choice. With Waxman's demand for private CEO email exposure, it is obvious to Midknight Review that this midget maniac is looking to prove "collusion" between the various companies reporting these losses.
He wants to develop a counter argument to this very bad news, to wit: these corporations are making tons of money and can afford these "losses" and, secondly, these companies have been working together, secretly, for years in an effort to defraud the working class.
And that is the rest of the story. You heard it first here at Midknight Review.
Here is that list:
Illinois Tool, AK Steel, Valero Energy, and . . . . . . .
3M Company
Abbott Laboratories
Administaff, Inc.
ADP Retirement Services
Aegon
AEtna Inc.
AGL Resources
Alaska Forest Association
Alcatel-Lucent
Allegiance Benefit Plan Management, Inc.
The Alliance
Alliance Coal, LLC
Allstate Insurance Company
Alston & Bird LLP
Altria Group, Inc
American Airlines
American Century Investments
American Council of Life Insurers
American Electric Power
American Express Company
American Fidelity Assurance Company
America's Health Insurance Plans
Ameriprise Financial
Aon Consulting, Inc.
Apple Inc.
Archer Daniels Midland (ADM)
Associated Benefits Corporation
Assurant
AstraZeneca
AT&T
AutoNation
Avaya
AXA Financial
BAE Systems
Ball Corporation
Ballard Spahr Andrews & Ingersoll, LLP
Bank of America
Bank of the West
Baxter Healthcare Corporation
Black & Decker
Blue Cross & Blue Shield Association
Blue Cross Blue Shield of Minnesota
Boeing Company
BP America Inc.
Bristol-Myers Squibb Company
Bryan, Pendleton, Swats & McAllister
Buck Consultants, An ACS Company
Calfee, Halter & Griswold LLP
Callan Associates Inc.
Campbell Soup Company
The Capital Group
Cargill
CBIZ
CBS, Inc.
CenturyLink
Ceridian Corporation
CF Industries, Inc.
Charles Schwab & Co., Inc.
Chrysler LLC
CIGNA Corporation
Citigroup, N.A.
The Coca-Cola Company
Columbia University
Computershare
ConAgra Foods, Inc.
Conner & Winters, LLP
ConocoPhillips
Con-Way, Inc.
Corning Incorporated
The Council of Insurance Agents & Brokers
Coventry Health Care
Cox Enterprises, Inc.
Credit Suisse Securities (USA) LLC
Cummins, Inc.
CUNA Mutual Group
CVS Caremark
Darden Restaurants
Davis & Harman LLP
Day Pitney LLP
Deere & Company
Dell Inc.
Deloitte & Touche
Delphi Corporation
Delta Airlines
The DIRECTV Group, Inc.
The Dow Chemical Company
Dow, Lohnes PLLC
Drinker Biddle & Reath LLP
Drummond Company, Inc.
Duke Energy
The Du Pont Company
Edward Jones Company
El Paso Corporation
Eli Lilly and Company
Emerson
Employee Benefits Institute of America
Entergy Services, Inc.
The Epler Company
Equifax Inc.
Ernst & Young LLP
Express Scripts, Inc.
ExxonMobil Corporation
Faegre & Benson
FedEx
Fidelity Investments
Fiduciary Counselors Inc.
Financial Engines, Inc.
The Financial Services Roundtable
Findley Davies, Inc.
Food Marketing Institute
Ford Motor Company
Gallagher Benefit Services, Inc.
General Dynamics Corporation
General Motors
GlaxoSmithKline
Goodrich Corporation
Goodwin Procter LLP
Great Plains Energy
Great-West Life & Annuity Insurance Co.
Greyhound Lines, Inc.
Groom Law Group, Chartered
Guardian Life Insurance Co. of America
Halliburton
Hallmark Cards, Inc.
The Hartford Insurance Group
Haynes Benefits PC
The Hershey Company
The Hertz Corporation Hess Corporation
Hewitt Associates LLC
Hewlett-Packard
Honeywell
Hooker & Holcombe, Inc.
HSBC
Humana, Inc.
Husch Blackwell Sanders LLP
IBM Corporation
Ice Miller LLP
ING Americas
Ingersoll Rand
Intel Corporation
Investment Company Institute
ITT Corporation
Ivins, Phillips & Barker, Chartered
J.P. Morgan Retirement Plan Services
JC Penney Company, Inc.
Jenner & Block LLP
John Hancock Financial Services, Inc.
Johns Hopkins Institutions
Johnson & Johnson
Jones Day
Kaiser Permanente
The Kellogg Company
Kilpatrick Stockton LLP
Kindred Healthcare
Kohl's Department Stores
Kraft Foods, Inc.
The Kroger Company
L-3 Communications Holdings, Inc.
Lincoln National Life Insurance Co.
Littler Mendelson, P.C.
Lockton Benefit Group
Marathon Oil Company
Marriott International
Mars, Incorporated
Marsh & McLennan Companies, Inc.
MassMutual
McAfee & Taft
McDermott, Will & Emery LLP
McDonald's Corporation
McGuireWoods
MeadWestvaco
Medco Health Solutions
MediaNews Group
Mercedes-Benz USA, LLC
Mercer Human Resource Consulting
Merck & Co., Inc.
Meredith Corporation
Merrill Lynch & Company, Inc.
MetLife
Microsoft Corporation
Miller & Chevalier
Milliman
Monsanto
Morgan, Lewis & Bockius, LLP
Motor & Equipment Manufacturers Association
Motorola
MullinTBG
Mutual of Omaha Insurance
National Association of Chain Drug Stores
National Business Coalition on Health
National Grid USA Companies
National Rural Electric Cooperative Association
National Telephone Cooperative Association
Nationwide Insurance Companies
Navistar, Inc.
NCR Corporation
New York Life Insurance Co.
Norfolk Southern Corporation
The Northern Trust Company
Northrop Grumman Corporation
NSTAR
Occidental Petroleum Corporation
Office Depot, Inc.
Ogletree Deakins Nash Smoak & Stewart, P.C.
Osler, Hoskin & Harcourt LLP
PACCAR, Inc.
Pacific Life Insurance Company
Pacific Maritime Association
Pactiv Corporation
Parker Hannifin Corporation
Patterson, Belknap, Webb & Tyler
Paul, Hastings, Janofsky & Walker LLP
Peabody Energy
Pfizer Inc
Pharmaceutical Care Management Association (PCMA)
PhRMA
Pietzsch, Bonnett & Womack
PIMCO
Plan Advisory Services
Post & Schell, P.C.
Potter Anderson & Corroon LLP
PricewaterhouseCoopers
The Principal Financial Group
The Procter & Gamble Company
Progress Energy
Proskauer Rose LLP
Prudential Financial, Inc.
Public Service Electric & Gas Company (PSEG)
QBE the Americas
QWEST
Rabobank International
Raskin Benefits Advisors, LLC
Raytheon Company
Reed Elsevier
Reynolds American Inc.
Rhodes-Joseph & Tobiason Advisors, LLC
Rockwell Collins, Inc.
RolloverSystems
Russell Company
Ryder System, Inc.
Salt River Project (SRP)
The Savitz Organization
Schiff Hardin LLP
Science Applications International Corporation (SAIC)
Sears Holdings Corporation
The Segal Company
Seyfarth Shaw LLP
Shell Oil Company
Siemens Corporation
Smurfit-Stone Container Corporation
Sony Corporation of America
Southern Company
Spectra Energy
State Street Corporation
Steelworkers Pension Trust
Stinson Morrison Hecker LLP
Stoel Rives LLP
Sungard Employee Benefit Systems, Inc.
Sunoco, Inc.
SunTrust Banks, Inc.
SUPERVALU Inc.
Sutherland Asbill & Brennan LLP
T. Rowe Price Associates, Inc.
Target Corporation
Textron, Inc.
Thompson Hine LLP
Time Warner
TIAA-CREF
Troutman Sanders LLP
U.S. Foodservice Inc.
Unilever
United Benefits Group
United Parcel Service, Inc.
UnitedHealth Group
Unum
USAA
The Vanguard Group, Inc.
The Variable Annuity Life Insurance Company
Venable LLP
Verizon
Viacom, Inc.
Vulcan Materials Company
Wagner Law Group
Wal-Mart Stores, Inc.
Wellpoint
Wells Fargo
Westinghouse Electric Company
Weyerhaeuser Company
Willis Corporation
Wilmington Trust
Winston & Strawn LLP
Wm. Wrigley Jr. Company
Womble Carlyle Sandridge & Rice, PLLC
Worldwide Employee Benefits Network
WPP Group
Xerox Corporation
Yellow Roadway Corporation
YMCA of the USA
YUM! Brands, Inc.
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