Catepillar is about to get Squashed by the Big Boot

We’ve heard how the big companies have already begun to expose some of the hidden cost of the HC Reform bill.  And of course, there has been plenty said about AT&T not being a victim (and a bit about how they deserve what they get).

So, what happens when Catepillar says the same thing?  They are told they will have to come to congress.  And just exactly what was it they did wrong?

“Catepillar was the first company to file documents with the U.S Securities & Exchange Commission about the need to take a one-time charge to its first quarter earnings, doing so the day President Obama signed the health care reform bill into law.”

Of course, it’s so obvious they were only doing this to try to undermine Snowbama, right?  I mean, why else would any publicly traded company do something like that?

“The company said it was required to do so because accounting rules stipulate such one-time charge must be taken in the quarter in which the legislation causing the charge is signed into law.”

Shame on them for not wanting to be like Enron and play tricky accounting games.  But good thing there are those ever so vigilant heroes up in Washington, ready to pounce on fraud and negligence.  Think Toyota.  Sell Americans cars with bad brakes, we’re going to call you in.  So…on with the Summons.

But really, why would Congress feel they have to summon the CEO of this company?

“the assertations by the companies conflict with other analyses of affects of the health care legislation,”

See, it’s not about selling a faulty product, but they are being summoned because they dare to be in conflict with the hocus-pocus message the Dems tried selling.  Never mind there is a one-time charge (loss of tax-credit), never mind this is what they are required to do.  The damage is in that their actions in reality are not in harmony with the song-and-dance Washington wants everyone to take.

Anyone want to bet we’re not going to hear too many other companies be public about posting the same one-time cost?  Sure, they will file it, but with absolute minimal discussion.  Why bother, when it means being called into a witch-hunt.

And this is just one effect of a 2,900+ page monstrosity.  There are a slew of other little land mines waiting to stepped on by the unsuspecting public.  So now we see how the Dems will react – instead of saying “those Republicans were right”, they are going to use the power of their summon to intimidate.

Catepillar, you’re about to get squashed.

Old-Man-Tex

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2 Responses

  1. Wow! Thank you! I always wanted to write in my site something like that. Can I take part of your post to my blog?

  2. Very efficiently written article. It will be useful to anyone who employess it, as well as me. Keep up the good work – can’r wait to read more posts.

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