I told you so.
I told you so!
I TOLD YOU SO!
Remember back a few weeks when Henry Waxman had gotten all balled up that AT&T, Verizon and a few others had filed SEC documents noting substantial earnings hits due to the passage of Placebocare?
Remember a few days short of a few weeks ago when Henry became annoyed and called the previously mentioned companies in to testify before Congress because he was sure that their filings were in violation of something that Henry held sacred?
Remember a few days closer to now when Henry cancelled the hearings and claimed that the previously mentioned companies had requested the cancellation because they had come to their senses and were willing to no further impugn Henry’s ability to understand the law he voted for?
Remember after that, when I said this:
But, let me ask you this; which of the following two scenarios do you think is most likely?
Scenario A: Companies who paid a bunch of money to consultants and attorneys for the purpose of understanding placebocare. After getting information that said “bleed red ink NOW”, have now come to the conclusion that they really have no conclusion about the future costs of health care and they’re willing to give Congress the benefit of the doubt on Placebocare?
Scenario B: Henry Waxman had no idea what actually is in Placebocare. After getting his bald head pulled tighter than a pair of lycra pants on Michael Moore, he launched his hearings to make sure people didn’t think Democrats were fools. However, following scalp relaxation therapy, Henry learned that not only were the SEC filings proper, they were required by law. Henry also was told that hearings would only serve the purpose of removing any question that the Democrats had/have no idea what is in Placebocare nor the implications of it on the American people and businesses. Henry, wanting no further embarrassment, decided the cancel the hearings.
Yeah, me too!
OK, well, now read this:
Internal documents recently reviewed by Fortune, originally requested by Congress, show what the bill’s critics predicted, and what its champions dreaded: many large companies are examining a course that was heretofore unthinkable, dumping the health care coverage they provide to their workers in exchange for paying penalty fees to the government.
The announcements greatly annoyed Representative Henry Waxman, who accused the companies of using the big numbers to exaggerate health care reform’s burden on employers. Waxman, chairman of the House Energy and Commerce Committee, demanded that they turn over their confidential memos, and summoned their top executives for hearings.
But Waxman didn’t simply request documents related to the write down issue. He wanted every document the companies created that discussed what the bill would do to their most uncontrollable expense: healthcare costs.
The request yielded 1,100 pages of documents from four major employers: AT&T, Verizon, Caterpillar and Deere (DE, Fortune 500). No sooner did the Democrats on the Energy Committee read them than they abruptly cancelled the hearings. On April 14, the Committee’s majority staff issued a memo stating that the write downs were “proper and in accordance with SEC rules.” The committee also stated that the memos took a generally sunny view of the new legislation. The documents, said the Democrats’ memo, show that “the overall impact of health reform on large employers could be beneficial.”
Don’t doubt me! I know politicians like I know every succulent tongue tingle of a Tanqueray martini, up, with olives!