This is what the administration line was in March, when Caterpillar and other firms took big charges because of Obamacare:

“These are Republican CEOs who are trying to embarrass the President and Democrats in general,” says a White House legislative affairs staffer. “Where do you hear about this stuff? The Wall Street Journal editorial page and conservative websites. No one else picked up on this but you guys. It’s BS.”…

Henry Waxman was determined to investigate the outrages committed by the nasty CEO’s. Here is the result of the investigation. NYT:

“In a memorandum summarizing its investigation, the Democratic staff of the committee said, “The companies acted properly and in accordance with accounting standards in submitting filings to the S.E.C. in March and April.”

Moreover, it said, “these one-time charges were required by applicable accounting rules.” The committee staff said this view was confirmed by independent experts at the Financial Accounting Standards Board and the American Academy of Actuaries.

Mr. Waxman, the chairman of the committee, and Mr. Stupak canceled a hearing at which they had planned to question executives on the effects of the law.

These people know nothing about business and are too arrogant to overcome their ignorance.

This entry was posted on Wednesday, April 28th, 2010 at 3:58 am and is filed under business, Democrats, General, Republicans. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.