YOUR PAPUHZ, PLEEZE
People’s Commissar Henry Waxman is now planning to haul the companies before his committee because their disclosures fail to play along with the our Leftist rulers’ script that Obamacare “will expand coverage and bring down costs.”
As the Journal’s editors observe:
“Black-letter financial accounting rules require that corporations immediately restate their earnings to reflect the present value of their long-term health liabilities, including a higher tax burden. Should these companies have played chicken with the Securities and Exchange Commission to avoid this politically inconvenient reality? Democrats don’t like what their bill is doing in the real world, so they now want to intimidate CEOs into keeping quiet.”
If we are now under a system where disclosure gets you a public whipping and other threats by the Powers That Be while nondisclosure promises the ruinous expenses of defending against criminal investigations and civil enforcement, this is no longer anything but a thugocracy.
Democrats liked the laws that demand corporate transparency about financial threats to companies. Unless Democrat policies are the threat.
And it’s not just Health Care; the National Center for Public Policy Research:
The SEC voted January 27 to provide public companies with interpretive guidance that encourages corporations to disclose the possible business and legal impact of climate change to shareholders. Full disclosure will require companies to assess and describe how cap-and-trade legislation can harm company earnings.
“Fully disclosing the business risk of cap-and-trade will embarrass many CEOs who are lobbying for emissions regulations. Shareholders will discover that these CEOs are pursuing legislation that will negatively impact their company,” said Borelli.
By issuing interpretive guidance on climate change, the SEC is encouraging companies to fully describe a wide range of business and legal risks posed by climate change on business operations. …
Borelli cites Caterpillar CEO Jim Owens as an executive who has arrogantly disregarded the business risk of cap-and-trade. At a shareholder meeting, Owens admitted he did not conduct a cost benefit analysis of cap-and-trade on his business before he joined the United States Climate Action Partnership – a lobbying organization pursuing these carbon dioxide emission limits.
In a subsequent Caterpillar shareholder meeting, when challenged by Borelli, Owens agreed that carbon caps could hurt heavy industry in the U.S., including Caterpillar. When Borelli asked how Owens could be held accountable if his lobbying course backfired on Caterpillar shareholders, Owens told Borelli to sell his stock.
The Free Enterprise Nation lists the top five threats facing free enterprise–and all five are black-letter Democrat policy!
1. Hidden Cost of Government
2. Social Security Crisis
3. Government-Coerced Unionization
4. Health Care “Reform” Legislation
5. Unrestrained Spending, Debt and Taxes
For daring to disagree with The Official Narrative(tm), Waxman demands the right to rifle through the file cabinets and desk drawers of these private companies, forcing them to turn over their private records–or else. Herr Vaxman did exzactly zee zame zing just last year, when he was trying to have the government decide how much private citizens should be paid at their private sector jobs–you know, like the Founders intended.
If Democrats will do this to to big companies, will they also paw through the medical records of private citizens who oppose State HealthControl?
Powerline has the ransom letter here. And, no, it’s not in the original German.
But Venezuelans will immediately recognize it, even in English.