Apparently if it affects shareholders, there is a law that says you have to disclose.
Apparently if you disclose and it affects your employees impression of the goodness of government you have to testify.
Last week, AT&T announced it will take an immediate $1 billion write-down thanks to a new tax in the health bill that will cause Caterpillar ($100 million) and Deere & Co. ($150 million), among other large employers, to do the same. The benefits consultancy Towers Watson estimates that the change may reduce corporate profits by as much as $14 billion over time.
………Not to fear. Waxman, the liberal lion who chairs the House Energy and Commerce Committee, is on the case. No, he doesn’t want to change the tax provision — he wants to browbeat the affected corporations. He has called the CEOs of AT&T, Caterpillar and Deere to testify before his committee, accompanying his summons with a far-reaching document request lest the corporations miss the point: This is naked political harassment.
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