Monday, March 29, 2010

Democrat Henry Waxman Holds Hearings on Infiltration of Generally Accepted Accounting Principles into U.S.

Washington, D.C.--Just days after enactment of a massive government-run health care system, financial regulations required companies including AT&T, Deere, Caterpillar, AK Steel, and 3M to announce publicly how the new health care scheme would negatively affect their balance sheets by imposing new, significant liabilities. Henry Waxman, the Democratic chairman of the House Energy & Commerce Committee, immediately responded by announcing the heads of those companies would be hailed before his panel and forced to disclose whether they are now, or have ever been, subject to Generally Accepted Accounting Principles.

"That some companies would continue to profess a duty to serve their shareholders' interests, even after passage of ObamaCare, is cause for grave concern," said Waxman. "And we're going to do everything we can to root out the last vestiges of allegiance to the nefarious forces of sound accounting."

Associated articles: Wall Street Journal; Washington Examiner; New York Times

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