Commentary Magazine


Topic: non-cash accounting charge

Flotsam and Jetsam

Andy McCarthy explains: “After months of delay, DOJ officials released what they claim is the back-up for Attorney General Holder’s oft-repeated and outlandish claim that there are ‘hundreds’ of convicted ‘terrorists’  incarcerated in federal prisons, which ‘fact’ supposedly shows that civilian justice processes are our best method of trying, convicting and securely detaining terrorists.” Most of the 403 supposed cases aren’t really terrorism cases at all.

The latest ObamaCare victim: AT &T, its shareholders, employees and retirees: “AT&T Inc. will take a $1 billion non-cash accounting charge in the first quarter because of the health care overhaul and may cut benefits it offers to current and retired workers.”

And then there is 3M, which announced that “it expects to record a one-time non-cash charge of $85 to $90 million after tax, or approximately 12 cents per share, in the first quarter of 2010, resulting from the recently enacted Patient Protection and Affordable Care Act, including modifications made in the Health Care and Education Reconciliation Act of 2010 passed by Congress on March 25, 2010.”

You wonder whether anyone in the White House pays attention to headlines like this: “Is Economy’s Momentum About to Hit a Wall?” And, that was before ObamaCare hit.

The White House gloats: “Best week we’ve had in a long damn time.” Yes, it was quite a week — taking over 1/6th of the economy and beating up on Israel. Nothing quite thrills the Chicago pols like the display of brute political force.

You knew this was coming: “Michigan Right to Life has always endorsed Congressman Bart Stupak (D-MI) and was backing him for re-election this year. But after his pivotal vote for health care reform without the inclusion of legally binding language banning taxpayer funding of abortion, the group has rescinded its endorsement and pledged to support his Republican challenger, Dan Benishek.”

John Noonan, on the Obami’s anti-Israel gambit: “President Obama’s stewardship of the special U.S.-Israel relationship has been nothing short of shameful. But, beyond that, his behavior towards Netanyahu doesn’t make a lick of sense. There’s no quantifiable end game here. Obama is either so caught up in his own personality cult that he honestly believes he can drive a wedge between the Israeli electorate and Netanyahu’s fragile government (unlikely), or he’s just that infantile — throwing a temper tantrum over an ill-timed settlement announcement. . . . This is just another example of the White House’s lean towards ideology over pragmatism, and how smart power has proven to be anything but.”

David Axelrod to speak to the National Democratic Jewish Council on April 22. Here’s the time for choosing: are they simply flunkies for the administration or will they protest and condemn the shameless treatment of Israel? Well, I’m under no illusions.

Andy McCarthy explains: “After months of delay, DOJ officials released what they claim is the back-up for Attorney General Holder’s oft-repeated and outlandish claim that there are ‘hundreds’ of convicted ‘terrorists’  incarcerated in federal prisons, which ‘fact’ supposedly shows that civilian justice processes are our best method of trying, convicting and securely detaining terrorists.” Most of the 403 supposed cases aren’t really terrorism cases at all.

The latest ObamaCare victim: AT &T, its shareholders, employees and retirees: “AT&T Inc. will take a $1 billion non-cash accounting charge in the first quarter because of the health care overhaul and may cut benefits it offers to current and retired workers.”

And then there is 3M, which announced that “it expects to record a one-time non-cash charge of $85 to $90 million after tax, or approximately 12 cents per share, in the first quarter of 2010, resulting from the recently enacted Patient Protection and Affordable Care Act, including modifications made in the Health Care and Education Reconciliation Act of 2010 passed by Congress on March 25, 2010.”

You wonder whether anyone in the White House pays attention to headlines like this: “Is Economy’s Momentum About to Hit a Wall?” And, that was before ObamaCare hit.

The White House gloats: “Best week we’ve had in a long damn time.” Yes, it was quite a week — taking over 1/6th of the economy and beating up on Israel. Nothing quite thrills the Chicago pols like the display of brute political force.

You knew this was coming: “Michigan Right to Life has always endorsed Congressman Bart Stupak (D-MI) and was backing him for re-election this year. But after his pivotal vote for health care reform without the inclusion of legally binding language banning taxpayer funding of abortion, the group has rescinded its endorsement and pledged to support his Republican challenger, Dan Benishek.”

John Noonan, on the Obami’s anti-Israel gambit: “President Obama’s stewardship of the special U.S.-Israel relationship has been nothing short of shameful. But, beyond that, his behavior towards Netanyahu doesn’t make a lick of sense. There’s no quantifiable end game here. Obama is either so caught up in his own personality cult that he honestly believes he can drive a wedge between the Israeli electorate and Netanyahu’s fragile government (unlikely), or he’s just that infantile — throwing a temper tantrum over an ill-timed settlement announcement. . . . This is just another example of the White House’s lean towards ideology over pragmatism, and how smart power has proven to be anything but.”

David Axelrod to speak to the National Democratic Jewish Council on April 22. Here’s the time for choosing: are they simply flunkies for the administration or will they protest and condemn the shameless treatment of Israel? Well, I’m under no illusions.

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