ANOTHER YOUNG TURKS EXCLUSIVE FOR YOU GUYS, JONATHAN LARSON
ARE MANAGING EDITOR INTIMACY POLITICS IS BREAKING THE STORY.
YOU CAN READ ON MEDIUM.COM/THE YOUNG TURKS.COM GOING TO
SAY ALL ABOUT INSIDE IS ABOUT THE MEDICAL DEVICES TAX AND
A COMPANY CALLED STRYKER THAT WAS COMPLAINING ABOUT IT
DEEPLY AND WHAT THEY SAID AND WHAT THE REALITY IS.
THIS IS WHILE OF JOURNALISM AND RESEARCH IN FINDING OUT WHAT
THEIR OTHER STATEMENTS IN PUBLIC ARE ESPECIALLY TO THEIR
INVESTORS.
THAT'S WHERE WE FIND THE TRUTH.
JONATHAN BEGINS BY SLITTING STRYKER CORPORATION CEO
KEVIN LOBO HAS MADE MULTIPLE STATEMENTS ON NATIONAL
TELEVISION ABOUT THE NEGATIVE IMPACT THAT OBAMA CARES TAX
ON MEDICAL EQUIPMENT HAS HAD ON HIS COMPANY IN THE INDUSTRY.
BUT THOSE CLAIMS APPEAR TO BE UNDERCUT NOT ONLY BY THE
COMPANY'S SEC FILINGS, BUT ALSO BY STATEMENTS MADE TO WALL
STREET ANALYSTS BY STRYKER'S OWN AND VET EXECUTIVES,
INCLUDING LOBO HIMSELF GOT HE MENTIONED THE TV APPEARANCES,
LET'S GO TO LOBO ON CNBC AND HAVE THEM TALK ABOUT HOW
OUTRAGEOUS THE MEDICAL DEVICES TAX BY OBAMA CARE WAS NOT
>> BASICALLY, THE TAX REALLY IS A JOB KILLER, AND AN
INNOVATION KILLER.
>> BUT WHAT DID CONGRESS DO?
>> THEY DECIDED TO SUSPEND IT.
>> DID OBAMA SIGN IT?
>> IT HAD BIPARTISAN SUPPORT JUST FOR SUSPENSION FOR A
TWO-YEAR PERIOD, BUT WE LOOK FORWARD TO WITH THE NEW
ADMINISTRATION IS A FULL REPEAL WHICH HAS BEEN TALKED ABOUT.
>> THIS IS IMPLEMENTED IN THE BEGINNING, LOBO SAID IT WAS
A JOB KILLER SO WE'RE GOING TO LOOK INTO THAT FIRST AND AN
INNOVATION KILLER AND WE ARE GOING TO LOOK INTO THAT
SECOND WE'RE GOING TO SEE THE ACTUAL FACTS.
UNDERSTAND THAT OBAMA, BEFORE HE LEFT IT AS HE EXPLAINED
THEIR SUSPENDED.
HE SHOULDN'T HAVE BUT HE DID, WHICH LED PERFECTLY INTO
REPUBLICAN HANDS BECAUSE WHEN TRUMP COMES IN, HE IS
PUSHING FOR A FULL REPEAL AS LOBO EXPLAINED.
LET'S DIAMOND ACTUAL FACTS.
LOBO'S AMBITION OPPOSITION TO OBAMA CARE CENTERS ON ITS
MEDICAL DEVICE TAX WHICH WAS ADDED TO SUBSIDIZE THE COST
OF EXPANDING COVERAGE AND WAS PROJECTED TO NET $27
BILLION THAT PURPOSE.
MEDICAL DEVICE MAKERS WERE SINGLED OUT BECAUSE THEY
WOULD BENEFIT BY EXPANDED INSURANCE COVERAGE.
THEY WERE ACTUALLY GOING TO GET A LOT OF THAT MONEY BACK ANYWAY.
THAT WAS ALL POINT OF THE TAX IS LET THE EQUITABLE HERE.
WE DON'T WANT YOU TO JUST TAKE THE UPSIDE AND SPREAD THE
DOWNSIDE TO OTHERS, BUT ANYTIME YOU HAVE ANY DOWNSIDE FOR
ANY INDUSTRY THEY WILL UNLEASH THEIR LOBBYIST AND OF COURSE
THEY SPENT A TREMENDOUS AMOUNT OF MONEY LOBBYING ON THIS ISSUE.
LOBO SAID QUOTE THE TAX REALLY IS A JOB KILLER.
ITíS AN
INNOVATION KILLER.
CONGRESS DECIDED TO SUSPENDED.
IT HAD BIPARTISAN SUPPORT
JUST FOR SUSPENSION FOR A TWO-YEAR PERIOD BUT WE LOOK
FORWARD TO, WITH THE NEW ADMINISTRATION, A FULL
REPEAL AS HE SHOWED YOU GUYS.
THAT WAS THE CLAIM IN PUBLIC.
THEY SAY STRYKER FIRST PUBLICLY BLAMED THE MEDICAL DEVICE
TAX FOR THE IMMINENT LAYOUTS OF 5%
OF ITS GLOBAL WORKFORCE AND A NOVEMBER 10,
2011 PRESS RELEASE, MORE THAN A YEAR AHEAD OF THE TAX.
THE LAB ANNOUNCEMENT BECAME A NATIONAL SYMBOL OF OBAMA
CARE IS A DETRIMENTAL EFFECT ON JOBS.
HOWEVER, AND A FILING SUBMITTED THE SAME DAY TO THE SEC AND
SUBJECT TO FEDERAL REGULATIONS REGARDING ITS FEROCITY, STRYKER
OFFERED AN EXPLANATION MORE COMMONLY CITED FOR LAYOUTS,
THE COMPANY WANTED TO ELIMINATE REDUNDANCIES CREATED BY
RECENT ACQUISITIONS.
ON THE ONE HAND, PUBLICLY THEY ARE SAYING IT IS OBAMA CARE, IT
IS GOING TO KILL 5% OF OUR WORK FIRST AND THEN WHEN THEY
ACTUALLY HAVE TO SAY THINGS THAT ARE PROVABLE IN AN SEC FILING,
THEY GO THEY DON'T MENTION OBAMA CARE OR THE TAX, THEY GO WE
ACQUIRED A BUNCH OF COMPANIES SO COURSE WE LAID PEOPLE OFF.
COST SAVINGS.
AND THEY BRAG ABOUT IT.
THEY SAY THESE ACTIONS, AGAIN WE EXPLAIN, THESE ACTIONS ARE BEING
INITIATED TO PROVIDE EFFICIENCIES, THIS IS ACCORDING
TO STRYKER CORPORATION, EFFICIENCIES AND REALIGN
RESOURCES FOLLOWING RECENT ACQUISITIONS TO ALLOW FOR
CONTINUED INVESTMENT IN STRATEGIC AREAS IN AN
ONGOING CHALLENGING ECONOMIC ENVIRONMENT AND MARKET
SLOWDOWN AND ELECTIVE PROCEDURES.
SO THEN IT WASN'T OBAMA CARE, IT WAS A MARKET SLOWDOWN AND
PROCEDURES AND YOU ARE DOING REALIGNMENT FOR YOUR COST
EFFICIENCIES MEANING YOU ARE FIRING PEOPLE TO SAVE MONEY
HAVING NOTHING TO DO WITH THE TAX BUT BECAUSE OF THE
MERGERS THAT YOU DID AND BECAUSE THE MARKET IS SLOWING DOWN.
ADVAMED IS AN INDUSTRY ORGANIZATION THAT LOBBIES
TOGETHER FOR ALL OF THESE COMPANIES INCLUDING STRYKER AND
LOBO HAS ACTUALLY CONTRIBUTED TO IT AND THEN THEY CONTRIBUTED TO
TRY TO KILL THIS TAX AND HE IS ALSO A PART OF THAT
ORGANIZATION AS WELL.
JONATHAN LARSON EXPLAINS ADVAMED HAS POINTED TO A STUDY
ESTIMATING THAT THE MEDICAL DEVICE INDUSTRY WOULD LOSE
43,000 JOBS ONCE THE TAX WAS IMPLEMENTED IN AUGUST 2012
HOWEVER POLITICIZED REPORTED THAT THE STUDY WAS FUNDED BY
ADVAMED AND THAT THE RESEARCH SERVICE BLOOMBERG
GOVERNMENT FOUND THE STUDY NOT CREDIBLE.
THEY DO A STUDY THAT THEY THEMSELVES COMMISSIONED AND
THEY GO TELL US THAT WE'RE GOING TO LOSE JOBS.
LOOK AT THAT, THE STUDY SAYS WE GOING TO LOSE 43,000
JOBS STOP LITTLE FACT GOOD JOURNALISM ON THEIR IN
LOOKS INTO IT SAYS IT'S NOT TRUE THAT THE STUDY THE ONE THAT
THEY COMMISSIONED ASSUMED THAT MANUFACTURERS WOULD MOVE
10% OF THEIR PRODUCTION OVERSEAS, EVEN THOUGH THE
TAX APPLIED TO IMPORTED DEVICES AS WELL.
TO UNDERSTAND THAT?
WITH THE JOBS OVERSEAS BECAUSE THE TEXT HERE IN AMERICA,
BUT THE TAX ALSO APPLIES TO THE DEVICES THAT ARE IMPORTED
IN.
IT APPLIES JUST THE SAME.
TOTAL BS EXCUSE.
HAS NOTHING TO DO WITH THE TAX.
STRYKER HAS NOT SAID WHETHER IT WILL CREATE ANY NEW JOBS IN
THE EVENT OF A FULL REPEAL.
BUT WAIT A MINUTE, I THOUGHT YOU SAID THE START THING WAS A
JOB KILLER AND IF YOU REPEAL IT, ALL THE SUDDEN YOU'RE GOING
TO HAVE ALL THESE JOBS BUT WHEN YOU ACTUALLY HAVE TO DO SEC
FILINGS AND THINGS THAT CAN BE DOUBLE CHECKED, ALL OF THE
SUDDEN YOU ARE NOT PROMISING ANY NEW JOBS.
NUMBER GO NOW TO BACKFILL UP ON CNBC.
>> MEDICARE, MEDICAID AND SOCIAL SECURITY WITHOUT CUTS.
HAVE TO DO IT.
GET RID OF THE FRAUD, GET RID OF THE WASTE AND ABUSE.
>> REGARDLESS OF WHAT HAPPENS WITH THE NEW
ADMINISTRATION, WE'RE NOT REALLY EXCITING ANY MAJOR CHANGE.
IT IS BEEN VERY CONSISTENT.
WE'VE HAD 14/4 IN A ROW GROWING HIGHER THAN 5%
UNLIKE PHARMACEUTICALS, OUR MEDICAL DEVICE PRICES HAVE
BEEN DECLINING EVERY YEAR SINCE 2008
THAT OUR PRICE DECREASE EACH YEAR IS ABOUT 1 1/2 2%.
>> WAIT A MINUTE, SOUNDS LIKE YOU WERE BRAGGING ABOUT HOW
GREAT YOUR BUSINESS IS DOINGÖ ALL THESE YEARS UNDER THIS
TAX THEY WOULD'VE BEEN CRUSHED BY NOW THAT YOU HAD A VIRAL
THESE PEOPLE, WHAT HAPPENED?
IT OR DO YOU ARE DOING PRETTY WELL.
MORE DETAILS ON THAT.
KEVIN LOBO SAID WE ALSO CONTINUING ON OUR PATH
TOWARD DRIVING GREATER COST EFFICIENCIES.
THAT MEANS FIRING PEOPLE.
STRYKERS FILINGS IN PUBLIC STATEMENTS ALSO SHOW LITTLE
EVIDENCE OF THE TAXES PROVED TO BE AN INNOVATION KILLER FOR
THE COMPANY.
WE LOOKED AT JOBS, NOW LET'S LOOK AT INNOVATION AND SEE
HOW THEY ARE DOING OVER THERE.
AFTER INCREASING SPENDING ON RESEARCH, DEVELOPING AND
ENGINEERING BY JUST 2% THE AIR PRIOR, STRYKER INCREASED R&D
SPENDING 13.8% IN THE FIRST YEAR THE TAX.
WAIT A MINUTE I THOUGHT YOU'RE GOING TO HAVE TO LOWER IT.
INSTEAD YOU DRAMATICALLY INCREASED INNOVATION
THROUGH YOUR R&D BUDGET.
FROM $471 MILLION-$536 MILLION.
R&D SPENDING ROSE BY AN AVERAGE ANNUAL RATE OF 10.1%
DURING THE THREE YEARS IN WHICH THE TAX WAS APPLIED.
LINE NUMBER 2.
OH, INNOVATION IS GOING TO DIE.
WE CAN DO IT BECAUSE OF THE TAX.
I'M GLAD THEY INCREASED RESEARCH AND DEVELOPMENT, JUST DON'T BUY
ABOUT IN PUBLIC AND PRETEND THAT OBAMA CARE WAS GOING TO KILL
YOUR RESEARCH AND DEVELOPMENT WHEN IT DID THE EXACT OPPOSITE.
I'M NOTHING THAT OBAMA CARE CAUSE THEM TO INCREASES BENDING
ON RESEARCH AND DEVELOPMENT BUT IT CERTAINLY DIDN'T DECREASE IT.
THAT IS JUST THE FACT.
KEVIN LOBO GOING TO SAY OUR ONGOING INVESTMENTS IN R&D AS
WELL AS OUR TARGET GET IT MERGERS AND ACQUISITIONS,
POSITIONS AS WELL TO DELIVER INNOVATION TO OUR HOSPITAL
CUSTOMERS.
APPARENTLY, KEVIN LOBO ON THE ONE HAND SAYS INNOVATION KILLER,
I'M ON TV I HATE OBAMA CARE AND THEN TURNS AROUND TO HIS
INVESTORS TO THAT SEC AND SAYS WERE DOING GREAT.
WHICH ONE IS IT?
WHICH ONE IS IT?
IF YOU PAY A LITTLE BIT MORE TAXES THEN YOU WON'T GET AS
MUCH COMPENSATION WHICH BY THE WAY, THAT DIDN'T EVEN TURN
OUT TO BE TRUE BUT THE GREED IS ENDLESS.
GIVE ME GIVE ME GIVE ME, AND I NEVER WANT TO GIVE ANYTHING
BACK.
BESIDES INCREASING SPENDING ON EXECUTIVE PAY, R&D, MERGERS
AND ACQUISITIONS AND DIVIDEND PAYOUTS, STRYKER ALSO UPPED
THE AMOUNT OF MONEY USED TO REPURCHASE ITS OWN STOCK.
STOCK BUYBACKS DURING THE TAX SPAN TOTALED
$1.17 BILLION.
WE DON'T HAVE ANY MONEY BECAUSE OF THE TAX THAT OBAMACARE
PUT ON US.
WE HAVE SO MUCH CASH WE DON'T KNOW HOW TO INVEST IT, WE DON'T
KNOW
WHAT TO DO WITH IT, SO WE BUY BACK MORE OF OUR STOCK
WHICH INCREASES OUR STOCK PRICE AND INCREASES EXECUTIVE
COMPENSATION.
OF COURSE.
AFTER HANDING SHAREHOLDERS $324
MILLION IN DIVIDENDS THE YEAR BEFORE THE TAX HIT, IN
2013 STRYKER PAID OUT $401 BILLION IN DIVIDENDS.
THAT INCREASED TO $462 MILLION IN 2014 AND TO $521 MILLION IN
2015.
WHAT HAPPENED, I THOUGHT THE TAX WAS GOING TO KILL YOU GUYS.
YOU ARE PILING ON THE DIVIDENDS THAT YOU ARE GIVING TO
SHAREHOLDERS, THE BUYBACKS AND NOW LET'S GO TO COMPENSATION
FOR FOLKS LIKE KEVIN LOBO.
LOBO'S TOTAL COMPENSATION ROSE FROM 9.23 MILLION IN
2012 TO 12.8 MILLION IN 2016.
WHAT HAPPENED, KEVIN LOBO?
I THOUGHT THIS WAS GOING TO BE DEVASTATING FOR YOU GUYS.
YOU KNOW WHAT THE REAL ANSWER IS?
HE'S THINKING, MAN, IF I DIDN'T HAVE A LITTLE EXTRA TAX
MAYBE INSTEAD OF $12.6 MILLION, I COULD'VE MADE $14 MILLION.
LET ME GO ON TV AND TELL YOU A WHOLE BUNCH OF LIES WHICH I
WILL
THEN SAY THE EXACT OPPOSITE OF WHAT I HAVE TO ACTUALLY
TELL THE TRUTH ON SEC FILINGS.
STRYKER'S CASH ON HAND BALLOONED AS WELL DURING THE PERIOD
THE TAX WAS SAID TO BE KILLING JOBS AND INNOVATION.
STRYKER'S FEDERAL FILING SHOWS ITS CASH RESERVES WENT FROM 1.4
BILLION BEFORE THE TAX TO 3.4
BILLION AT THE TIME IT WAS SUSPENDED.
THERE IS A REASON WHY I AM TELLING YOU THIS.
IT'S NOT JUST ABOUT STRYKER.
THIS HAPPENS TO BE AN EASY CASE TO POINT OUT AND IF EVERYBODY
CARED TO DO INVESTIGATIVE JOURNALISM AS WE ARE TRYING TO
DO AT THE YOUNG TURKS YOU COULD GO TO THE SEC FILINGS AND SEE
WHAT THE
REALITY OF THE MATTER IS, BUT IT IS A BIGGER STORY THAN THAT.
WHEN THEY TELL YOU I AM DOING THIS FOR YOU SO IT WILL
TRICKLE DOWN ALL OVER YOU GUYS.
MAYBE IT WILL, MAYBE IT WON'T, AND I AM TRYING TO PROTECT
YOUR JOBS.
I JUST CARE ABOUT THE MIDDLE CLASS IN AMERICA.
NO, THEY CARE BUT THEIR OWN COMPENSATION.
WHEN THEY SAY THEY DON'T HAVE ANY MONEY BECAUSE OF TAX, IT
TURNS OUT THEY HAVE $2 BILLION IN CASH DESPITE THE TAX.
NOT TELLING YOU THE TRUTH.
NOW DESPITE CALLING THE TAX A JOB KILLER, LOBO HAS GROWN
STRYKERS PAYROLL FROM 22,010 EMPLOYEES IN 2012
TO MORE THAN 33,000 TODAY.
WHAT HAPPENED?
I THOUGHT IT WAS A JOB KILLER.
IT WASN'T, THEY WERE
NEVER TELLING THE TRUTH ABOUT IT.
THE REALITY IS THE ONLY
REASON THEY ARGUE AGAINST THOSE IS SO THAT THOSE
EXECUTIVES CAN MAKE MORE MONEY.
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