Cellar Dweller
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http://msnbc.msn.com/id/10727351/
Should companies be run in their best interest as long as it is legal? Should private companies be regulated for the state's/public's benefit? Is the Government of Maryland exempt (I assume that they have over 10k employees)?
ANNAPOLIS, Md. - The Maryland Senate Thursday overrode Gov. Robert Ehrlich's veto and approved a bill that would force Wal-Mart Stores Inc. to spend more on employee health care in the state.
The state Senate voted 30-17 in favor of the bill, surpassing the margin needed to override the veto by one vote.
The override by the Maryland Senate sets the stage for a vote in the Maryland House of Delegates, which was expected to take up the bill at about 5:00 p.m. EDT.
According to one Republican delegate opposed to the bill, who requested anonymity, the bill's supporters in the House have secured 88 votes there, three more than the number required to override a veto.
The bill would require companies with more than 10,000 employees to spend at least 8 percent of their payroll on health benefits, or pay the balance into a state low-income health insurance fund.
The state Senate vote came after about 90 minutes of debate and fell largely along party lines, with three Democrats crossing over to vote against the bill.
Supporters said the state had to act because Wal-Mart was forcing the state to subsidize its employees' health care.
"I hope personally all 49 (other) states will do this. The states are backed up to the wall on this one," said the sponsor of the bill, Democratic Sen. Gloria Lawlah.
Opponents countered that the bill would be bad for business.
"This isn't the perfect storm. It's the Bermuda Triangle. Jobs go in, but they don't come out," said Republican Sen. EJ Pipkin.
Some opponents of the bill said it could even cause Wal-Mart to drop plans to build a large distribution center on Maryland's Eastern Shore, which would bring an additional 800 to 1,000 jobs to the state.
Wal-Mart shares fell 70 cents, or 1.5 percent, to $45.87 in mid-afternoon trading on the New York Stock Exchange.
Should companies be run in their best interest as long as it is legal? Should private companies be regulated for the state's/public's benefit? Is the Government of Maryland exempt (I assume that they have over 10k employees)?