CNN - Campbell Brown Lies About Stimulus Bill Suggesting It Creates Right To Bonuses

[Median Democrat]

CNN is repeating another fictional narrative being pushed by the mainstream media that stimulus bill somehow created an entitlement to the bonuses in question. For example, Campbell Brown writes:

http://www.cnn.com/2009/POLITICS/03/20/campbell.brown.aig/index.html#cnnSTCText

/snip

The AIG bonuses were allowed to happen precisely because Congress, in its race to pass the stimulus last month, approved that bill with an exemption added at the last minute allowing any bonus guaranteed before mid-February to be paid out.

/snip

However, as noted by Media Matters, this is a false characterization. The bonuses in question were contractually awarded last year. The Stimulus bill actually limited executive compensation, which is something that most Republicans opposed. The false controversy being directed at Dodd and the White House is that the stimulus bill did not retroactively nullify these bonus contracts. As noted by Media Matters:

http://mediamatters.org/items/200903200003?f=h_latest

/snip

NBC, ABC, Fox News advance false GOP accusation that recovery bill created right for AIG to pay bonuses
Summary: Discussing the House vote to levy a 90-percent tax on executive bonuses, NBC, ABC, and Fox News all advanced the false Republican allegation that by passing the recovery bill, Democrats created the right for AIG to pay bonuses. In fact, the bill did not create the right for AIG -- or any company -- to pay bonuses; rather, it restricted the ability of companies receiving TARP money to award bonuses in the future.

Discussing the March 19 House vote to levy a 90-percent tax on executive bonuses paid to companies owing more than $5 billion in loans to the government, NBC, ABC, and Fox News all advanced the false Republican accusation that by passing the American Recovery and Reinvestment Act, Democrats created the right for AIG to pay bonuses. In fact, as Media Matters for America documented, the recovery bill did not create the right for AIG -- or any company -- to pay bonuses. Rather, AIG reportedly disclosed that it had entered into agreements to pay these bonuses more than a year ago, the Bush Treasury department approved of the AIG bailout with this agreement in place, and the relevant provision in the recovery act, which was based on an amendment by Sen. Chris Dodd (D-CT), actually restricted the ability of companies receiving money from the Troubled Asset Relief Program (TARP) to award bonuses in the future.

In the absence of the recovery bill, AIG's ability to pay the bonuses would not have been limited. Indeed, if Republicans had succeeded in defeating the bill, the clause restricting the ability of troubled companies to award bonuses in the future would not have been enacted at the time.

/snip

This explains why despite their alleged outrage, Republicans are among the strongest opponents to the proposal to tax the AIG bonuses.

[FrenchieCat]

1. Cable = 24/7 lies

[dkf]

2. Maybe she is just an idiot. n/t

[GoCubsGo]

7. Yes she is. She is also Mrs. Dan Senor

'Nuff said.

[Supersedeas]

10. Baghdad Dan's #1 Squeeze has GOP Talking Points to sell to the Big Advertisers: Big Pharma/Big Petro

Come and get your Campbell Senor GOP Party Elite talking points

[Nicholas D Wolfwood]

13. I don't think she's an idiot.

I think she's an attention grabbing shill that will say anything possible to make people pay attention to her. That makes her an asshole.

[firedupdem]

3. Nothing she says surprises me or cnn either. They are both tools

of the right wing.

[Jakes Progress]

4. Corporations don't just hand out those million

dollar checks. The media whores have to deliver for their money on the dresser.

[Supersedeas]

12. "journalistic integrity" -- not so much

[Thrill]

5. As I've said many times on this board. I can't stand Campbell Brown

She pisses me off more than Hannity. Campbell and Dobbs will continue to sink CNN

[Jennicut]

6. Her "no bias/no bull" is the exact opposite

Its rubbish and utter crap.

[Median Democrat]

8. What Is Telling Is She Makes No Mention Of GOP Opposition To ANY Limits On Executive Compensation

This is the amazing thing. The GOP gets to spew outrage over the payment of the AIG bonuses despite the fact that most of them opposed any caps whatsoever. Yet, the media never calls them on this basic hypocrisy.

[ihavenobias]

9. To be fair, *sometimes* the media calls them out

Maddow does: http://www.youtube.com/watch?v=Fojzl1aPCTY

Shuster does: http://www.youtube.com/watch?v=Pv_3ZR96wGc

[Honeycombe8]

11. I think you're mixing apples and oranges, and BOTH statements are correct.

The news broadcasters and pundits I've heard report on this have said something like:

There HAD BEEN an amendment in the bill to limit ALL bonuses not yet paid, even if contracted for before passage of the bill.

Someone (no one has been able to find out yet) removed that amendment. It was never voted on.

Dodd (he says at the Treasury Dept. or administration's urging and/or insistence) added an amendment to bill specifically exempting bonuses from being interfered with, if they were contracted for before some certain date.
************************
In your statements in your post, you mix claims about BONUSES with claims about COMPENSATION. They're sort of the same, but not really. Bonuses were specifically what Dodd's amendment was about, not compensation.

The allegations above seem to be true. I saw Dodd on TV trying to explain his amendment. He seemed very uncomfortable, and his explanation didn't sound good. And in speaking, he referred to his amendment. Seems clear enough that the above statement about Dodd's amendment is, in fact, correct.

[Cha]

14. Well, shoots... I was going to Rec'd to let

as many people see more of the corporatemedia lies as possible but it is too freakin' late.

I don't think there should be a time limit on Recs.