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Saturday, March 21, 2009

Week In Review



Here is a great "Week in Review" courtesy of Media Matters

AIG Bonus Controversy Dominates Media

As if news that AIG was handing out bonuses to executives despite having been bailed out by the Federal government wasn't bad enough, reports on the controversy this week only made matters worse. You'd think President Bush had no blame for the situation if you read reports in publications like Politico, USA Today or the Los Angeles Times -- all of which omitted any mention of the Bush Treasury Department's work with the Federal Reserve in carrying out last year's bailouts and bought AIG stock notwithstanding the existence of these bonus contracts. Worse yet, in reporting on emails obtained by Fox Business Network, Fox News' Jon Scott at no point noted that the emails implicate the Bush administration in approving a $40 billion bailout for AIG without requiring AIG to nullify its employee bonus contracts. Additionally, conservative leader Rush Limbaugh and a host of other right-wing media player ratcheted up the rhetoric standing up for AIG against what they described as "mob rule" while also falsely claiming that no Republican voted for the TARP bailout or the bonuses. Others in the press corps falsely asserted that President Obama's recovery bill required the bonuses "to stay in place."


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