CTV, a Canadian online News source, has decided to Fact Check Michael Moore's new Anti-Capitalist Propaganda Movie: "Capitalism: A Love Story".
The Section of the Article that Fact Checks some of Michael's Moore's Claims shows that Mr. Moore doesn't always tell the Whole Story. As if We already didn't know that.....
Here is some of the Article:
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MOORE'S TAKE: Wall Street robbed taxpayers.
It's pure theater when Moore arrives in an armored bank truck at the headquarters of Goldman Sachs Group Inc. Holding a white bag with a big dollar sign on it, he tells a security guard he is there to collect the $10 billion in taxpayers' funds that went to the investment bank. He doesn't get past the front door.
THE FACTS: Three months after that scene was shot, Goldman Sachs was one of 10 large banks that repaid in June some $68 billion they received from the $700 billion Troubled Assets Relief Program. Since then other large financial companies have repaid funds, too, including Chrysler Financial and American Express Co.
Still, many large banks haven't repaid the TARP money. Citigroup Inc. and Bank of America Corp. each received $45 billion and have yet to repay those funds.
Not all of the $700 billion in TARP funds have been disbursed. The total peaked at $425 billion.
MOORE'S RESPONSE: "Let's be clear on this. We're not talking about the majority of people who took the money ... not even 10 percent of the $700 billion has been returned."
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MOORE'S TAKE: You're better off dead -- at least that's how some companies view their workers.
THE FACTS: Moore highlights an ugly truth about insurance policies that benefit companies, not the employees, when workers die. Wal-Mart Stores Inc. is scathed for its use of such "dead peasant" policies. Moore notes how the sudden death of a 26-year-old former Wal-Mart worker resulted in a $81,000 life insurance payout to the retailer.
But it's never mentioned in the body of the film that in 2000 the world's largest retailer canceled all 350,000 of these policies it took out on employees between 1993 and 1995.
MOORE'S RESPONSE: No misrepresentation here, he says: Wal-Mart's termination of the insurance policies is included in a 7-minute-long presentation of facts and quotes on different issues relating to the movie shown in the closing credits.
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MOORE'S TAKE: Sen. Chris Dodd, D-Conn., and other government officials unfairly and hypocritically benefited from financial programs not available to all.
Moore asserts that Dodd received more than $1 million in discounted loans for being a "Friend of Angelo," referring to Angelo Mozilo, the former CEO of Countrywide Financial Corp. That lender, which was heavily involved in the subprime-mortgage business, was sold last year to Bank of America.
Also, Moore highlights that as chairman of the Senate Banking Committee, Dodd has oversight over the mortgage and banking industries and has been critical of predatory lending.
THE FACTS: Dodd has acknowledged that he participated in a VIP program at Countrywide, refinancing loans on two homes in 2003. One was a 30-year adjustable rate loan for $506,000 with an interest rate of 4.25 percent and a fee of 0.45 percent. He also got a 30-year adjustable rate mortgage for $275,042 with an interest rate of 4.5 percent and a fee of 0.73 percent.
Both interest rates and fees were within industry norms for that time, according to data provided to the AP by Bankrate.com.
Last month, the Senate's Select Committee on Ethics cleared Dodd and Kent Conrad of North Dakota of getting special treatment on the mortgages. But the bipartisan panel also said the senators should have "exercised more vigilance" in their dealings with Countrywide to avoid the appearance of sweetheart deals.
MOORE'S RESPONSE: "Why wasn't (the ethics panel's ruling) in this film? Because the story isn't over.
"I would hope that the Justice Department doesn't just let this drop," Moore said. Moore is calling for an investigation into how the loans were made, "not just to Senator Dodd, but to all those in both the Clinton and Bush administrations that benefited from this."
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To Read the Rest of the Article on CTV Go To:
http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20090924/ENT_moore_factcheck_090924/20090924?hub=Entertainment
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