Rachel Beck at The Associated Press fact checks Michael Moore's new movie, Capitalism: A Love Story. You might think from the title it's about his love of capitalism, but if you have seen Michael Moore's movies you know right away it isn't.
It's about how capitalism is bad and brings out the worst in people. Her fact checking shows:
Myth: Wall Street robbed taxpayers.
Fact: 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.
Myth: You're better off dead - at least that's how some companies view their workers.
Fact: 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.
Myth: Sen. Chris Dodd, D-Conn., and other government officials unfairly and hypocritically benefited from financial programs not available to all.
Fact: 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.
There's more, including Moore's responses to the fact checking.
The original article can be found here.
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As of August '09, Goldman Sachs repaid $10 billion of the $63.6 billion it received in the federal bailout. It still owes $53.6 billion. Your comment above would give the impression that they repaid $68 billion.
ReplyDeleteSorry, my bad. Goldman Sachs paid the $10 billion and were one of ten banks that repaid a total of $68 billion. I misread the article. still, the fact stands that the majority of the money loaned to banks has been paid back.
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