Smug Ed Schultz Forced to Admit Huge Blunder About News Corp.
A former gridiron star really ought to know better than to spike the ball in the wrong end zone.
Appearing more subdued than he had on "The Ed Show" just 24 hours earlier, MSNBC action hero Ed Schultz last night admitted making an embarrassing error about News Corporation, parent company of Schultz nemesis Fox News Channel.
On "The Ed Show" July 12, Schultz claimed he knew why Fox pundits such as Bill O'Reilly oppose President Obama's call for higher taxes on the wealthy (video after page break) --
Here's the real reason Bill O'Reilly and other Fox Newsers don't want tax increases on the rich. Because under the current tax code, O'Reilly's boss, Rupert Murdoch, actually makes money off the United States government. Now you can see here (referring to chart), in the last four years Murdoch's News Corp. made $10.4 billion in profit. How much -- how much?! -- did the company pay in corporate income taxes? Zero! In fact, after refunds News Corp. actually made (pause for effect) $4.8 billion! Think about that the next time Bill O'Reilly says he's looking out for you and the next time he tells President Obama he's making a huge mistake by raising taxes on the wealthy.
Joining me tonight is Pulitzer Prize-winning journalist David Cay Johnson, author of "Free Lunch: How the Wealthiest Americans Enrich Themselves at Government Expense (and Stick You With the Bill)." He's also a columnist for Reuters and he wrote about Rupert Murdoch's tax profits.
"Tax profits" that quickly turned to tax payments, Schultz told his audience last night, perhaps after an exchange of clarifying phone calls between lawyers at News Corp. and MSNBC --
We'd like to make a correction. Last night we told you News Corp. received $4.8 billion in tax refunds over four years, 2007 through 2010. The information from a Reuters article by David Cay Johnson was inaccurate. News Corp. actually paid $4.8 billion in taxes over those four years. In receiving News Corp.'s annual disclosure reports, Mr. Johnson made a mistake. A tax figure in parenthesis conventionally denotes a refund but not always. The error was confirmed to Mr. Johnson by a respected tax expert. Johnson has fully apologized and explained the mistake. No excuses.
"No excuses" -- how noble of you, Ed. Yet absent from both segments was any mention of General Electric, parent company of MSNBC -- in other words, your boss prior to Comcast acquiring NBC Universal in January 2011 -- paying no federal taxes in 2010. And by the way, $4.8 billion in taxes on $10.4 billion in profit is a tax rate of 46 percent -- 11 points higher than the corporate tax rate of 35 percent. Which I'm sure is all the basis you need for yet another harangue against the wealthy as tax scofflaws.
One other thing, Ed (a frequent NewsBusters reader) -- it's David Cay Johnston, not Johnson. Given how frequently he's a guest on your show, you should also know that by now.
- Jack Coleman's blog
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Comments
Beautiful job, Jack
Submitted by Blonde on Thu, 07/14/2011 - 7:30pm.
You'd think these uber-pontificators might want to fact check these things before they merely read and rant them on the air.
How embarassing for little Eddie Haskel. Busted by Beaver's Mom again.
Handy Reference Guide to Obama's Gaffes and Goofs ~ Currently Numbering 200 (and Counting)
Thanks, Blonde :)
Submitted by Jack Coleman on Thu, 07/14/2011 - 9:00pm.
"uber-pontificators," I like it!
Ed doesn't care
Submitted by Jerry Mack on Thu, 07/14/2011 - 7:31pm.
Fat Ed doesn't care what a person's name is as long as they can throw dirt on Fox. Do not be shocked if he reports a story that Johnston was a FOX plant sent to do him harm. Justawondering if Fat Ed has a staff to verify facts once in a while.
Funny
Submitted by Brad90956 on Thu, 07/14/2011 - 7:34pm.
That's funny...I saw Johnston apologize for his error but I didn't see Fat Ed apologize to Murdoch or O'Reilly for his false statement.
Ed Shultz
Submitted by gunguru on Thu, 07/14/2011 - 7:32pm.
retracted the tax paid mistake; is he going to retract the rest of his harangue against his competitor? I know, stupid question. (and he isn't really competition for anyone on FNC)
A former gridiron star really
Submitted by Dave. on Thu, 07/14/2011 - 7:36pm.
A former gridiron star really ought to know better than to spike the ball in the wrong end zone.
Yep, especially if you are the water boy, towel fetcher, and jock sorter.
-Dave
Vote for the American in November
Did you call
Submitted by UpNorth on Thu, 07/14/2011 - 7:52pm.
Fat Ed the jock sniffer? But, the image of Fat Ed a gridiron star is just beyond the pale.
Hmm, I see that Ed couldn't even catch on with a team in the CFL.
every team needs a tackling dummy
Submitted by wizardjr on Thu, 07/14/2011 - 7:57pm.
only thing is.. ya gotta wear the helmet Ed. (no, no, AT the practice not afterwards)
UN,
Submitted by Dave. on Thu, 07/14/2011 - 8:05pm.
LOL - I'm still surprised this idiot has a legit pilot's license.
That's not a little scary.
-Dave
Vote for the American in November
I would expect that,
Submitted by UpNorth on Thu, 07/14/2011 - 11:41pm.
if the R's take the Senate in 2012, ole Crazy Eddie will fly his Cessna into the Capitol. But,not before changing his party affiliation back from dem to Republican. Just to cause trouble for those he hates.
Hey, whoa whoa whoa........
Submitted by jon_torlin on Fri, 07/15/2011 - 8:59am.
Careful with ideas like that. Some of us in Central Texas are a little leery of small planes after that one guy flew his plane loaded with fuel barrels into that building in Austin last year. Every time since then, when I see a small plane out my office window, I look to see which way it's going.
And that guy was a whacked out liberal as well.
-Jon
"A former gridiron star"
Submitted by Newsbubba on Thu, 07/14/2011 - 8:47pm.
I knew that "Special Ed" played football, mostly without a helmet I presume, but "a star?" Exactly where was this, ah, soul a star?
I think someone up the chain had it right. He is more of a jock sniffer, like Prissy Chrissy, than an actual combatant. The smell of sweat and cordite gets them both breathing heavy.
Will someone name a talking head on MSNBC who is not a total loser? I can't think of one!
He was an All American in college
Submitted by Galvanic on Fri, 07/15/2011 - 8:14am.
He played at Minnesota State University Moorhead where he was reportedly the NAIA passing leader and an All-American in 1977. Later, he had try-outs with the Oakland Raiders and the Winnipeg Blue Bombers (CFL), but I don't know if he actually played in any professional football games.
Thanks, Galvanic.
Submitted by Newsbubba on Fri, 07/15/2011 - 9:51am.
I guess that "Lean Forward" thingy comes naturally to him after standing under that many centers.
Ed the Red
Submitted by palmaceiahome on Thu, 07/14/2011 - 7:49pm.
Apparently Ed Schultz is competing with Rachel Madcow to see who can make the most retractions on MSLSD
Short bus Ed
Submitted by wizardjr on Thu, 07/14/2011 - 7:56pm.
He's not called Special Ed for nothing ya know.
CORRECTION: "Speshul" Ed
Submitted by Beukeboom on Fri, 07/15/2011 - 7:26am.
CORRECTION: "Speshul" Ed
:-)
Let's not forget other companies
Submitted by LSBeene on Thu, 07/14/2011 - 8:08pm.
The "Big Oil makes profits and is therefore evil" meme (oil co's frequently make 6-8% profit) does not apparently extend to Apple (huge profit margin) and it's liberal founders (activists), Starbucks (same on both counts), or any other liberal leaning company that makes a higher % of profit than "big/evil oil", but, gee, never seems to get any press.
And, yea, Ed, if you're really an honest reporter, and your news CORPORATION is not ideologically in collusion with G.E., and you are free to report on G.E. unfettered by any filter (read: censorship) - then please DO expose how G.E. paid such low taxes at a time they were clearly receiving Presidential patronage, and the country was strapped for cash.
His apologiy is noted: a REAL apology would be to do a balanced piece on his own company along the same lines.
Unless, of course either an agenda, or fear of reprisal is holding him back .... hmmmmm?
Morning Shmoe is Brewed by Starbucks every morning
Submitted by djwolf12 on Thu, 07/14/2011 - 8:34pm.
and I refuse to even pull into a Starbucks parking lot to make a U-turn. Starbucks is pure evil.
vacation
Submitted by grammajane on Thu, 07/14/2011 - 8:17pm.
Wonder if messnbc will tell the "big football player" to take another unpaid vacation. Maybe he could take the other evening journalists with him.Didn't realize that water-boys spiked the football??
A joke in a tie.
Submitted by telecaster on Thu, 07/14/2011 - 8:25pm.
This is what comes from indulging intellectually challenged people by giving them a televised forum with which to demonstrate their handicap. This guy thinks juvenile emotionalism equals smart. No it equals not smart. Yet despair not....he will continue to waddle out to regale us with his wisdom because the people who pay him think he's wise. Makes you wonder about the audience that watches this twaddle and believes it. Go figure.
Ed "Wrong Way" Shultz..............
Submitted by djwolf12 on Thu, 07/14/2011 - 8:26pm.
That has a great sound to it. Especially since it is coming from a network that has "Lean Forward" as its slogan.
I like that -- it fits
Submitted by Galvanic on Fri, 07/15/2011 - 8:37am.
There are few things as satisfying as watching this bombastic cartoon character come on the air to admit that his "facts" were 180-out from truth. Maybe his girth is attributable to his frequent ingestion of humble pie.
Jesus what a complete
Submitted by fatboy on Thu, 07/14/2011 - 8:34pm.
Jesus what a complete a--hole!
Lean forward short-bus.....
Submitted by Captain Repus on Thu, 07/14/2011 - 8:39pm.
Lean forward short-bus..... ah, thats it..... maybe a little further Eddie... yeah, now just a little further....darn it, he rolled instead of falling
MSNBC et al is no longer owned by GE
Submitted by kch50428 on Thu, 07/14/2011 - 9:12pm.
Comcast bought NBC/Universal (including MSNBC) from GE in a deal that closed Jan. 29, 2011. Might want to revise that last paragraph a bit in the original story...
I see your point
Submitted by Tugboat Phil on Thu, 07/14/2011 - 11:05pm.
It reads a bit confusing. In 2010, GE was Ed's boss. He was never suspended under their management. Comcast seems to have some type of standard for his behavior.
Good suggestion
Submitted by Jack Coleman on Fri, 07/15/2011 - 7:54am.
I agree, a revision is in order to reflect that GE was Schultz's boss as of 2010, prior to the Comcast deal. Thank you!
Nonetheless . . .
Submitted by Galvanic on Fri, 07/15/2011 - 8:20am.
. . . Wrong Way Schultz earned money for a corporation that paid no Federal income tax on the $5 billion it earned in US sales.
And they call Sarah Palin stupid?
Submitted by VanPastorMan on Thu, 07/14/2011 - 9:22pm.
It seems they ought to look in the mirror once in a while.
heard the same story on npr this morning.
Submitted by puredmashie on Thu, 07/14/2011 - 9:33pm.
wonder if a retraction is coming...
So?
Submitted by Dingbat on Thu, 07/14/2011 - 9:42pm.
No one saw what Ed said to begin with.
Special Ed needs to
Submitted by Bhaal on Thu, 07/14/2011 - 9:49pm.
Special Ed needs to reconsider the line in the commercial on MSNBC where he says "I should be doing two shows a day." He shouldn't even be doing one show a day. The job he should be doing only needs for him to know the line; Do you want fries with that?
I can see Ed's mood stabilizing medications worked for once.
Submitted by drsamherman on Thu, 07/14/2011 - 10:05pm.
Wonder what he is on....he has the attenuated reaction side-effects so common to anti-epileptics used in management of bipolarity.
The ED show...
Submitted by USMC8411 on Thu, 07/14/2011 - 10:16pm.
Another Erectile Dysfunction. What an msnbc slut that Sergeant Shutltzie is... He knows nothing, nothing...
Stop drinking the cool aid Mr. Dysfunction, and switch to TEA. Maybe then you won't have to take so much time off from the ONE show you have, and you won't have to apologize so many times on the ONE show that you have. If you had 2 shows, you'd make twice the fool out of your bloated jowls...
As far as the radio gig, I only hear your crazy rants replayed in the new media spotlighting your insanity... And man, what a hoot!!!!!
Priceless!
Submitted by Molecule on Thu, 07/14/2011 - 10:20pm.
Ed, if you're reading this, please, please, just go away. Find a different line of work.
Oh, wait... what am I saying?! I like getting my comedy earlier in the day than Leno.
Goodwill is hiring.
Submitted by Beukeboom on Fri, 07/15/2011 - 7:27am.
Goodwill is hiring.
I tried his show when I
Submitted by amyshulk on Fri, 07/15/2011 - 7:06am.
I tried his show when I started DVR'ing the news. I remember he touted his working class blue collar background and said he was an R. I soon realized he meant a former R and I think that's why he got the gig. His show is just one long "blame game" and I dropped it fast!
Ronald Reagan
Fat Eddie
Submitted by ripper58 on Fri, 07/15/2011 - 7:41am.
the Forrest Gump of MSNBC
No comparison...Forrest was a
Submitted by Beukeboom on Fri, 07/15/2011 - 8:00am.
No comparison...Forrest was a nice guy.
And apparently smarter than Ed "Short Bus" Schultz. At least Forrest had common sense.
:-)
It is MSNBC and Special Ed
Submitted by John21 on Fri, 07/15/2011 - 7:52am.
You don't really expect "Special Ed" or "MSNBC" to actually check data prior to airing a blast at their betters do you? You can't honestly expect "MSNBC" to do any research to actually confirm a story, that would be expected only of a true news organization not a television version of a supermarket tabloid.
You ask too much of a liberal news organization. The idea that you expect them to actually do their job is ridiculous
Ed Schultz
Submitted by hbnolikeee on Fri, 07/15/2011 - 8:38am.
is a huge blunder.
Huge Blunder????
Submitted by Bourbeau on Fri, 07/15/2011 - 8:55am.
Really Newsbusters? In whose universe? Schulz is a despicable talking head of the first order, but to classify anything he misspeaks of as a huge blunder is truly a bit overstated. You need to get a grip on your hyperbole and stick w/reality; after all, you're talking to an intelligent mass of readers who can discern fact from fiction pretty readily.
You can recognize the huge blunder easily.
Submitted by hbnolikeee on Fri, 07/15/2011 - 9:12am.
The only time Schultz admits getting caught lying is when it is too huge to whitewash.
Why apologize?
Submitted by Kenyon Schraeder on Fri, 07/15/2011 - 11:22am.
If the very modest viewership that MSNBC "enjoys" would rather listen to spin, hyperbole and bias than know the facts, and revel in listening to a buffoon spew outlandish fabrications, what, if anything, would that buffoon's apology, offered in an insincere manner, benefit that network or its viewership? Seems it would be tossing "pearls before swine".
No, it was just the pedestrian "correction" made at the insistence of the network's legal team to avoid a potential libel lawsuit.
Look what they get for $4.8 billion
Submitted by pbthinker on Fri, 07/15/2011 - 11:37am.
News Corp pays $4.8 billion in taxes, can't get interviews with top tier Democrats, Obama's White House tries to stiff them in interviews, and the whole Democrat establishment continues to lie about them.
Perhaps they should pay no taxes and have Murdoch sitting on the Economic Advisory Council and they'd see a top tier Democrat facing Chris Wallace on Sunday.
The fact that he made such a
Submitted by Ryan Mc. on Fri, 07/15/2011 - 1:51pm.
The fact that he made such a large error is disturbing but believing that it is possible to make 4+ Billion from taxes is insane.
Outside of "green" energy, farming, and being a Kennedy, there aren't mystical tax loopholes that pay you money beyond your taxable earnings. Paying no tax at all in the GE example is about as extreme as you can get. Getting everything you paid back plus and extra 4Billion would almost certainly involve massive fraud. The fact that ED could even believe that possible shows how much of a damn fool he is.
Disappointing
Submitted by Model850 on Fri, 07/15/2011 - 4:08pm.
I was really disappointed by Ed's apology.
What? No dramatic pause for effect before trumpeting "$4.8 billion?"
Seems like Schultz is having
Submitted by deerjerkydave on Fri, 07/15/2011 - 8:26pm.
Seems like Schultz is having to issue corrections like every other day. He and Rachel Maddow.
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"The powers delegated by the proposed Constitution to the Federal Government are few and defined. Those which are to remain in the State Governments are numerous and indefinite. -James Madison