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Memo To Erin Burnett - Shut Your Banking Apologista Pie Hole And Get Your Facts Straight On The Bailout, Seriously!

Start watching at the 1:30 mark.

UPDATE #3 - CNN's New Star Is a Little Too Sympathetic to Wall Street - The Atlantic

UPDATE #2 - Salon Columnist Glenn Greenwald Annihilates Erin Burnett

UPDATE - Fairness And Accuracy In Media Has Responded To Erin Burnett

If CNN is interested in factchecking claims about Wall Street, they might want to start by taking a look at those made by their new host. At the very least, the show should invite the economists and policy experts who could set the record straight. 

ACTIONPlease tell CNN's OutFront that Erin Burnett's factcheck of Occupy Wall Street needs factchecking.

CONTACT: CNN OutFront Comment Form:

You can also send your comments to the show on Facebook

And on Twitter:


This clip is a must see.

CNN's Erin Burnett ventured down to Occupy Wall Street and told some protesters that "taxpayers actually made money on the Wall St. bailout."  She made fun of the protesters on-air and derided their knowledge of the bailouts.

The only problem for Erin, is that she's the one who didn't get her facts straight.

That's right, the banking apologista, who is engaged to a Citigroup executive, and is infamous for having her ass handed to her on camera by Congressman Brad Sherman over AIG bonuses, didn't do her bailout research before she decided to ridicule protesters for not doing doing their bailout research.

According to the U.S. Treasury's own figures, available publicly to any reader, including pneumatic (we understand if you need a dictionary for that one, Erin) and arrogant CNN reporters, as of TODAY, taxpayers are still more than $95 BILLION IN THE RED on TARP.  And that's including all interest and other income.  There is still $122 BILLION of TARP funds that have NOT yet been paid back.

We understand that Burnett was excluding GM, but she somehow missed that AIG, alone, still owes over $50 BILLION.

The "we made money on the bailout" meme just won't die.  Facts and in the case of Burnett, poor research, be damned.

Check this out:


Here's the ultimate proof, Erin.  We did the research for you while you were in makeup:


Oh no, we're not done with you Erin.  Since you loosely used the term 'bank bailouts' instead of TARP, in your on-air embarrassment today, we offer an extra can of whoop-ass, courtesy of Dylan Ratigan, your former colleague.

  • "So when someone like Sen. Gregg, or Erin Burnett starts lying to your face about how much money they made us with their bank giveaways, tell him he's $2 trillion short, and we can talk about the interest they owe us later."


It seems that Erin conveniently forgets to mention the trillions in stealth bailouts doled out to Wall Street from Bernanke and Geithner, at 0% interest.  We haven't forgotten Erin.  And neither have the fans of the late Bloomberg reporter Mark Pittman, who fought the Fed for this important reveal.

Check this out from Bloomberg and PBS, the next time you're in the make-up chair:

The True Cost Of The Wall Street Bailout

Watch just a few minutes of this clip.  It is outstanding.

Special report from Bloomberg -- Adding It All Up

Allison Stewart from Need to Know with Bloomberg reporter Bob Ivry.

The Bloomberg total is $12.8 trillion.

We all know about TARP, the Troubled Asset Relief Program, which spent $700 billion in taxpayers’ money to bail out banks after the financial crisis. That money was scrutinized by Congress and the media.  But it turns out that that $700 billion is just a small part of a much larger pool of money that has gone into propping up our nation’s financial system. And most of that taxpayer money hasn’t had much public scrutiny at all.  According to a team at Bloomberg News, at one point last year the U.S. had lent, spent or guaranteed as much as $12.8 trillion to rescue the economy. The Bloomberg reporters have been following that money. Alison Stewart spoke with one, Bob Ivry, to talk about the true cost to the taxpayer of the Wall Street bailout.


Here's more from Dylan Ratigan on Bank Bailout Lies:

This lie must be beaten back by all of us like whack-a-mole every time it rears its ugly head. Please help me by sending this information to any politician, media figure, banker, neighbor or robot that you find repeating it -- they can take our money, but they don't own the truth.

Let's break it down:

1. TARP itself hasn't even made money. AIG alone still owes us $75.6 billion. However, they always add the caveat "Other than AIG..." when they say that the bailouts were "profitable." But the AIG money was directly paid to many of these same banks that "paid back their TARP" at an outrageous 100 cents on the dollar! Mind you, this was done by government officials that were the former employees and current shareholders of the very banks they were helping. Let's make banks like Goldman Sachs, Bank of America and Societe Generale pay back the $105 billion of stolen taxpayer money before we let anyone say "TARP was paid back."

2. TARP is a tiny little part of a massive amount of taxpayer support. TARP is actually less than 10 percent of your tax dollars that have been handed to the banks. And now the banks "paid back" the tiny slice that is TARP with our money, and you are supposed cheer them for savvy. At this very moment, the taxpayer is still owed $2.02 trillion dollars for the bailout by our politicians and banksters, and that number is growing every day.

Never mind the money that these same banks make getting endless 0 percent interest loans from the Federal Reserve (aka you) while either they lend it back to you at 14 percent interest or just lend it right to back the government and pocket the yield. Never mind the multitude of benefits they get from being Too Big To Fail. But you're not supposed to pay attention to that; you're only supposed to notice how fast they paid back TARP!

So instead of these politicians looking for the only obvious place to find the money --clawbacks from the people who continue to steal it -- we are now being subjected to outright lies as they once again pick the banksters over the people who voted them in. But don't let them, or anyone in the media, get away with it without hearing from you.


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Reader Comments (49)

At Balloon Juice, a political blog, they say the CNN staffers on stage here “are acting like the Heathers of the mainstream media.” Kinda puts it well.

Oct 5, 2011 at 4:06 PM | Registered CommenterDailyBail
Alison and another CNN-er yuck it up about those whining protestors at Occupy Wall Street. This one hasn’t been deleted yet.

Oct 5, 2011 at 4:07 PM | Registered CommenterDailyBail
Let's see, Erin totally leaves it out of her calculations, but what about AIG? They still owe $50B. Not only would most people consider them "part of Wall St.," but guess where all that AIG bailout money went...to the BANKS! On Wall St.! (And banks in France and Germany.)

So, by my calculations the $50B owed by AIG, alone, minus the $10B or even $20B that "we" made off the bank bailouts leaves us...(hang on, getting my calculator)... OK, by my sophisticated calculations, that leaves us $30-40B IN THE HOLE. Just on the "Wall St. part" of the bailout.

Really, Erin. Seriously?
Oct 5, 2011 at 4:29 PM | Registered CommenterDr. Pitchfork
Oct 5, 2011 at 5:02 PM | Registered CommenterDailyBail
Dinesh D'Souza Is Clueless, Installment 273 (TARP Edition)


This one is good.
Oct 5, 2011 at 5:10 PM | Registered CommenterDailyBail
Oct 5, 2011 at 5:10 PM | Registered CommenterDailyBail
SIGTARP Report Says Geithner Is Lying To Taxpayers About AIG, 'Hiding $40 Billion In Losses'

Oct 5, 2011 at 5:12 PM | Registered CommenterDailyBail
CNBC's Becky Quick Is A Bailout Apologist And Believer In Paulson's Myth Of Societal Breakdown If TARP Hadn't Passed (Run For Your Lives!)

Oct 5, 2011 at 5:26 PM | Registered CommenterDailyBail
Don't forget Erin Burnett's just a tad conflicted having worked for Goldman Sachs as a financial analyst and being engaged to a bankster by the name of David Rubulotta, a Citigroup insider.
Oct 5, 2011 at 5:40 PM | Unregistered CommenterJack
We haven't forgotten Jack, but excellent of you to mention it.

I sent the story to Joe Weisenthal at Clusterstock for publication, emailed it to Ratigan, and tweeted it to Erin Burnett herself.
Oct 5, 2011 at 5:42 PM | Registered CommenterDailyBail
Oct 5, 2011 at 6:05 PM | Registered CommenterDr. Pitchfork
Fckn... Awesome. I was working on just this.... You da man! You beat me to it!
Oct 5, 2011 at 6:32 PM | Unregistered CommenterAlexander Higgins
There are 2 things about this that I find particularly encouraging. 1. TPTB find it necessary to dispatch a brainless hottie to the protests to set them straight on TARP. 2. Said hottie utterly fails on the facts, turning the mission into a backfire.

I do wonder what other moronic tactics we'll be treated to.
Oct 5, 2011 at 6:51 PM | Unregistered CommenterCheyenne
What a TOOL! Literally and Figuratively
What would be "acceptable" to the great and wise Erin Burnett?

1- Do not buy clothes at thrift stores.
2- One must rid oneself of the tools of your past job or future job!
3- Thou must NOT communicate via cell phone.
4- You must not eat food donated to the cause.

"Look! He is eating name brand peanut butter. Oh.. the decadence!"

"Wow, the cop did not stand on that guys neck this time"
Oct 5, 2011 at 6:53 PM | Unregistered Commenterebwhite
Sarah & Michelle move over Erin may run for President.
Oct 5, 2011 at 8:08 PM | Unregistered CommenterTR
What do you expect from an airhead bimbo???
Oct 5, 2011 at 8:36 PM | Unregistered CommenterIt is I only
i'm with erin. if you're defining the bailout as just tarp, then fine. but i'm pretty sure most would agree the fed's discount window loans, opened to corporations at the height of the credit crunch, was also part of the bailout.

since the fed pays all it's profits back to the treasury every year, the taxpayers earned the profits from these loans. if you want to include the amount of money taxpayers earn from the fed's loans to banks, it easily overwhelms the amounts you're quoting against erin. i think it's about $80 billlion a year that taxpayer's earn from the fed.

throw in all the government bailouts separate from both tarp and the fed and there is no disputing erin's point. if you want to argue social costs or that the money should have gone directly to make mortgage borrowers whole rather than the lenders, that's a valid argument, but to argue that the bailouts didn't net a profit?

the numbers are out there, you figure it out.
Oct 5, 2011 at 9:04 PM | Unregistered Commenterigotlost

Seriously? The Fed earns most of its "profits" from US Treasuries (and GSE securities) NOT from loans to depository institutions. In other words, most of those "profits" are simply recycled tax dollars. Are you really serious or are you just trying to play games?

In 2009, for instance, the Fed earned only about $3B from loans to banks (out of a total of $52B). Of the total, $46B was earned from Treasuries, from GSE debt, and from MBS the Fed purchased.

In 2010, the Fed earned only about 800M from loans (including TALF). They earned about $2B in interest from AIG, but then they paid out $2.7B in interest on reserves. As usual, the bulk of the Fed's "profits" were derived from interest on Treasuries, GSE debt and MBS (approximately $76B out of a total of $81B).

Get real.
Oct 5, 2011 at 9:32 PM | Registered CommenterDr. Pitchfork
rambling thoughts --- first time posting. bear with me !

The bankers own the govt. The govt owns the "media". You cannot shame the media. They will laugh as they lie. And the reason they lie is because some believe them.
How to get to enough of the tv watchers and the "newspaper" readers is the challenge. You can lead a horse to water, but you cannot make a person think.

John Pilger's words :
" ... this is what he told me. "In dictatorships we are more fortunate that you in the West in one respect. We believe nothing of what we read in the newspapers and nothing of what we watch on television, because we know its propaganda and lies. Unlike you in the West, we've learned to look behind the propaganda and to read between the lines, and unlike you, we know that the real truth is always subversive." ..." ( from : http://www.johnpilger.com/articles/the-invisible-government )

and america has not wised up to the fact that it's essentially a two-party dictatorship. There are many who still think that the
side of the wrecking ball with the elephant is better than the one with the donkey.

More people should read db, wrh, ich .... --- More rambles later.
Oct 5, 2011 at 10:45 PM | Unregistered CommenterBalu
It's funny to see Burnett wade right into the fray like she is some important journalist, when everybody knows that she is simply a good looking, corporate whore and mouthpiece for Wall street.
Oct 5, 2011 at 11:12 PM | Unregistered CommenterNevervotesrepublican
Burnett is CFR. She has a job to do.
Oct 6, 2011 at 12:05 AM | Unregistered CommenterNed
Last year, mark mchugh pointed out:

"All profits from TARP are required to go toward paying down the national debt, right? (FYI that's true) Do you know how much we paid down the national debt since TARP was signed into law?

Oct 6, 2011 at 2:05 AM | Registered CommenterDr. Pitchfork
Former CNBC reporter Erin Burnett's CNN show OutFront debuted Monday night (10/3/11) with a failed attempt to factcheck the Occupy Wall Street protests.

Oct 6, 2011 at 10:31 AM | Registered CommenterDailyBail
I would like to thank Glenn Greenwald for linking to this story (after Dr. P. sent him a note last night):


Erin Burnett: Voice of the People
Oct 6, 2011 at 10:42 AM | Registered CommenterDailyBail
Mmmmm, Erin...Bubble-licious!!!

Does anyone take her seriously? Erin on NBC Meet the Press-morons: "do you think all bankers are bad people?" Guest: "Huh?..."

Good luck with the new CNN show...CNN, where former CNBC-ers go to die...
Oct 6, 2011 at 11:19 AM | Unregistered CommenterJosie
The Atlantic and the Young Turks weigh in on Erin


CNN's New Star Is a Little Too Sympathetic to Wall Street
Oct 6, 2011 at 1:02 PM | Registered CommenterDailyBail
It's CNN. Of course it's bullshit. Along with all TV news.
Oct 6, 2011 at 1:29 PM | Unregistered Commenterj r
Can I just do this?

It's not directly to my site, and I think it leaves D.B.'s window open.

The underlying source is me commenting, businessinsider.com


Oct 6, 2011 at 2:00 PM | Unregistered CommenterENEN EverNewEcoN
Oh, I thought this would show in a heading:

Oct 6, 2011 at 2:02 PM | Unregistered CommenterENEN EverNewEcoN

Bruce Springsteen Tom Joad OWS
Oct 6, 2011 at 3:43 PM | Unregistered Commenterebwhite
Erin Burnett Salary

Erin Burnett is a CNBC anchorwoman who’s net worth is $12 million and annual salary is $2 million.

Erin Burnett was born in Mardela Springs, Maryland and has an estimated net worth of 12 million dollars. Erin Burnett studied political science and economics in college, ultimately graduating with a degree in political economy. She began her professional career working for Goldman Sachs in the mergers and acquisitions division. She was subsequently offered a position on CNN, serving as a writer, and casting guest analysts for the show “Moneyline”.

She became the Vice President of Citigroup/CitiMedia after leaving CNN. She also hosted the shows “Bloomberg on the Markets” and “In Focus” for Bloomberg Television. In 2005, she was hired to host the series “Street Signs” on CNBC, and she also served as co-host for the series “Squawk on the Street”. Both shows’ ratings improved immensely while she was host, and in June of 2011, she was offered her own show on the CNN network, called “Erin Burnett Out Front”. The show will begin airing in the fall of 2011.

Oct 6, 2011 at 7:08 PM | Registered CommenterDailyBail
Occupy Wall Street Vs. Erin Burnett: A Primer In Media Failure


Huff Post picked up the story and quoted my story within theirs. Thanks to the author Jason Linkins.
Oct 6, 2011 at 7:10 PM | Registered CommenterDailyBail
Could you please explain how the money the Fed uses to lend money to banks and businesses is our tax dollars?

Oct 6, 2011 at 10:06 PM | Unregistered CommenterTed
"All profits from TARP are required to go toward paying down the national debt, right? (FYI that's true) Do you know how much we paid down the national debt since TARP was signed into law?



That was one of the great lines from McHugh. I miss that guy.
Oct 7, 2011 at 12:46 AM | Registered CommenterDailyBail
From the get-go she says "hundreds of protesters", yet the clips she shows shows more than hundreds. She can't count, but she sure knows how to lie. Somehow all the bail-out money that went to foreign countries never came up. I am on a fixed income and pay no taxes, so I guess that is why I did not get any bail-out money? These bimbo "reporters" are the main reason I do not watch TV news, ever. Corperate media is just lies, lies, and damned lies.
Oct 7, 2011 at 9:34 AM | Unregistered CommenterHobbit
Ron Paul 2012
Oct 7, 2011 at 10:04 AM | Unregistered CommenterRP
Good first post, Balu. You're right of course. The amazing credulity of the American people.
Oct 7, 2011 at 11:39 AM | Unregistered CommenterETM
Erin is the best corporate spokesmodel money can buy so it should come as no surprise she is defending the indefensible again.
I think Cullen over at pragcap.com has the best take on EB.

"So what should Dan the “unemployed software designer” have said to Ms. Burnett? He should have said this:

“Excuse me, but I believe you have a completely insufficient understanding of the way that our fiat monetary system works. When the U.S. Treasury “makes” money it is actually reducing the outstanding net financial assets of the private sector. There is no such thing as “making money on the Wall Street bailouts” because, as the issuer of our currency, the U.S. Federal Government is not a profit making entity and cannot be compared to a household, business or bank. There is simply no such thing as the U.S. government having “more” money when it brings in tax revenues. As the monopoly supplier of the U.S. dollar, the Federal Government must issue money before it is available to us. And when they “make” money via increased taxes they are quite literally removing net financial assets from the private sector.

So no, none of us are “making money” on the bailout except for the people who caused their banks to collapse. That is of course, unless the banks or Uncle Sam are paying you some form of special bank bailout dividend? Did that happen? No. So none of us are “richer” directly because of the bank bailout.

More importantly though, what the banks did to us was break the moral code that is always attached to money. Money is always debt and when an institution or individual fails to adhere to the moral code attached to our debts, they are directly infringing on their moral obligations that they are legally bound to. And when a government bails out banks, individuals or businesses, they are saying that this infringement is okay and are in fact encouraging it. This is why we don’t allow counterfeiting, fraud, scams, etc. These are all forms of infringement on the moral code that inextricably links us all together via trade and commerce. Without the soundness and strict adherence to this moral code, there is no such thing as a healthy functioning U.S. economy. And the banks infringed on this moral code to the tune of trillions of dollars. And we let them get away with it. Now you’re justifying it with a false understanding of how a fiat monetary system works. Shame on you."
Oct 7, 2011 at 12:39 PM | Unregistered CommenterRobertM
"Everyone makes mistakes. But not everyone acknowledges when it's time to apologize. That time is now for Erin Burnett.

CNN's new evening anchor made a mistake this week when she aired a cheap-shot report about the Occupy Wall Street protests, mocking activists for being uniformed about big banks, and for being hypocrites in general. (They're anti-big business but they use laptops!)

The segment, as has been widely discussed this week, was an embarrassment. Not because anchor Burnett aired an opinion or that her opinion was at odds with the populist movement still unfolding in the Financial District. It was embarrassing because of how smug Burnett's critique was."

Oct 7, 2011 at 12:40 PM | Unregistered CommenterSomething Polish
Oct 7, 2011 at 2:42 PM | Unregistered CommenterJack
with all else she may or may not be, erin "green shoots" burnett is not exactly the brightest bulb in the fixture.

her "analyses", along with most of those in the 4th estate, no longer represent "thinking", as opposed to mindless position taking....with agendas.

she is no different.

indeed, it is no accident that she ended up at CNN....when you have the likes of wolf blitzer and other great "thinkers" anchoring what is really a series of commercials with some filler.

anyone over 30 can see how far we have descended....and these people are but a few examples of all that.
Oct 8, 2011 at 9:55 AM | Unregistered Commenterrobert
@RobertM and robert

Well done!
Oct 9, 2011 at 8:36 AM | Unregistered CommenterJosie
First time @ your site.

I think you should change the site name to: the Daily BAAL

To have any quasi-freedom in this country they force you to serve BAAL.

Can't get out if jail pay BAAL!
Oct 9, 2011 at 8:52 AM | Unregistered Commenteryour STRAWman
‘Occupy Las Vegas’ protest drowns out CNN host Erin Burnett

Oct 19, 2011 at 8:10 PM | Unregistered Commenterjohn
this gal would be more suited for drinking tea with the ladies of another era.Her lack of issues is breathless,you people @cnn are a joke.But I guess having 9pm eastern time with one of Rupert Murdachs newspaper crooks is what you guys do.
Oct 22, 2011 at 7:49 AM | Unregistered Commentercharlie
Erin couldn't have been more correct. Me being one of the so called 1% and my brother being a nypd officer, we both agree it was the largest un unified pointless hippy dance that accomplished absolutely nothing...people my brother being in the center of the protest told me day after day... there are more people with legalize marijuana signs and anarchist symbols than there were for any other particular wait well as Erin put it nothing!!! The disorganized group of people were mainly about 95% tourists, rubberneckers, and just taking a look at the mass hysteria and embarrassment and waste of more government funds ie our tax dollars ie urs and my money! ERIN SPOT ON what a bunch of bs Im still 1% my brother made a month worth of overtime along with the rest of the nypd which they well deserve in my opinion although really what was accomplished other than an anarchist parade of people (who by the was were no anarchist by defanitiio) because they wore the symbols but created no anarchy... whether that would have been a good thing i think not however .. if your gonna be an anarchist a ATLEAST CREATE SOME KIND OF ANARCHY other wise i sit in my chair unaffected and laughing at this charachter's rant about erin burnette whom may i add is brilliant beautiful and spot on...
Jan 29, 2013 at 7:35 PM | Unregistered CommenterJP

I covered Occupy very closely for 4 months. There was a lot of noise and useless protesting but there was also a tremendous amount of truth. Erin Burnett has a long history as an apologist for Wall Street, so we treat her accordingly.
Jan 30, 2013 at 1:13 PM | Registered CommenterDailyBail
Why don't you become a real anchor before you start offending Erin burnett she has a lot more to show then you do
May 24, 2013 at 4:23 PM | Unregistered CommenterMadisyn

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