Yesterday, The Manchester Journal Inquirer Reported Linda McMahon's Former Company Benefited From Provisions In The 2008 TARP Bailout Legislation, The Largest Bailout In U.S. History

McMahon Claims She Built Her Business "Without Government Help." "McMahon, who has taken a hard line against government bailouts and made much of her experience of building a company 'without the help of big government,' was pilloried by her opponents after the Journal Inquirer reported in October that the company had been handed nearly $3 million in state tax credits." (Don Michak, "McMahon's Company In Line For Federal Tax Breaks," Manchester Journal Inquirer, 2/1/10)

But Yesterday, The Manchester Journal Inquirer Reported That Linda McMahon's Former Company, WWE, Is Set To Benefit From Provisions In The Federal Bailout Legislation Inserted By Sen. Chris Dodd. "World Wrestling Entertainment Inc., the company controlled by Republican U.S. Senate hopeful Linda McMahon and her husband, expects to benefit from changes in federal tax law inserted into the government's massive bank bailout program by the Democrat she sought to unseat, Sen. Christopher J. Dodd, a company spokesman acknowledged." (Don Michak, "McMahon's Company In Line For Federal Tax Breaks," Manchester Journal Inquirer, 2/1/10)

And "McMahon Agrees She Would Have Voted For The Bailout..." (Don Michak, "Simmons, McMahon Battle For Fiscal Conservatives," Manchester Journal Inquirer, 12/4/09)

• Last Year's $700 Billion Troubled Asset Relief Program (TARP) Was "The Largest Bailout In American History." "Ben Bernanke may not have sold Main Street on the largest bailout in American history, but it isn't for lack of trying. The Federal Reserve chairman appeared flustered speaking before Congress Wednesday as politicians skewered the $700.0 billion financial bailout he is backing questioning motivations for the plan and even whether it will work." (Maurna Desmond, "Bernanke's Outside Bailout Pitch," Forbes, 9/24/08)

Just Over Two Months After The Bailout's Passage, McMahon Announced WWE Would Fire 10% Of Its Staff To Increase Profits

McMahon Cut 10 Percent Of The WWE Workforce In What Was Dubbed The "Titan Tower Massacre."  "The WWE have fired members of their backstage, office and active wrestling staff in what has been dubbed 'The Titan Tower Massacre.'"  (Phil Allely, "WWE Cut Host Of Employees," The [UK] Sun, 1/12/09)

McMahon Said She Was Cutting Staff To Increase Profits.  MCMAHON: "With these

actions, we believe we can execute our key strategic initiatives, including our digital strategy and international expansion, in a more profitable manner."  (WWE, "WWE Announced A 10% Reduction Of Its Staff Across All Areas Of Its Global Operations," Press Release, 1/9/09)

Conservatives, Editorial Boards And Columnists Deemed The Provisions "Outrageous,"

"Fiscal Recklessness," And Congress "At Its Worst"

National Review's Rich Lowry Called Provision "Outrageous." "List of Earmarks, etc

...apparently in the bailout bill (based on a list going around). Pretty outrageous. ... New Tax

earmarks in Bailout bill - Film and Television Productions (Sec. 502)" (Rich Lowry, "List Of

Earmarks, Etc ..." National Review's "The Corner" Blog, corner.nationalreview.com, 10/1/08)

New York Post Headline: "Porking Up The Rescue Bill." "The economic rescue bill

advanced by the Senate last night is a huge step in the right direction. Too bad it had so

many special-interest barnacles attached ... tax breaks for film and TV production, toy

wooden arrows, wool research, auto racing tracks, and Indian tribes; relief for litigants in the

Exxon Valdez oil spill." (Editorial, "Porking Up The Rescue Bill," New York Post, 10/2/08)

The Washington Times: "Special-Interest Provisions." "But voting for earmarks is a massive political problem for Mr. McCain, who has spent months traveling around the country boasting about his opposition to earmarks and pork-barrel spending and vowing to veto such spending. He also said he would shame into change those lawmakers who pass such legislation. Judging from his performance on the bailout bill, he can start the process by looking in the mirror. The bill Mr. McCain voted for on Wednesday is laden with the very special-interest provisions that he rails against. It includes tax breaks for: rum producers in Puerto Rico and the Virgin Islands; producers of wooden arrows used for children's toys; film and television producers; Indian tribes; railroads; 'Domestic Production Activities' in Puerto Rico; and auto- racing tracks." (Editorial, "Pork, Bailouts And McCain," The Washington Times, 10/5/08)

Columbus Dispatch: "This Is The Kind Of Fiscal Recklessness That Has Pushed Nation's Debt To Nearly $10 Trillion." "But it also includes tax breaks for auto-racetrack owners, the wool and rum industries, tax provisions to benefit movie and television productions, and an exemption from excise tax for certain wooden arrows designed for use by children. Members of Congress who sold their yes votes in return for such giveaways essentially exploited the nation's distress for their own gain and increased the cost to taxpayers in the bargain. This is no way to do the people's business, even in the best of times, much less during a national emergency. It's particularly unjustifiable when Congress fails to find offsets for tax breaks and increased spending. This is the kind of fiscal recklessness that has pushed nation's debt to nearly $10 trillion." (Editorial, "Taking Advantage," The Columbus Dispatch, 10/9/08)

San-Antonio Express News: "Capitol Hill Irresponsibility At Its Worst." "But it also adorned the bailout bill with special interest ornaments - legislative gifts to insiders to try to pick up enough votes to pass the measure in the House. How do you lard up a $700 billion spending bill? Wade through its 451 pages and you'll find giveaways like: ... Provisions related to film and television productions. ... The pork added to the bailout bill shows Capitol Hill irresponsibility at its worst." (Editorial, "Clean Up The $700 Billion Bailout Plan," San-Antonio Express News, 10/3/08)

Author David Smick: "Taxpayers Ought To Be With Pitchforks Marching On Washington."

"You know, it's funny, if they come up with a stimulus package like they did recently with that

$150 billion and you know of tax credits for Hollywood and the rest of the taxpayers ought to

be with pitchforks marching on Washington. I think the only argument in favor of any stimulus

right now is if it went directly to help people borrow and to help small businesses borrow.

Other than that, the pork and all the other public works stuff they wouldn't arrive in time and it

would just be an expansion of the deficit." (CNN's "Lou Dobbs Tonight," 10/25/08)

Conservative Republicans Attacked The Provision And Attempted To Strip It From The

Legislation, But Were Rebuffed In A Party-Line Vote

"Angry Republicans On Capitol Hill Yesterday Launched An Effort To Pull Nearly $2 Billion In Pork..." "Angry Republicans on Capitol Hill yesterday launched an effort to pull nearly $2 billion in pork - including tax breaks for wooden-arrow manufacturing and Puerto Rican rum producers - from the financial-rescue bill." (Daphne Retter and Dan Mangan, "Re$cue Pigs Get Roasted," New York Post, 10/3/08)

23 Republicans Supported The Amendment Sponsored By Rep. Steve LaTourette (R-OH). "Ohio Rep. Steven LaTourette said 23 Republican lawmakers will seek an amendment that would lower the amount the Treasury Department could spend on the bailout to $250 billion." ("Republican Group Wants US Bailout Cut To $250 Bln," Reuters, 10/2/08)

• Watch House Republicans Press Conference Announcing Amendment. ("Last Minute Fight Against Bailout Pork," www.youtube.com, 10/3/08)

The Amendment Sponsored In The House Rules Committee Would Have Removed "Tax Extenders Relating To ... Film And Television Production." "Rules Committee record vote No. 616 Date: October 2, 2008. Measure: Senate amendments to H.R. 1424. Motion by: Mr. Dreier. Summary of motion: To make in order and provide appropriate waivers for an amendment by Rep. LaTourette, #3, which would require that Congress approve additional outlay requests, would decrease the subsequent outlay purchase authority from $350 billion to $250 billion, would only distribute remaining funds if Congress acts within 15 calendar days following the submission of the Presidential report required by November 17, 2008, and would strike tax extenders relating to auto racing tracks, film and television production, wooden arrow production, and the Virgin Islands and Puerto Rican rum." (U.S. House of Representatives, Rules Committee, Report 110-907, www.rules.house.gov, 10/2/08)

• The Amendment Was Defeated 8-4, Along A Party Line Vote. "Results: Defeated 4-8. Vote by Members: Hastings (FL)--Nay; Matsui--Nay; Cardoza--Nay; Welch--Nay; Castor--Nay; Arcuri--Nay; Sutton--Nay; Dreier--Yea; Diaz-Balart--Yea; Hastings (WA)--Yea; Sessions--Yea; Slaughter--Nay." (U.S. House of Representatives, Rules Committee, Report 110-907, www.rules.house.gov, 10/2/08)

Sen. John McCain (R-AZ): "It's insanity, and it's obscenity because it's a waste of taxpayers'dollars, and it goes on." (Andy Barr, "McCain Decries Bailout Earmarks," Politico, 10/2/08)

• McCain: "[I]t is completely unacceptable for any kind of earmarks to be included in this bill. It would be outrageous for legislators and lobbyists to pack this rescue plan with even more taxpayer money for favored companies." (Sen. John McCain, Remarks At A Campaign Rally, Freeland, MI, 9/23/09) 

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