Fox News Resurrects Petrobras Conspiracy Theory Against Obama

It's shocking to me that US law allows fabrication and distortion of information, bald-faced lies, to be broadcast on public airwaves. This case of mis-informing public opinion has to do with a spurious claim that Obama arranged a massive loan for George Soros at the expense of the US government.
http://mediamatters.org/research/201103240035?utm_

For more on the fact that it is legal to lie on the air in the US, check out this previously posted story on the decision of US courts regarding investigative journalists who refused to put lies and misinformation into a report on rGBH in milk and Monsanto, but were denied whistleblower status.
http://www.relfe.com/media_can_legally_lie.html

This is a piece from one of the reporters, Jane Akre, summarizing the entire case. From both articles you will see that there is no laws that prohibits misinformation when presenting the news.
http://www.prwatch.org/prwissues/2000Q4/lawsuit.html