Google: No secret $500 mil YouTube fund

We are obliged to call this to your attention even tho we do not believe that it is true.

Google CEO denies rumor of YouTube legal reserve By Eric Auchard

SAN FRANCISCO (Reuters) - Google Inc. Chief Executive Eric Schmidt on Tuesday denied a widely circulated rumor that his company had set aside $500 million to settle copyright claims by media companies as part of its deal to acquire video-sharing site YouTube Inc.

Speaking to more than 500 Internet industry insiders at the annual Web 2.0 Summit, Schmidt said an anonymous blog post asserting YouTube has reserved $500 million for legal claims, out of the $1.65 billion takeover price, was "not true."

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