BILL O'REILLY: Okay. So you don't recall seeing [Douglas] Shulman, because what some people are saying is that the IRS was used at a local level in Cincinnati, maybe other places to go after --



PRESIDENT OBAMA: Absolutely wrong.



O'REILLY: How do you know that because we still don't know what happened?



OBAMA: Bill, we do -- that's not what happened. Folks have again had multiple hearings on this. These kinds of things keep on surfacing in part because you and your TV station will promote them. But --



O'REILLY: But aren't there some unanswered questions?



OBAMA: Bill, when you look at the stuff, there have been multiple hearings on it. What happened here was that you've got a 501(c)4 law people think is confusing. The folks did not know how to implement because it basically says --



O'REILLY: So you're saying there was no corruption there at all.



OBAMA: That's not what I'm saying.



O'REILLY: I want to know what you're saying. You're the leader of the country.



OBAMA: Absolutely.



O'REILLY: You're saying no corruption, none?



OBAMA: There was some bone-headed decisions.



O'REILLY: Bone-headed decisions. But no mass corruption?



OBAMA: Not even mass corruption. Not even a smidgeon of corruption.