I've never heard that.
But, regardless, comparing Steven Spielberg, a man who uses special effects to complement his brilliant storytelling, to Michael Bay who pretty much does the reverse is downright ridiculously ludicrous.
Here are some more differences:
1) While definately "adapting" some things, Spielberg worked very closely with Peter Benchley to ensure he captured the essense of the book (Just like he would do with Chrichton years later). I don't recall hearing about Bay consulting with Bob Budiansky or Jim Shooter or anybody of the like except for the CEO of Hasbro.
2) Spielberg actually poured sweat into the screenplay writing a lot of it with Benchley. Bay hires two Television writers to do his. I don't think Bay has ever been accussed of having "writing" talent.
3) After Jaws, Spielberg turned down several "big budget" movies (Superman for one) in favor of WRITING and making a more low-key intellectual movie (Close Encounters). I don't think Bay has ever seen a Big Paycheck he didn't like.
4) Every single GOOD director has made at least one "Real" movie. Sam Raimi? "A Simple Plan." Brian Singer? "A Usual Suspects." Spielberg? Countless. Bay? NONE.