Stern is and always has been an ****, and he absolutely vetoed a much better trade package then the one they ultimately accepted.
Here is the vetoed trade: Paul for Kevin Martin, Luis Scola, Lamar Odom, Goran Dragic, Knicks 2012 1st (ended up 16th)
Here is the one that was accepted Paul, 2015 2nd, 350k cash for Eric Gordon, Chris Kaman, Al-Farouq Aminu, 2012 1st (LAC or MIN - ended up 10th)
Clearly the 1st trade has much better value, though maybe they don't end up in the right lottery slot to end up getting #1 (Davis). The simple reality is, if Gordon doesn't get hurt and only plays in just 9 of the 66 games, maybe they win an extra game or two and don't end in the correct lottery slot any way. And if Gordon had stayed healthy he would have been by far the best player out of everyone that season (obviously not Paul, just talking about the proposed traded players) and the general reason given for the veto was the trade would have kept New Orleans in mediocrity (yet they accepted a trade with a better player). Remember that was Odom's weird Dallas season where he was awful, Martin missed a third of the season with injuries, Dragic was still on the rise, and Scola isn't exactly a win generator (and really wasn't much better than Kaman that year).
So at the end of the day, I think they pretty clearly ended up vetoing the better trade (not looking at long term salary implications which were obviously a factor), but maybe they don't end up with Davis doing the first trade (they weren't the worst team in the league when they got Davis though so they didn't even need to bottom out).
So I say again, Stern was and still an **** and he wasn't even right as he vetoed a trade that had better long term value (Dragic alone makes that an easy call).