Obama ad attacks Romney as 'vampire' job killer
New Obama re-elect ad launched in a handful of battleground states attacks Republican Mitt Romney's record at a private equity firm.
Obama ad attacks Romney as 'vampire' job killer
Thomas Fitzgerald, Inquirer Politics Writer
President Obama's campaign launched a new television ad Monday morning that goes straight at Republican Mitt Romney's chief credential, business experience, attacking him as a greedy corporate executive who killed jobs and was indifferent to the suffering of workers.
The two-minute TV commercial uses the example of GST Steel, a Kansas City steel mill that was purchased by Bain Capital, Romney's former private equity firm, then restructured and ultimately closed, costing 750 jobs. It features former workers who describe the devastation and the lost pension benefits.
"It was like a vampire," former GST Steel worker Joe Cobb said. "They came in and sucked the life out of us."
Andrea Saul, spokeswoman for Romney, said the campaign welcomed "the Obama campaign's attempt to pivot back to jobs and their failed record."
She said that the bankruptcy of GST Steel and the layoffs occurred two years after Romney had stopped working at Bain, in 1999. (Romney left to manage the Salt Lake Olympics, but he was listed as CEO of the firm at the time of the bankruptcy and received in come from his ownership stake in Bain.)
Stephanie Cutter, deputy campaign manager for Obama, said in a conference call with reporters that it did not matter whether Romney was actively involved in Bain decisions that affected the steel company.
"He set this in motion," Cutter said. "It was his structure that was put in place, and he....was still making profits off this deal, and continues to profit off of Bain Capital today," she said. "So I do think it’s absolutely on the table as an indication of Romney’s values."
The ad is running in Pennsylvania, Iowa, Ohio, Virginia and Colorado. Republican media buyers said that the Obama campaign had only put up $83,000 for air time for the spot.
The ad was merely the beginning of a broad assault on Romney's career in private equity, including a web site.
Comments (33)
Bottom Line, the question of whether you are better off 4 years ago is the worst reason to vote for a President imaginable. Obama inherited a disaster and made things much better...certainly better than they would have been under 4 more years of the policies McCain was promising. The question is whether Obama is better than Romney, both as a man and for his positions. And the blatant racists, like all of those who call the President "Kenyan" must go.— Palestra Jon- bottom line..i'm worse off than I was 4 years ago.The Kenyan must go.— MilesLong1
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- I don't care what party you place yourself in, but anyone who thinks Mitt Romney is anything more than a hollow shell who hasn't earned a real dollar in his life is kidding themselves. Buying up companies then destroying them for profit is not something that takes business savvy. It only takes a fount of callousness and greed. Can anyone name one single accomplishment of Romney's that has contributed anything of worth to this world? The answer to that question is a resounding no.— Hemingway
- @Palestra: you need to be fully informed cause you sound like an idiot(thinking tax cuts & war are reasons for long-term deficits).....that means reading/understanding both sides.
@Seeds: I think you are an idiot....but a useful one for Fitzgerald.
@Cleanup Philly seems to have it right.— keapitreal - Comment removed.
- Fitzgerald & Phila Newspapers.....promoting advertising for Obama in a 'newspaper' we pay for. I won't hold my breath waiting for the anti-Obama Ad from Fitzgerald— keapitreal
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- If only people vetted Obama this closely before he became president. Romney's accomplished more in a week than Obama accomplished before he became president.— AvoidSundanceVacations
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- You wingnuts are a joke---you're going to blame Obama for the 8 million jobs in the real estate, mortgage and construction industries that were lost under Bush and not coming back? Without a stronger stimulus and job program, which was stopped dead by the Republicans, no one could have done better to get the economy moving again than what Obama has done. Had he gone along with the austerity called for by the Right, it would have been Hooverville II. You don't worry about short term deficits in a recession. You also don't start wars without paying for them. But that has become SOP for the Right.— Palestra Jon
- Funny thing is, Obama has NEVER really had a real job. Liberals are so funny.— Kaiser Sosa
- Obama calling Romney a "job killer"? That's funny.— Kaiser Sosa
- Irrespective of the nature of Romney's company, the fact that the man pays a 15% tax on the $7.5 million he made from its activities because it is characterized as "capital gains" and he wants to REDUCE that tax "burden" is a national travesty. Capital gains treatment of income should be given where an investment is made in jobs, infrastructure or production. Our long term deficits are primarily based on 2 overriding issues, the Reagan/Bush tax cuts and Bush's unfunded military adventures. Social Security and Medicare need actuarial adjustments for longer lifespans but if the Republicans think that they can give vouchers for a small portion of medical expenses of the elderly and Social Security that has been promised to people for decades because the rich aren't paying their fair share, they have another thing coming.— Palestra Jon
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- "were restructured"
Bain's MO was loading up a company with loan debt - then taking out that cash for Bain people like in Romney's pockets.
Bain never made an investment in "restructuring" to try to keep jobs -- it was about destroying the company while making money for Bain only.
— pal - edith bunker: Facts don't agree with you. Democrats are much better for the economy and jobs than republicans.
When it comes to jobs Democrats have created 42 million in 23 years while Republicans have created 21 million in 28 years since JFK was elected.
Here is the link..
http://finance.yahoo.com/news/private-jobs-increase-more-democrats-040007136.html
When it comes to the stock market if you invested 1000 dollars the day JFK was elected in the S&P 500 under just democratic presidents you would have made 10,000 dollars. In 23 years.
If you would have put the same 1000 under every republican president since 1961 you would have only made 3000 dollars.
Here is the link.
http://www.bloomberg.com/news/2012-02-22/stocks-return-more-with-dem-in-white-house-bgov-barometer.html
Now if you had the choice to put your money where your mouth is which are you choosing.
Far as RMoney. He state was ranked 47th out of 50 in job creation under the Bush economic miracle. Or Catastrophe. Whichever side you are on.— Bush Destroyed America - Very clear writing with numbers to prove it; too much for the tiny brain of the tea baggers.
January 2001- National deficit $0
January 2009- National deficit $9 trillion.
The two wars, medicare part B, TERP and above all trillion dollar in tax cut for top 1% put this country in debt. Each of those disasterous decision we continue to pay for to this day.
The stimulus was only 0.8 trillion.— Seed - They are both vultures and you dopes like to pretend one is better than the other. They both will continue to run this country into the ground!— edith bunker
- This from a guy who's job creation idea is Welfare, food stamps, Unemployment Insurance and State Jobs. Obama is a Community Organizer and does not understand the economy!— Rahjr
- This comment has been deleted.— stonewall jackson
- Robbing people's pension
Destroying their livelihood
How does that make a person strong?
How can a strong person let a vulture get away with robbery? Weakling like you will carry water for Romney for a handout.— Seed - Obama's desperation showing once again. The downward spiral continues with this incompetent "leader". Soon the vacations and tee fees will be on his own dime.— dogman5
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- Funny...Obama talking about policy which puts folks on the unemployment line. Guess he has missed what unemployment has done from what he "inherited". And that includes using tens of billions of borrowed dollars to artificially prop up the auto industry in an effort to pretend those jobs were "saved". Ridiculous.— kelprod2
- January, 2009- 800,000 jobs lost
January, 2012- 300,000 jobs created
Are you lying like Romney?— Seed - Comment removed.
- No big surprise here...Romney is known for his corporate takeovers and killing jobs. He doesn't know how business works or anything about Americans making ends meet. After knowing this...Why any sane American would want him as our President is beyond me.— babyowl53
- No big surprise here...Romney is known for his corporate takeovers and killing jobs. He doesn't know how business works or anything about Americans making ends meet. After knowing this...Why any sane American would want him as our President is beyond me.— babyowl53
- Mitt Romney's top economic adviser Greg Mankiw said the "offshoring" of American jobs was a good thing.
"David Foster says. "It's the very model that drove the American economy off the cliff, then left other people to manage the wreckage."
"Josh Kosman, who's written about the private equity business for 15 years. Romney is "more of a parasitic capitalist, since he destroys profitable businesses," instead of creating jobs.
"While writing his book, Kosman conducted an interview with a Bain managing partner. The man told him that when Bain was about to buy a company, its partners would hold a meeting. "He said that about half the time [they] would talk about cutting workers," says Kosman. "They would never talk about adding workers. He said that job growth was never part of the plan.
By the way, Romney had the worst jobs record in Massachusetts as governor, under his leadership, the state ranked 47th among the 50 states in job creation. A Northeastern University economist found that Massachusetts lagged on virtually every economic indicator while Mitt Romney was in office. What happen to his business experience you might ask, is it empty suit? Also, he's running on business experience, but he's yet to release his business tax record, what's he hiding from American public?
http://www.sfweekly.com/conten...
— Indep.State - Romney used GS steels reputation and workers dedication to get $125 million loan; turned around and gave himself $40 million check. What did he do to deserve it? How is this legal?
Romney robbed the workers on mainstreet and then destroyed their pension in wall street.
Romney the vulture capitalist- Rick Perry— Seed
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Inquirer staff writer Thomas Fitzgerald blogs about national politics.
You can reach Tom Fitzgerald at 215-854-2718 or tfitzgerald@phillynews.com.
Reach Thomas at tfitzgerald@phillynews.com.
Thomas Fitzgerald
Inquirer Politics Writer
You can reach Tom Fitzgerald at 215-854-2718 or tfitzgerald@phillynews.com.
Reach Thomas at tfitzgerald@phillynews.com.
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