Bain Capital Slammed In DNC Attack Ad Targeting Mitt Romney (VIDEO)

As the 2012 campaign road winds its way toward South Carolina, frontrunner Mitt Romney's time at Bain Capital is under more and more scrutiny.

The Democratic National Committee has joined the fray, releasing a web video highlighting criticisms of Romney's dealings with the venture capital firm. Entitled "Don't Just Take Our Word For It," the clip crosses party lines, relying on critical comments from GOP rivals to get this opening claim across.

"Mitt Romney has a record of destroying the economic lives of companies, individuals, and entire communities as a corporate buyout specialist," the ad reads, before turning to Republican voices.

Rick Perry and Newt Gingrich, among others, spent some time this past week homing in on Romney's time at the firm. Gingrich targeted Romney's record as a venture capitalist, raising the question of how "the big boys made a lot of money and [others] went broke." Perry likened Bain Capital to "vultures" that ruin workers' lives, and highlighted decisions that cost jobs in South Carolina.

Romney's job cuts may be forgiven by Palmetto State voters. The Associated Press notes that despite high unemployment and a bleak employment outlook, South Carolina voters are used to low wages and a lack of unions.

Comments

[mrdtla]

07:32 PM on 05/16/2012

The most difficult choice Willard M. Romney must make is whether to be a hypocrite or a liar.

- TK

[AZHusker]

12:32 PM on 01/13/2012

The DNC (and Obama) can attack Bain Capital and Romney's work with them but still want to take campaign donations from them??

"But Obama has outdone Romney on his own turf, collecting $76,600 from Bain Capital employees through September — and he needed only three donors to do it."

http://www.washingtonpost.com/politics/obama-has-more-cash-from-financial-sector-than-gop-hopefuls-combined-data-show/2011/10/18/gIQAX4rAyL_story.html

[cd1081]

02:02 AM on 01/13/2012

funny bain rhymes with pain.

[mrJJ]

05:49 PM on 01/12/2012

Mitt Romney received a $10 million bailout from the Federal Deposit Insurance Corp. in 1991, an event that runs contrary to the multimillionaire’s current anti-bailout position.

Documents obtained by the Boston Globe show that the FDIC negotiated a $10 million forgiveness with Bain & Co. while Romney was chairman and CEO in 1993.

The negotiations were part of a deal designed to reduce the debt load at the company, which was near bankruptcy. The FDIC had been forced to seize Bank of New England, who was a creditor of Bain’s.

In 2008, in a New York Times op-ed titled “Let Detroit Go Bankrupt,” Romney argued that “Detroit needs a turnaround, not a check.”

In May of 2011, Chrysler succesfully paid the U.S. Treasury back $5.1 billion from its federal bailout, while a study found that 1.14 million jobs were saved by the bailout of the auto industry

and in another report:

Special report: Romney's steel skeleton in the Bain closet

http://www.reuters.com/article/2012/01/06/us-campaign-romney-bailout-idUSTRE8050LL20120106

[sydney01]

04:39 PM on 01/12/2012

The thing that makes what Romney did so predatory, is that his firm loaded up the companies he took over with massive debt that greatly outweighed their profits. Part of that debt was the fees paid to Bain. It would be different if Bain's compensation corresponded to the future health of the company they worked on. It didn't, they were paid regardless if the company went bankrupt.