The Obama campaign released Wednesday a web video reprising Newt Gingrich's past criticisms of Mitt Romney -- on the same day Gingrich is expected to drop out of the race officially and back the presumptive GOP nominee.

"You certainly have to say that Bain at times engaged in behavior where they looted a company, leaving behind 1700 unemployed people," Gingrich says in one clip, referring to the private equity firm of which Romney was the CEO.

"I don't know of any American president who has had a Swiss bank account. I'd be glad for you to explain that sort of thing," he says later.

The Obama campaign's criticisms echo Gingrich's. An Obama ad airing in Ohio, Virginia and Iowa charges that Romney "shipped American jobs overseas" and closes with the statement, "it's just what you'd expect from a guy with a Swiss bank account."

It's not the first time that Obama has used Gingrich to make his case for him. In April, Obama echoed the former House speaker's criticism of the Paul Ryan budget, which Gingrich then walked back after a conservative outcry.

"In fact, that renowned liberal Newt Gingrich first called the original version of the budget 'radical' and said it would contribute to right-wing social engineering," said the president.