07/17/2012 12:36 pm ET

Colbert Takes On Romney's 'Retroactive Retirement' From Bain Capital (VIDEO)

Stephen Colbert is back after a two week hiatus, and not a moment too soon. Mitt Romney has led a fairly disastrous campaign as of late, and Stephen seemed to be chomping at the bit to make fun of his troubles.

"Obama is now attacking Romney's record," Colbert said, outraged. "It's like he's hellbent on making the word 'Bain' synonymous with 'a source of harm or ruin.'"

He chided Obama For America for running a new advertisement highlighting Romney's wabbly rendition of "America the Beautiful." Said Stephen, "Mitt was originally on key. But he outsourced many of those notes to India."

But Romney's most recent embarrassment, when Ed Gillespie said that Romney "retired retroactively" from Bain Capital in 1999, although he appears to have been legally in charge of the company through 2002, gave Colbert much more material to work with.

An Obama surrogate took some flack for saying hinting that Romney may have committed a felony for the discrepancies in his SEC filings. But Colbert thinks that it may actually be patriotic. "Lying to the SEC is not a felony, it's an entire industry."

And Colbert points out that Romney is actually giving himself a huge advantage with this "retroactive" talk. "If Mitt wins in November, he's beaten Obama. And if Obama wins in November, Mitt can just say he 'retroactively retired' from the race in 2009." Win/win.