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Romney Campaign Press Release - The Big Bain Backfire

May 14, 2012

"President Obama and his billion-dollar attack machine are desperately trying to distract from their own failed record of wasteful spending and crony capitalism by launching an attack on free enterprise. The President should be more concerned with helping the twenty-three million Americans who are struggling for work. Mitt Romney has the experience and pro-growth plan to promote job creation and get our economy back on track." –Andrea Saul, Romney Spokesperson

President Obama's Own Former Adviser Called The Ad "Unfair":

Former Obama Economic Adviser Stephen Rattner: "I Think The Ad Is Unfair... I Don't Think There's Anything Bain Capital Did That They Need To Be Embarrassed About." "Former Obama administration auto czar Steven Rattner said Monday that the Obama campaign's renewed attack on Mitt Romney's time in private equity was 'unfair.' 'I think the ad is unfair.' Rattner said. 'Mitt Romney made a mistake ever talking about the fact that he created 100,000 jobs.'...'Bain Capital's responsibility was not to create 100,000 jobs or some other number. It was to create profits for its investors,' Rattner said. 'It did it superbly well, acting within the rules, acting very responsibly,' Rattner said. 'This is part of capitalism, this is part of life. I don't think there's anything Bain Capital did that they need to be embarrassed about.'" (Byron Tau, "Ex-Obama Adviser: Latest Anti-Romney Ad Is 'Unfair'," Politico, 5/14/12)

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NBC News: "The Obama Campaign's Bain Argument Appeared To Be Somewhat Undercut Within Hours Of The New Ad's Rollout, When Former Obama Adviser And 'Car Czar' Steven Rattner Called The Commercial 'Unfair.'" (Ali Weinberg and Carrie Dann, "Obama Campaign Criticizes Romney's 'Economic Values'," NBC News, 5/14/12)

President Obama's Fundraising Host For The Evening Has Publicly Rebuked Similar Attacks On Free Enterprise:

Tonight, President Obama Is Attending A Fundraiser At The Home Of Tony James, A Senior Official At The Country's Largest Private Equity Firm. "President Barack Obama's campaign took aim at Republican Mitt Romney's private equity experience on the same day the president is raising money at the New York apartment of Blackstone Group LP (BX) President Tony James." (Hans Nichols and Julianna Goldman, "Obama Hits Romney On Bain Record As He Raises Wall Street Money," Bloomberg, 5/14/12)

In February, James Criticized Political Attacks On Governor Romney's Business Record. "Tony James, president of Blackstone Group LP (BX), said campaigns criticizing the private equity industry in the wake of Mitt Romney's run for the Republican presidential nomination will hurt fundraising and buyouts....'Pension funds have boards, they don't want to be giving money to an industry that has a taint,' James, 61, said today in an interview on Bloomberg Television's 'InsideTrack' with Erik Schatzker. 'Similarly, boards of directors don't want to sell their company to organizations they don't view as respectable. So it could be very damaging for the industry.'" (Devin Banerjee, "Blackstone's James Says Anti-Romney Ads Hurt Private Equity," Bloomberg, 2/7/12)

  • Politico: "The Timing Is A Little Awkward Given That...Team Obama Rolled Out A Major Ad Offensive Targeting Mitt Romney's Time As A Private Equity Executive." (Alexander Burns, "Obama Host Rebuked Bain Attacks," Politico, 5/14/12)
  • CBS News: "Even [Obama Campaign Adviser Stephanie] Cutter Acknowledged Today That Bain Is A Successful Company." (Stephanie Condon, "Obama Camp: Attack On Romney Isn't An Attack On Private Equity Industry," CBS News, 5/14/12)

Previous Attacks Against Governor Romney Have Repeatedly Been Debunked By Third-Party Observers:

Two Weeks Ago, The Washington Post Called An Obama Ad Targeting Romney "Truly Misleading." "Notice a problem with the last two examples? The outsourcing occurred in 2000 and 2001. Romney left Bain in early 1999. ...Two wrongs don't make a right. The Obama campaign is rebutting a truly misleading ad by resorting to old tricks and ignoring our previous rulings. For one thing, the ad blames Romney for moves that Bain Capital made when he was no longer working for the firm. ...On balance, the Obama ad earns Two Pinocchios." (Josh Hicks, "Does Mitt Romney love outsourcing?," The Washington Post, 5/4/12)

In January 2012, The Washington Post's Glenn Kessler Gave The Obama Campaign "Three Pinocchios" And Said Romney Should Not Be Blamed For Deals Occurring After He Left Bain. "Romney's record when he was running Bain is certainly fair game, but any deals made after 1999 just shouldn't count." (Glenn Kessler, "The Obama Campaign's Suspect Claim About Romney's Role In Store Closings," The Washington Post, 1/18/12)

What They Are Saying About President Obama's Attack On Free Enterprise:

ABC News: "Romney Hit On Bain Jobs Lost After His Exit" (ABC News, 5/14/12)

Daily Caller: "Obama's Already Debunked Attack Ad On Romney And Bain" (Daily Caller, 5/14/12)

Bloomberg: "Obama Hits Romney on Bain Record as He Raises Wall Street Money" (Bloomberg, 5/14/12)

Washington Examiner: "Anti-Romney Steel Worker Was Offered A Buyout" (Washington Examiner, 5/14/12)

Politico: "Obama Host Rebuked Bain Attacks"(Politico, 5/14/12)

ABC News: "Former Obama Adviser, Steven Rattner, Calls Obama Camp's Bain Ad 'Unfair'" (ABC News, 5/14/12)

Daily Caller: "Amid Romney Attack, Obama Camp Not 'Questioning The Private Equity Industry'" (Daily Caller, 5/14/12)

Politico: "Obama's Bain Ad -- A 1-Day Engagement?" (Politico, 5/14/12)

Mitt Romney, Romney Campaign Press Release - The Big Bain Backfire Online by Gerhard Peters and John T. Woolley, The American Presidency Project

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