This ad, released by the Obama campaign attempts to paint Mitt Romney as having destroyed the two men’s lives and the lives of their families, Mitt Romney not caring about the ‘fallout.’ Mitt Romney was the CEO of Bain capital, the private equity firm hired to trim the excess of a business and restructure if necessary. These men were caught in the restructure and lost their jobs. So, therefore the person in charge of Bain Capital is at fault for their misfortune.
There is one large inaccuracy in the ad: it misrepresents historical fact. Mitt Romney was NOT working for Bain Capital when these 2 gentlemen lost their jobs: he had left Bain Capital 2 years prior, to quite successfully bring about the Salt Lake City, Utah Olympics. The ad cast him as ‘guilty’ by association.
In business, there are companies that make money and thrive. Unfortunately, there are companies that don’t do well and workers lose their jobs. That is not the ‘fault’ of private equity firms which are hired to ‘turn a failing company around, if possible. That is their job. That is what they do. That is the free market. The alternative is that we ALL have equal paying jobs, run by the government, with no room for competition.
Private Equity Can Do Good, Says Clinton on Romney’s Bain Career (dailyfinance.com)
Rattner Unloads on Romney (politicalwire.com)