Sunday, May 27, 2012

Obama Claim About Romney is False

In the current week’s issues of Automotive News, Joseph Lichterman writes about how a claim that the Obama campaign has launched against Mitt Romney regarding Bain Capital and Cambridge Industries is false.  Automotive News is the most trusted and independent newspaper in the auto industry.

Romney was not part of Bain Capital when the Bain decision was made to put Cambridge into bankruptcy.   Romney left Bain Capital in February 1999 to save the Olympics.  The Bain decision not to inject more cash into Cambridge came in November 1999 with the decision to enter into bankruptcy in 2000.  According to the Cambridge CFO at the time, “Mitt Romney wasn’t even there.”

By law, at the end of every political advertisement, the candidate says, “I approved this message”.  It appears that this specific charge is false

For those who need some context, the Obama campaign has a commercial running in some key battleground states that charges Romney with seeking profit over jobs during his time at Bain.  As part of this commercial, the case at Cambridge is used to say that Bain withdrew substantial cash from Cambridge before it entered bankruptcy.  This eventually led to Cambridge loosing about a thousand jobs once it was in bankruptcy.  The rhetoric is that Bain was a vampire capitalist.  All of this happened when Romney was not there.