Mitt Romney accuses Obama of ‘crony capitalism’

His remarks were further evidence of the campaign rhetoric heating up as the
two men run close in opinion polls ahead of the Nov. 6 election with the
wealthy Republican candidate suffering a Democratic onslaught over the Bain
issue and for squirrelling many of his millions away in offshore tax havens.

Romney, the former governor of Massachusetts, called for an apology on Friday
for the intensifying character assassination by the Obama campaign and said
personal attacks against him were “beneath the dignity of the
presidency.”

“We won’t be apologising,” Mr Obama said, according to the
transcript of an interview with a local Virginia TV station airing on
Sunday.

“Mr Romney claims he’s Mr Fix-It for the economy because of his business
experience, so I think voters entirely, legitimately want to know what is
exactly his business experience.”

The manner in which Romney acquired his fortune at the helm of Bain, the
Boston-based investment firm he founded, has emerged as a major issue during
this campaign as Obama tries to paint him as out of touch with ordinary
Americans before the November vote.

Romney maintains he quit the day-to-day running of Bain in February 1999 and
was not making the decisions when companies it worked with subsequently laid
off US workers and “outsourced” jobs to plants in Mexico and
China.

But a Boston Globe report on Thursday revealed that filings with the
Securities and Exchange Commission still listed him as Bain’s chief
executive between 1999 and 2003.

“As the head of a private equity firm his job was to maximise profits
and help investors. There is nothing wrong with that,” Obama said in
his interview with Virginia’s WAVY-TV.

“On the other hand that company also was investing in companies that
were called by the Washington Post: ‘the pioneers of outsourcing.'”

The Romney campaign sought to deflect the barrage of attacks on the
candidate’s business career by framing his departure from Bain Capital as a “patriotic”
act to save the Salt Lake City Olympics.

A senior aide to the Republican White House hopeful branded the allegations
that Romney oversaw the shipping of US jobs abroad as “baseless”
and accused Obama of demeaning his office with such charges.

“He left a life he loved to go to Salt Lake City to save the Olympics
for a country he loves more,” Ed Gillespie told CNN.

“In classic Chicago-style politics, the Obama campaign is trying to make
this something sinister. It’s not. It’s patriotic and it’s leadership.”

Romney became president and chief executive of the 2002 Salt Lake City Winter
Olympics organising committee and is widely credited with turning the games
around, having inherited an event dogged by a corruption scandal.

“It was a 16-hour a day job,” said Mr Gillespie. “He was not
involved in the management (of Bain after February 2009). He was not
involved in the day-to-day decisions, and wouldn’t have had time.”

The battle to decide the November 6 presidential election has become
increasingly bitter as both sides pepper crucial swing states such as Ohio,
Virginia and Florida with a slew of negative TV ads.

An ad released by the Obama campaign on Saturday features Romney’s off-key
singing of the patriotic anthem “America the Beautiful”
interspersed with clips of Bermuda and the Cayman Islands and scathing
attacks about Bain and the candidate’s hidden money.

The Romney team has hit back by pointing out that Obama was elected promising
to change the tone of American politics and saying his negative strategy is
purely designed to obscure his failure to help the US economy.

“No ad is going to decide this election, whether the president likes it
or not. The economy and jobs are going to decide this election, and his
record on that is abysmal,” Republican Senator Kelly Ayotte told ABC
News.

Obama maintains that with outside groups now pouring tens of millions of
dollars into negative ads against him thanks to the “Citizens United”
Supreme Court ruling in 2010, he has no choice but to follow suit.

Relentless attacks on Romney’s time at Bain are seen as boosting Obama’s
chances in key swing states.

The largest number of Obama campaign ads have targeted the key rust-belt
battleground of Ohio, looming as a must-win state for Romney in November.
Obama was due to campaign in the state on Monday.

Source: agencies

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