Obama Camp Launches New Attack on Bain

by Katrina Trinko

So far, the attacks from the Obama campaign on Bain Capital and Mitt Romney’s business experience have concentrated on the layoffs at Bain-backed companies. But in a conference call this morning with reporters, Obama spokesman Ben LaBolt also portrayed creditors as victims of Bain.

Saying that Ampad (the Bain-owned company whose decision to buy and close an Indiana plant is the focus of an Obama attack video this morning) unsecured creditors had ultimately received a fifth of a cent for every dollar they were owed, LaBolt remarked, “Romney and his partners got many multiples of their initial investment for driving a company into bankruptcy and driving workers out of a job, and his creditors get to wait 11 years to find out they’re getting a fraction of a fraction of a fraction of what they’re owed.”

UPDATE: A Romney aide notes that by the time Ampad went bankrupt in 2000, Mitt Romney had was already on leave from day-to-day dealings at Bain, as he had left in 1999 to run the Olympics. Furthermore by 2000, Bain owned only around 35 percent of Ampad common stock.

The Corner

The one and only.