Obama's team slams Romney's corporate past

Barack Obama's campaign has fired off a withering attack on Mitt Romney, branding the US president's likely election foe as a corporate raider who made money "hand over fist" by destroying jobs. The Obama campaign's intervention Friday whipped up a new storm around Romney, who has been battered by criticism from his Republican rivals over his 15-year role at equity firm Bain Capital and his claims to have created 100,000 jobs.
The Chicago-based team's decision to enter the fray added to the impression that an important moment of the 2012 campaign could be at hand, with Romney battling to shore up the central rationale of his presidential run. Obama strategist Stephanie Cutter took aim in a memo at Romney's claim that his business expertise gives him the corporate savvy and turnaround skills needed to reboot the struggling US economy.
She accused Romney of taking advantage of an "uneven playing field" by using the cash of rich investors to take over failing firms, strip them down and fire workers during his time at the private equity firm. "Our economic crisis and endemic income inequality were caused in large part by a few who put profits over people," Cutter wrote. "Mitt Romney and his friends made money hand over fist while working families lost their grip on the middle-class lifestyle they earned.
Cutter accused Romney of closing more than 1,000 industrial plants, stores and offices, cutting employee wages and benefits and pensions and outsourcing American jobs to other countries while making hundreds of millions of dollars. The controversy was further fuelled by a report by the McClatchy newspaper chain that Bain Capital more than doubled its money on its acquisition of GS Industries Inc, the former parent company of Georgetown Steel, even as the steel manufacturer went on to cut more than 1,750 jobs. According to the report, Bain Capital spent $24.5 million to acquire GS Industries in 1993. By the end of that decade, the firm estimated its partners had made $58.4 million off its investment in the steelmaker.