As you may know, the presidential re-election campaign of Barack Obama recently released a campaign advertisement that — correctly, according to PolitiFact — showed how Mitt Romney made himself rich as head of Bain Capital by gutting American industries, kicking Americans out of work and subjecting American workers’ hard-earned pensions to jeopardy.
The facts are that Democratic Mayor of Newark Cory Booker, former Democratic Representative Harold Ford of Tennessee, and former Obama business advisor Steven Rattner criticized Barack Obama for his advertisement, calling it inappropriate to shame capital investment firms. But these are not all the facts, as only one out of three news outlets reveals.
In its coverage of this kerfuffle, ABC News refers simply to a “divide among Democrats over the portrayal of Romney’s Bain days.” Veering more firmly into blatant inaccuracy, FOX News refers to Obama’s detractors as “rank and file.” But Brayden Simms of Metro News nails the pattern down tight when he considers why some prominent Democrats so harshly criticized Barack Obama recently. Simms writes:
Ford is currently a managing director for Morgan Stanley. Rattner co-founded a private equity firm and worked for Lehman Brothers, Morgan Stanley and others. Booker is a sitting politician whose job is directly linked to the financial sector: Bain and other similar firms contributed hundreds of thousands to his last election.
Lehman Brothers, Morgan Stanley and Bain Capital — all firms to which Cory Booker, Harold Ford and Steven Rattner are in thrall — have the common feature of gutting American industries, kicking Americans out of work and subjecting American workers’ hard-earned pensions to jeopardy. Booker, Ford and Rattner are springing to their corporate masters’ defense. Big Finance Democrats like Booker, Rattner and Ford are more than willing to throw Barack Obama under the bus because their allegiance to money is stronger than their allegiance to a candidate.
In explaining why he thought finance capitalism should be above criticism by mere plebes, Rattner revealed his value system:
Bain Capital’s responsibility was not to create 100,000 jobs or some other number. It was to create profits for its investors. It did it superbly well.
Rattner got this one thing right: megafinance corporations are not “job creators” after all. They’re wealth extractors and concentrators on behalf of their already wealthy investors. If you think that kind of behavior should be above question and purged from discussion, then by all means stand with Mitt Romney on the Republican side and with his allies in the “centrist” faction of the Democratic Party. Otherwise, isn’t it time to walk away?