Steven Rattner, who headed President Barack Obama’ auto bailout, says an ad launched by the Obama campaign Monday attacking Republican opponent Mitt Romney for his work at Bain Capital is “unfair.”
Romney was a co-founder of the private equity firm and the Obama ad focuses on Bain’s purchase of GST Steel and how workers lost their jobs afterward.
“They made as much money off it as they could and they closed it down, they filed for bankruptcy, without any concern for the families or the communities,” Joe Soptic, a former steelworker says in the ad. “It was like watching an old friend bleed to death.”
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Rattner, nicknamed the "car czar" for his work on the auto bailout, has worked in the private equity industry himself. He told “Morning Joe” on MSNBC, "I think the ad is unfair."
Romney should never have said anything about creating jobs while he was at Bain, Rattner added. "Bain Capital's responsibility was not to create 100,000 jobs or some other number. It was to make profits for its investors, most of whom were pension funds, endowments, and foundations" he said.
"It did it superbly well, acting within the rules, acting very responsibly, and was a leading firm. To pick out an example of somebody who lost their job, unfortunately, this is part of capitalism, this is part of life. I don't think there's anything Bain Capital did that they need to be embarrassed about."
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