Obama defends campaign attacks on Romney, private equity

President Obama on Monday defended his reelection campaign's attacks on Mitt Romney's private equity background.

At a press conference after the conclusion of the NATO summit in Chicago, Obama described the criticisms of Romney's background as something that the campaign should be focused upon. 

ADVERTISEMENT
“The reason this is relevant to the campaign is my opponent, Governor Romney, his main calling card for why he should president is his business experience,” Obama said at a press conference at the conclusion of NATO Monday. “He’s not going out touting his experience in Massachusetts. He’s saying, 'I’m a business guy, I know how to fix it,' and this is his business."

He said Romney's background in private equity is fair game because it suggested the mindset Romney would have in taking on economic questions as president. 

Obama strongly suggested such a background was unsuitable for being in the White House. 

The goal of a private-equity firm was to “maximize profits,” which Obama contrasted to his job as president.

"Your job is not to simply maximize profits. Your job is to make sure everyone has a fair shot," Obama said.

ADVERTISEMENT
The president addressed the subject after a question about criticism his campaign's line of attack has received from political allies. 

Newark, N.J., Mayor Cory Booker on Sunday said the attacks on both sides were "nauseating," while former Obama auto czar Steve Rattner has also criticized the Obama campaign's attacks on Bain Capital.

Obama's campaign on Monday released the second ad in two weeks focused on Bain. Both ads have centered on companies purchased by Bain that later went bankrupt.