TWS | Obama Attacks Private Equity, Raises Funds from Private Equity Leaders

President Obama is attending a fundraiser today in New York City that will be hosted by Hamilton E. James, the chief operating officer and president of Blackstone. The financial firm Blackstone is "one of the world’s largest private equity fund businesses," according to its website.

But ironically, Obama today is using Mitt Romney’s background in private equity as the basis of an attack on his Republican rival.

"In a career of buying and selling companies, Romney’s pattern was to  reap quick profits for himself and his investors at the expense of  workers and communities," the Obama campaign says of Romney’s record in a campaign ad out today. "Sometimes it meant sending American jobs  overseas. Other times, it meant cutting wages and benefits. In Romney’s  economic philosophy, CEOs and wealthy investors prosper by any means  necessary, even when it meant companies failed and workers were left  behind. Romney believes in two sets of rules – one for people like him,  another for everyone else."


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