This past week saw one of the most interesting developments yet in the ongoing Republican presidential primary: former Massachusetts Governor Mitt Romney greatest strength — his experience in private enterprise — has suddenly begun to look like a serious liability. Various news stories, attack ads, and most prominently, a 30-minute attack video released by a super-PAC associated with Newt Gingrich have focused in on Romney’s time as head Bain Capital.
During his tenure, Bain acquired numerous companies, often through debt leveraging, then liquidated a number of them, resulting in the loss of thousands of jobs for American workers while bringing in hundreds of millions in profit for Romney and Bain’s other investors.
Several other GOP candidates, especially Newt Gingrich and Rick Perry have lept at the chance to attack the front-runner, aggressively attacking Romney’s time at Bain as an example of “looting” companies and “vulture capitalism.” The rift has not only split the Republican Party at the highest ranks, but also seems to be sparking a minor crisis of identity within Republican ranks over the party’s relationship with capitalism itself. At the very least, as numerous commentators are acknowledging, the dust-up now has the GOP candidates doing the Obama campaign’s opposition work for it.
ThinkProgress has the video compilation. Watch it: