New Romney ad hits Obama for cronyism
July 18th, 2012
07:00 AM ET
10 years ago

New Romney ad hits Obama for cronyism

(CNN) – Mitt Romney’s campaign released a new television ad Wednesday, advancing its latest attack strategy that knocks President Barack Obama for cronyism.

The 30-second spot, “Where did all the money go?” charges the president with sending taxpayer dollars to failed energy companies whose owners contributed to his campaign.

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“Where did all the Obama stimulus money go?” the ad’s narrator says, against a backdrop of burning cash. “Friends. Donors. Campaign supporters. Special interest groups.”

The commercial specifically points to Solyndra, an energy company that went bankrupt after receiving a $535 million grant from the government under an Obama administration loan guarantee program for green technology manufacturers. It also highlights Fisker Automotive, another recipient of the loan program that announced major layoffs this year.

The ad ends with 2010 footage of Democratic Sen. Charles Schumer of New York announcing at a press conference that “79% of the $2.1 billion in stimulus grants awarded through it went to overseas companies.”

In a statement accompanying the ad, Romney’s campaign said Obama has “showered his friends with stimulus funds” and raised the question: “If we can’t trust him with our money, why should we trust him for another four years?”

Obama's campaign forcefully beat back the accusations, saying the Republican candidate is simply trying to distract voters from increased attention over his business record and financial portfolio.

"Mitt Romney's desperate to avoid answering serious questions about his tenure at Bain Capital and his investments in foreign tax havens and offshore accounts," Obama campaign spokeswoman Lis Smith said in a statement. "So he's joined his surrogates and allies in launching over-the-top attacks that independent fact-checkers and news organizations have said are 'flat out false,' 'wrong,' and use 'weasel words.'"

Smith continued, "The truth is that President Obama's investments in clean energy-along with the loan guarantee program established under the Bush administration that Romney now attacks-have supported nearly 225,000 jobs in the clean energy sector and have helped bring our dependence on foreign oil to a 16-year low. President Obama refuses to cede the clean energy sector to China. Apparently Mitt Romney disagrees."

While Team Romney didn’t say where the ad would run, earlier this week it purchased $1.39 million worth of ad time beginning Thursday in the battleground states of Iowa, North Carolina and Virginia, according to a Republican media tracking source. That comes on top of a $5 million ad buy made last week in five additional swing states.

Romney will appear in one of those states – Ohio - on Wednesday, while Obama stays closer to home, in Washington, fresh off a campaign trip to Texas.

- CNN’s Kevin Bohn and Rachel Streitfeld contributed to this report.

Filed under: 2012 • Ads • Mitt Romney • President Obama
soundoff (22 Responses)
  1. tifosagal

    fact-checked: 4 pinocchios. Go figure.

    July 18, 2012 07:04 am at 7:04 am |
  2. Out Of Touch with reality

    ohhhh cry baby obama is a waste tio the world an everyone knows it , he is also a card carrying marxist.

    July 18, 2012 07:07 am at 7:07 am |
  3. Gurgyl

    Why are you paid by insurance thugs? Adelon? Other billionaers???bain capital??

    July 18, 2012 07:15 am at 7:15 am |
  4. Marcia Greenwood, IN

    the Republicans tell Obama be American-Obama is an American and your use of someone born in Cuba-Sununu- telling the President to be American is insulting- The fact that you constantly try to paint Obama as unAmerican IS unAmerican. And you won't change 1 persons mind with this tactic-it makes you look desperate

    July 18, 2012 07:16 am at 7:16 am |
  5. S.B. Stein E.B. NJ

    It went to keep some people in jobs.

    July 18, 2012 07:18 am at 7:18 am |
  6. Gurgyl

    Stimulus went to save Texas, LA, SC states with massachuttes. GM too.

    July 18, 2012 07:22 am at 7:22 am |
  7. Barry Soetoro

    Go get him, Mitt!

    July 18, 2012 07:29 am at 7:29 am |
  8. Jaggar

    The ad is truth. The money was burned up with no success. I voted for Obama because I thought he had great ideas. He is a dud who has spent money on wasteful projects that lead to nowhere. Now he praises GE who is building their success in China. I don't care for Romney but I think he will not waste as much money as Obama. Obama will bankrupt this country, has not set a budget so he can waste money, and just pledge 1 BILLION to Egypt. I am done!

    July 18, 2012 07:37 am at 7:37 am |
  9. Toby McDooogan

    It went into the pockets of Obama's friends. Green energy anyone?

    July 18, 2012 07:37 am at 7:37 am |
  10. Thomas

    “Where did all the money go?

    Ask Governors like Bobby Jindal !

    July 18, 2012 07:39 am at 7:39 am |
  11. Rudy NYC

    Some 40% went towards tax cuts. Some 40% went directly to states that used it to balance their budgets in states run by liberals, or to enact tax cuts in states run by conservatives. The rest went towards programs like what Solyndra was involved in, one which was started under the Bush administration. Was there some waste? No doubt. One good example of waste was the $5 billion of hard cash that was lost in Iraq during the Bush administration.

    July 18, 2012 07:43 am at 7:43 am |
  12. Joan

    When asked about some of his Bain investments that failed and companies were closed, didn't Romney say that some investments work out and others don't? Green energy is the way of the future and many of the investments have worked out well but this one didn't. That happens. Why don't we hear about the hundreds of very successful ones? The question about where the stimulus money went is a good one though. It appears that many governors used the money that was supposed to be for job creation in their states to pay down their debt and mismanaged budgets. They did not use the stimulus money as it was intended and directed. An investigation of how the stimulus money was really used by all the governors would be pretty interesting. Also, it is pretty brave of any Republican to attack anyone of cronyism. Can they spell H-A-L-I-B-U-R-T-O-N?

    July 18, 2012 07:45 am at 7:45 am |
  13. foxxstory

    really Mitt? Solyndra? In fact, this was a multi-year process that the Bush Administration launched in 2007. Bush even tried to conditionally approve the Solyndra loan just before President Obama took office. Rather than “pushing funds out the door too quickly,” the Obama Administration restructured the original loan when it came into office to further protect the taxpayers’ investment. It's the only loan that failed.. The second biggest backer of the loan was the Walton family.. staunch Republicans. you gonna have to do better than this if you want to win.

    July 18, 2012 07:56 am at 7:56 am |
  14. rla

    this is a lot more important than Bain ever was! It clearly shows how this president views the use of my money. TIME TO MOVE ON!

    July 18, 2012 07:57 am at 7:57 am |
  15. Marie MD

    Hey, mr. bishop tell Detroit to go bankrupt themselves. Where did your jobs go after you fired American workers?
    India? China? Mexico?
    I know you have a lot of money but I wouldn't throw stones at glass houses.
    BTW – did you hear about that car elevator in NYC. The car rolled onto it, but oops, no elevator! Be careful when you install those elevators in your mansion in La Jolla, CA.

    July 18, 2012 08:01 am at 8:01 am |
  16. King

    these repubs want to live in the past, folks you better step up to the future before China snatch it from our grasp. this president is thinking and acting for what is best for this country's best future, repubs are acting what is in the best interest of their corporations, which doesn't have the american people's health or welfare in mind.

    July 18, 2012 08:05 am at 8:05 am |
  17. Sandy

    I smell desperation. LOL Give it up, Romney. WHERE ARE YOUR TAX RETURNS!

    July 18, 2012 08:13 am at 8:13 am |
  18. mike

    romney nailed it. i dont care what he did with his own money, but obama did this with our money. huge difference. problem is now he wants more...... he has to go.

    July 18, 2012 08:15 am at 8:15 am |
  19. American

    Where? Look at the improving job numbers since the Recovery Act was passed...over 4 millions jobs created.

    The country was in free fall in 2008, and Romney wants to go backwards to double-down on failed Bush economic policies. No thanks

    July 18, 2012 08:19 am at 8:19 am |
  20. frag

    Croneyism? Oh Mitt, is that it? First of all politics is cronyism! A political party is nothing more than group of cronies. Besides, you're a Bishop in the church of the latter day cronies anyway. Can't you do anything right?

    July 18, 2012 08:20 am at 8:20 am |
  21. S.B. Stein E.B. NJ

    Does anyone really wonder what would happend if it weren't passed and spent? No one ever seems to talk about that. If the Obama administration & campaign was smart, they would be touting those sucesses.

    July 18, 2012 08:38 am at 8:38 am |
  22. Wake up people

    Show us the taxes Robmey! What are you hiding???

    OBAMA 2012!

    July 18, 2012 08:41 am at 8:41 am |