The Barack Obama campaign is dispatching Vice President Joe Biden to eastern Ohio Wednesday to push the president's economic record and take direct aim at presumptive Republican presidential nominee Mitt Romney's history as a venture capitalist.
In a speech at M7 Technologies, an advanced manufacturing plant in Youngstown, Ohio, Biden will add new emphasis to the attack on Romney's tenure at Bain Capital that the Obama campaign has waged all week. – "In the 1990s, there was a steel mill in Kansas City, Missouri," Biden will say, according to advanced remarks of the speech distributed by the Obama campaign. "It had been in business since 1888. Then Romney and his partners bought the company. Eight years later it went bankrupt."
That's a reference to the former GST Steel Company, the now out-of-business manufacturer that is also the subject of an Obama campaign commercial running in key states this week. Bain bought the flailing company in 1993 and it went bankrupt eight years later, after Romney had given up day-to-day involvement in Bain's business dealings. He remained the company's CEO, however, and continued to profit from its investments.
"When the company finally filed for bankruptcy, they reneged on their contract with the workers. No health care, lower pensions. Everyone lost their jobs," Biden will say during his visit to the swing state. "But not everyone got hurt. The top 30 executives walked away with $9 million. And Romney and his partners walked away with at least $12 million