This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Romney Slams Obama in Big Bank State

Stocks in this article: BAC BBT FCNCA WFC

NEW YORK ( TheStreet) -- Mitt Romney's campaign has opened an assault on Barack Obama in a state where the financial crisis hit big banks hard.

Romney, in a Web video released Wednesday, slammed the president's record in North Carolina, where the Democratic Party will hold its 2012 convention and where Republicans hope to win back 15 electoral votes it lost in 2008 to Obama.

The state is home to Bank of America (BAC - Get Report), BB&T (BBT - Get Report), First Citizens Bancshares (FCNCA - Get Report) and was the headquarters for the former Wachovia, which Wells Fargo (WFC - Get Report) acquired in 2008.

The video highlighted Obama's 2008 Democratic Convention address that said Democrats constituted progress by how many people could find a job to pay the mortgage and put some extra money away to pay for their children's education.

"North Carolina has lost nearly 50,000 jobs since President Obama took office," the video said. "That's over twice the size of the arena where the convention will be held."

The convention will be held in Charlotte, where Wachovia pried off its final sign in October. Though Wells Fargo employs some 20,000 to 21,000 workers, according to the Charlotte Observer, the bank has announced plans to cut 1,900 mortgage jobs, including 310 in the Carolinas.

Bank of America announced in September a massive layoff of 30,000 employees, and the Charlotte Business Journal reported this month that the company would cut 80 more jobs as it closes its Charlotte Investment Center -- part of the Merrill Edge unit.

Shares of BB&T hit more than $45 pre-crisis in 2008, but dropped to slightly above $12 months later during the worst of the recession.

Cuts in Charlotte and statewide may seem gentle compared with the nationwide numbers that Bank of America and Wells Fargo are making, but North Carolina's unemployment rate is 9.9% -- the fourth worst in the United States.

Obama won the state for Democrats for the first time since Jimmy Carter in 1976, but fragile economic growth threatens to swing it back to Republicans in 2012.

Democrats, aware of North Carolina's stature as a major financial hub and a struggling state, chose to hold its convention there. Republicans opted to host their convention in Tampa Bay, Fla., an obvious swing state that has only selected the losing presidential candidate twice since 1960.

Even without grabbing North Carolina, hypothetically, Obama would easily win re-election by duplicating his 2008 electoral map. But the fact that Republicans -- and clearly Romney -- see the state as a must-have battleground, seems to be enough reason for Democrats to pour money into it.

-- Written by Joe Deaux in New York.

>Contact by Email.

>Follow Joe Deaux on Twitter. Subscribe on Facebook.

Check Out Our Best Services for Investors

Action Alerts PLUS

Jim Cramer and Stephanie Link reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

Jim Cramer's protégé, David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
Try it NOW
Try it NOW
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

Jim Cramer's protégé, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!

Markets

DOW 17,416.85 +225.48 1.31%
S&P 500 2,021.25 +19.09 0.95%
NASDAQ 4,683.4070 +45.4130 0.98%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs