This Day On The Street
Continue to site
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

Is Obama's Latest Romney Slam Misleading?

NEW YORK ( TheStreet) -- At first you might think Barack Obama's team is slamming all oil billionaires as secretive and bankrolling Mitt Romney's campaign.

"Secretive oil billionaires are making good on their promise to spend hundreds of millions of dollars on Governor Romney's behalf attempting to defeat the president," Ben LaBolt, Obama's press secretary, said Thursday in a statement.

But a deeper look at the statement reveals that Obama's camp is really slamming Charles and David Koch and their ties to the conservative group Americans for Prosperity's attacks against the president.

The Koch brothers, who run the private conglomerate Koch Industries, reportedly launched a $3.6 million ad campaign against Obama about gas prices as the two hope to funnel more than $200 million to conservatives for the 2012 election cycle.

"These ads are a down payment on their effort to defeat President Obama, and the reason why they want to defeat President Obama is because a big part of his clean energy and investment agenda is to get us off of oil and using alternatives to oil that are both cleaner and domestic -- and the Koch brothers are oil guys," says Daniel J. Weiss, a senior fellow at Center for American Progress Action Fund.

The president has ramped up criticism of Big Oil in recent weeks as he attempts to rescind billions of dollars in tax breaks from the biggest five oil companies for the past two years .

The press statement's headline "Secretive Oil Billionaires ... Bankroll Mitt Romney" is technically correct -- there are two Koch brothers, both of whom are billionaires ( tied for No. 4 as the richest people in America), and the pair don't publicly disclose their contributions to Americans for Prosperity.

But searches through's database of federal contributions show that the Koch Brothers have not directly donated to Romney's campaign, nor has Americans for Prosperity made any contributions thus far to federal candidates in the 2012 election cycle.

-- 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

Portfolio Manager Jim Cramer and Director of Research Jack Mohr 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

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

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
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
AAPL $95.18 1.64%
FB $117.43 -0.96%
GOOG $692.33 -0.84%
TSLA $232.32 -3.92%
YHOO $36.02 -1.40%


Chart of I:DJI
DOW 17,750.91 -140.25 -0.78%
S&P 500 2,063.37 -18.06 -0.87%
NASDAQ 4,763.2240 -54.37 -1.13%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs