"I don't think there's anything Bain Capital did that they need to be embarrassed about," Rattner told MSNBC.
What the Obama campaign leaves out of its attack ad is the fact that Romney no longer worked at Bain when the steel plant went bankrupt. He had left the company for two years to take charge of the Salt Lake City Olympics.
In fact, when Romney was running the company, it had one of the investment industry's best records and still does. One of its successes was a tiny, under-capitalized start up office supply company in Framingham, Mass. called Staples. Romney helped build it into a global corporation in 26 countries, employing thousands of Americans.
There were many success stories in Romney's career, ones we'll be hearing about in the months' to come. They underscore one of his chief strengths in a painfully slowing economy where jobs are in short-supply.
Obama's track record on job creation has not only been abysmal over the past three years, it is the worst record of any president since the New Deal era.
Keith Hennessey, a Stanford University economist, went back over the past 10 presidents, charting the average jobless rates of their presidencies. Here's what he found: Lyndon Johnson, 4.2 percent; Eisenhower, 4.9 percent; Richard Nixon, 5.0 percent; Bill Clinton, 5.2 percent; George W. Bush, 5.3 percent; John F. Kennedy, 6.0 percent; George H. W. Bush, 6.3 percent; Jimmy Carter, 6.5 percent; Ronald Reagan, 7.5 percent; Gerald Ford, 7.8 percent; and Barack Obama, in his first three years, 9.2 percent.
Obama's job creation record is not only a mediocre one, it's been a colossal waste of hard-earned tax dollars.
Unlike Romney who was building businesses and jobs with private investment capital, Obama's job stimulus bill was dishing out nearly $1 trillion to federal, state and local government agencies, with little to show for it.
After nearly three and a half years of his costly stimulus spending programs, unemployment remained between 9 and 8 percent. A Washington Post poll last week reported that nearly half of all Americans surveyed expressed an unfavorable view of his stimulus, 49 percent to 47 percent.
Obama tried to create jobs by "investing" money directly into clean energy programs that he said would create tens of thousands of jobs in the future.
One of them was the Solyndra Corporation that made solar panels. Administration officials in several agencies sent repeated warnings to the White House that this was a bad investment, but Obama pushed it anyway with a half billion dollar loan guarantee. The firm went bankrupt, more than a thousand workers lost their jobs, and the taxpayers were left holding the bag.
Other Obama "investments" went belly up, including a $118 million grant to Ener1, a manufacturer of electric car batteries that also filed for bankruptcy.
Romney will be reminding voters later this year of the money Obama's poor "investments" have lost thus far, and the job-creating deals he killed, like the Trans-Canada oil pipeline.
That decision to block the 1,700 mile Keystone XL pipeline cost the American people more than 20,000 jobs.
That's going to make one hell-of-a-campaign ad, ending with the tag line, "Would you want Obama investing your money?"