Obama: Romney's business past is fair game

CHICAGO -- President Barack Obama defended his criticism of Mitt Romney's ties to the private equity firm Bain Capital yesterday, saying it was rightly part of the campaign debate because Romney was emphasizing his business background.

Obama said he has no problems with private equity firms in general. "There are folks who do good work in that area," he said.

Obama's re-election campaign and the Democratic National Committee are running television ads portraying the former Massachusetts governor as a corporate raider, emphasizing layoffs and bankruptcies at some of the companies bought by Bain, which Romney co-founded.

At a news conference closing a NATO summit in Chicago, Obama said the main mission of private equity companies is to "maximize profits" for themselves and their investors. "That's part of the role of a lot of business people," he said. But he said a president's job is to worry about everybody, not just some.

In a statement, Romney characterized Obama's comments as more "attacks on the free enterprise system." "What this election is about is the 23 million Americans who are still struggling to find work and the millions who have lost their homes and have fallen into poverty," he said. "President Obama refuses to accept moral responsibility for his failed policies.."

Romney's campaign, meanwhile, expected to raise $10 million during a three-day swing in the New York City area.

Obama was asked about comments Sunday by Newark Mayor Cory Booker criticizing the president for his attacks on Bain. Obama called Booker an "outstanding mayor . . . helping to turn that city around."

During an appearance on NBC's "Meet the Press," Booker said he found such attack ads "nauseating to me on both sides" and called them a "distraction from the real issues." Later, however, Booker issued a YouTube video in which he said it is "reasonable" for the Obama campaign to examine Romney's record since Romney himself has made it "a centerpiece of his campaign."

Booker said his earlier remarks were intended to express his "profound frustration" with negative campaigning and he reiterated his own support for Obama.