The Democratic Congressional Campaign Committee is out with an ad today that stretches facts about Republican Matt Doheny's business background.
Among other things, the DCCC claims that Mr. Doheny "made his fortune at a company that used cheap foreign labor."
The claim is based on the fact that Mr. Doheny, Democratic Rep. Bill Owens' Nov. 6 opponent, worked for Fintech Advisory. Fintech invested in overseas companies.
Ipso facto, Mr. Doheny made money investing in cheap foreign labor.
That's just not logical. That means that anytime you or I invest in an overseas company, we're supporting cheap foreign labor. No mainstream politician would seriously suggest that there's something wrong with diversifying your portfolio.
Mr. Doheny also claims that he wasn't involved in deals in Mexico and Argentina; he focused on North American companies, he has said.
The advertisement also reprises a familiar line of attack about Mr. Doheny's work restructuring Deustche Bank Securities. The company shed workers when it was bought by a larger company to stave off collapse.
The argument among Doheny partisans is two-pronged and seemingly contradictory. Mr. Doheny was not involved in the decision to lay off workers, he has said. But more broadly, the campaign and campaign supporters say you have to count the number of workers whose jobs were saved, which far outweighs the ones who were laid off.
Finally, the ad says that Fintech was partially based offshore to avoid paying taxes. Even if that's true, Mr. Doheny says, he wasn't involved in the decision to base it there.
Mr. Doheny has had to pull a Romney-esque tightrope walk on his business career, which is his self-described singular qualification and one of his major weaknesses. Like the Republican presidential nominee, Mr. Doheny doesn't take the bad with the good, denying that he was involved in some of the more unsavory aspects of capitalism's creative destruction.
Here's the ad in question.