With a display of cynicism that is hard to top, the Obama reelection campaign on Monday launched a public attack on Republican Mitt Romney’s role as a job-destroying asset stripper at Bain Capital, the same day that Obama raised more than $2 million from equally rapacious private equity sharks at a reception in New York City.

The Obama campaign released a two-minute advertisement that will run in five closely contested states—Colorado, Iowa, Ohio, Pennsylvania and Virginia—beginning Wednesday. It focuses on Bain Capital’s 1993 purchase and eventual closure of a steel mill in Kansas City, Missouri.

The company, GST Steel, went bankrupt in 2001 and was closed down, with all 750 workers losing their jobs, while Bain walked away with a $12 million profit. One of the fired steelworkers interviewed for the Obama commercial calls Bain a “vampire” that “came in and sucked the life out of us.”