Rove group releases new ad tying Warren to Wall Street

Karl Rove’s political committee released a new advertisement today, attempting to undermine US Senate candidate Elizabeth Warren’s credentials as a middle class champion by linking her to the bank bailout.

The group, Crossroads GPS, said it will spend $523,664 to run the ad for two weeks. This follows a previous ad run which the group spent about $600,000 to broadcast. Rove, a former political adviser to President George W. Bush, has been leading a national effort to help Republicans in next year’s elections.

The ad attempts to use Warren’s role as chairwoman of the congressional group that oversaw the bank bailout to portray her as someone who is cozy with Wall Street. It comes as Warren, a Democrat, has taken a 7-point lead over Republican Senator Scott Brown in a new University of Massachusetts/Boston Herald poll.


Warren has built her reputation as someone who has confronted and angered Wall Street executives by pushing for the creation of a national consumer protection agency.

The ad begins by showing a black and white image of Warren promising to be a voice for the middle class.

“Really?’’ a narrator says. “Congress had Warren oversee how your tax dollars were spent, bailing out the same banks that helped cause the financial meltdown.’’

Images flash of corporate jets and well-heeled executives, contrasted with those of “middle class Americans [who] lost out’’ in the financial meltdown.

“Later, Warren went on a charm offensive with some of the same banks who got bailed out,’’ the narrator says.

Warren’s criticism of Wall Street and her desire for more regulations has in fact made her a top target of many in the banking industry, who opposed efforts to put her in charge of the consumer protection agency she helped create.

It has been reported in numerous media outlets, including the Globe, that she fought with President Obama’s treasury secretary, Timothy Geithner, because she argued that there were not enough conditions placed on banks that took bailout money.

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