Obama Attack Ad Brings Up Mitt Romney's Swiss Bank Account

President Barack Obama's campaign attacks GOP rival Mitt Romney for having a Swiss bank account and shipping jobs overseas in a new ad to play in the swing states of Ohio, Iowa and Virginia.

The 30-second spot, released within days after the Obama campaign began in earnest its effort for the general election, previews a campaign argument that will likely come up again and again until November -- criticism over Romney's business background and finances.

After a narrator accuses Romney of outsourcing jobs and giving big corporations tax breaks, he says, It's just what you'd expect from a guy who had a Swiss bank account.

News that Romney held $3 million in a Swiss account first came up in January when the GOP hopeful released his tax returns for 2010. Romney was criticized for failing to disclose the account, as ABC News had reported.

The commercial specifically hammers Romney for shipping jobs to places like Mexico and China while at Bain Capital, and outsourcing state jobs at a call center in India while governor of Massachusetts.

Both claims are true, although a National Review article quotes Romney explaining why he vetoed a bill in 2004 that would have banned government agencies from working with companies that had outsourced jobs; Romney argued that the type of work being outsourced was not a big part of the Massachusetts economy and wasn't worth the tax funding.

Obama has linked Romney to the interests of big corporations before. In a video that aired in Colorado, Florida, Iowa, Nevada, Ohio in Virginia last month, the narrator explains that the President is fighting to end tax breaks for oil while Romney is standing with them and attacking higher mileage standards and renewables.

In addition to going negative, Obama for America also released a longer, more passive campaign ad called Forward which highlighted the president's accomplishments during his term so far.

According to Politico, Obama's campaign has bought $458,883 worth of airtime in Ohio, $88,455 in Iowa and $72,845 in Virginia from May 1 to May 7.