He owned the company but had nothing to do with running it — huh?

Romney’s Bain Tenure Seized On Again by Obama Camp 

By MICHAEL D. SHEAR, NYT

3:58 p.m. | Updated President Obama's campaign on Thursday seized on a new report on Mitt Romney's truthfulness about his tenure at Bain Capital even as the Republican candidate began airing a television commercial calling the president a liar.

The competing character attacks are evidence that a furious, highly personal phase in the presidential campaign is under way as both candidates seek to undercut whatever trust voters might have had in their rivals.

Mr. Romney's new advertisement flatly says that the president "doesn't tell the truth," accusing Mr. Obama of making "ridiculous claims" about Mr. Romney's record and of citing "discredited" information about his time at the private equity firm he founded.

The ad is a response from Romney strategists to Republican critics who believe Mr. Romney needs to hit back more aggressively to attacks coming from Mr. Obama's Chicago-based campaign operation.

(More here.)