New ad: Toomey’s bank got richer while the economy collapsed

SEIU spot makes clear to working families: Toomey’s really not for you

During the Great Recession, a lot of us got hit hard. Pat Toomey hit it rich. That’s what a new television ad underscores. Part of a $1 million investment by the Service Employees International Union (SEIU), the spot familiarizes Pennsylvania voters with exactly what happened:

  • In 2005, Toomey bought a bank, which he could do because he’s a millionaire.
  • In 2008, the economy collapsed. Even a lot of banks suffered.
  • But Toomey’s bank engaged in “a predatory practice banned in most states — foreclosing on small business owners who put homes up for collateral,” as the ad’s narrator explains.
  • Toomey’s bank got richer—and another bank bought it for $122 million.

The spot will run through the Election Day in the Pittsburgh, Wilkes-Barre/Scranton/Hazleton, Harrisburg/Lebanon/Lancaster/York and Johnstown/Altoona/State College markets.

Click here to watch the ad, “Collateral.” Find a transcript below.

 

Visuals:

 

Title over small-town visual: 2005.

 

Pat Toomey shown alongside photo of Team Capital Bank.

Title: Millionaire Pat Toomey

 

Title: Financial Despair

 

Title shown over photo of Team Capital Bank: “The practice… banned in 35 other states” (Politico, 10/7/16)

 

Foreclosed home

 

Title: Team Capital Bank acquired by the Provident Bank (Express-Times, 12/20/13)

 

Title over photo of Toomey: Sold

Title: $122 million (Team Capital Bank prospectus form S-4, filed 4/18/2014)

 

Title: Pat Toomey: he’s really not for you

Disclaimer: Paid for by SEIU COPE. Not authorized by any candidate or candidate’s committee.

Transcript:

 

VO: 2005.

 

Millionaire Pat Toomey buys a bank.

 

 

Three years later, the economy collapses.

 

But Toomey’s bank takes advantage of the recession and engages in a predatory practice banned in most states – foreclosing on small business owners who put homes up for collateral.

 

Toomey’s bank got richer and was sold for $122 million.

 

 

Pat Toomey: he’s really not for you.

 

 

 

SEIU COPE is responsible for the content of this advertising.

 

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The Service Employees International Union (SEIU) unites 2 million diverse members in the United States, Canada and Puerto Rico. SEIU members working in the healthcare industry, in the public sector and in property services believe in the power of joining together on the job to win higher wages and benefits and to create better communities while fighting for a more just society and an economy that works for all of us, not just corporations and the wealthy.

www.seiu.org

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