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.