A new ad released yesterday for President Barack Obama's re-election campaign condemns Republican candidate Mitt Romney of outsourcing jobs and slams him for keeping money in foreign bank accounts.

The ad asserts that Romney "shipped American jobs to places like Mexico and China" whilst lead at the investment firm Bain Capital, as well as stating that Romney "outsourced state jobs to a call center in India" when he was governor of Massachusetts.

The campaign has spent the considerable sum of $780,000 to place the ad in the three crucial swing states Virginia, Ohio and Iowa.

The Obama ad is in response to a spot released last week by the conservative political group Americans for Prosperity which suggested money from Obama's $814 billion economic stimulus package went to overseas green-energy companies.