Stephen Colbert opened up Monday's episode of "The Colbert Report" by chiding Barack Obama for "running scared" from his presumptive challenger Mitt Romney's business record as head of Bain Capital.

"It's like he is hellbent on making the word Bain synonymous with 'a source of harm or ruin,'" Colbert said, as the definition of the word bane flashed on the screen.

Colbert also showed his audience the recent Obama ad attacking Romney, which featured Romney singing "America the Beautiful."

"Now, for the record, Mitt was originally on key," Colbert said. "But he outsourced many of those notes to India."

Colbert also honed in on the Washington Post article from last month that accused Bain of owning companies "that were pioneers in the practice of shipping work from the United States to overseas call centers and factories making computer components."

"Who cares? Pioneers opened up the west. Bain was just like the Donner Party - they ate the weak," Colbert said, referring to the infamous settler group that resorted to cannibalism to survive after being trapped by snow in the Sierra Nevada on the way to California in the 1800s.

Colbert also took up Romney's argument that he stepped down from his role as Bain CEO in 1999, despite government documents showing him in charge of the company until 2002.

"Who knows what's true? It's a simple case of He Said, He Filed SEC Documents That Contradict What He Said," Colbert said.

Watch the clip, aired on Comedy Central on July 16, below: