No, Obama is being shrewd.
He knows that Romney has already declared a soft-glove approach to campaigning against him, so Obama is taking advantage of this niavete while he can by smearing Romney with the most specious arguments that he can make, of the "when did you stop beating your wife" kind.
Romney's a felon because a document has his name on it. Romney is a tax cheat because he has a foreign account and won't release his tax forms.
The question is when will Romney wake up and start fighting Obama in-kind.
-PJ