David Siegel, the owner of Westgate Resorts, sent a surprising email to his employees Monday.It said that if President Barack Obama wins re-election and raises Siegel’s taxes, he will have to lay off workers and downsize his company – or even shut it down.
“If any new taxes are levied on me, or my company, as our current President plans, I will have no choice but to reduce the size of this company,” he wrote. “Rather than grow this company I will be forced to cut back. This means fewer jobs, less benefits and certainly less opportunity for everyone.”
If former billionaire David Siegel built a business and made lots of money, fine and good for him. If he wants to threaten his employees that he will sell the business and move to the beach if Obama wins, whatever. I find him slimy but his employees probably already know that. I worked for someone who made similar comments in 2008 and yes, he did sell the company leaving many of us without a job while he motored on with his new custom built 65 foot yacht. Smaller scale than Siegel ,but cut from the same cloth.
I asked David during a phone interview last night, and he told me that this was about his workers, not himself. He said his own finances have vastly improved. He has paid off all of his major lenders. “I have enough money for the rest of my life and enough to leave a good inheritance for our kids.” He said the loan for Versailles is paid off and he’s resuming construction on the home.
“The elevators are going in and they’re preparing to put in the marble.”
The deal with Versailles’ lenders, he went on, worked out “better than I imagined,” since he was allowed to go nine months without making any interest payments on the loan. Jackie has several offers for a new reality TV show “which we’re in the process of ranking and evaluating,” Siegel said.
He has learned his own painful lesson from the debt crunch. “We cut back, we’re lean and mean. That’s what the rest of the country has to do.”
The bigger problem that I have with Siegel is his complete hypocrisy when it comes to the housing crisis. In his mind, he deserves to pay no interest on his “Versailles” mansion (which is as vulgar looking as he is) yet for others caught up in the crisis, they’re worthless trash who don’t deserve the same benefits. We know this is what the 1% type believes as we heard from the now famous 47% Romney video.
Beyond Siegel and even Romney, this is the same twisted logic that the banks have been using since the crisis as well. See, for them, it’s fair and reasonable that their gambling is rewarded with special treatment because they’re so much better than the poor suckers who fell for their story and bought houses.
The bankers and Siegel and Romney are convinced that they’re so much better than all of us which is why they’ve all been showered with riches. Because they’re superior, they deserve those special breaks, tax advantages and forgiveness. For the rest? What, are you kidding? Why should those at the lower end of the financial scale be given the same treatment? They’re inferior so they can’t be trusted. But if you lose billions or trillions, clearly you can be trusted!
Socialism in America somehow always has a 1% bent. Money for the middle class and poor is shameful and needs to be eliminated but socialism for CEOs is respectable because they deserve it. It’s all very easy to understand when you put your head into their mindset. Now move along, you freeloaders.