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Westgate Resorts CEO David Siegel on concerns about how Obama’s policies will impact businesses in his second term.
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So many executives Westgate resorts CEO David Siegel is concerned about another four years under president Obama's leadership just before the election.
He sent an email to all employees saying in part quote.
Any new taxes are levied on me -- my company as our current president plans I will have no choice but to reduce the size of the company well.
Turns out -- Quite follow through on that -- fact none of his employees have been fired instead he never won an average of -- 5% raise that was raised.
So why -- change your hard joining -- -- David Siegel president and CEO Westgate resorts what happens.
Well first of all.
I never said I was going to lay off anyone if President Obama got reelected.
What I said is.
The additional taxes and obamacare.
Could cause layoffs down the road.
If in fact he got reelected him.
And I I still believe that's gonna happen.
-- to comment on your last guest.
Dole tax people who create jobs it's it's a recipe for disaster.
And that's what I'm hearing.
But but he had I mean it is targeted Justin just to bring you back I wanna let you will comment -- -- Christian -- said you know I mean he said.
Rich people have a lot of money so if you raise their taxes they're not gonna stop buying stuff for going out to dinner it's just less money that they're gonna I don't know stuff in their -- -- You know save for retirement whatever it is you don't believe that.
Well if they haven't stuff than their mattress.
That's fine.
But if -- -- unit to expand their businesses to to create new jobs that's terrible.
And we shouldn't be doing that.
And that's the problem with the economy right now.
Is the people who create the jobs are having a tough time.
Getting financing.
At -- expand their businesses.
But David -- I mean you you sent out this letter that some people thought was threatening to your employees saying.
You know in essence you should think before you vote for President Obama because you may lose your job if he wins he did win -- and now you gay people raises so it makes it seem like you know maybe the letter was disingenuous.
Well were very cautiously -- -- No one lost their jobs in fact that gave everybody.
A raise.
Effective -- immediately.
These people.
First of all I have the greatest employees in the world.
They've been with me.
Through thick and thin.
And I wanted to reward them -- the most profitable.
We've been in our history.
One of them this year in those profits there.
-- -- But how -- you the most profitable of invading your history having it if you're saying that -- -- -- had to lay people off is because the economy is bad -- -- so how -- -- -- out.
Let me explain four years ago.
We were doing a billion dollars a year in sales.
We were we -- two billion dollars in construction going on.
We were growing at a 218%.
Annual rate we were expanding we were building.
We were growing 20% a year.
Now we're doing half the amount of business -- back then I was fat dumb and happy as I call it.
Today -- were lean and mean.
And I had that we had to downsize.
To stay profitable.
And -- that you can't.
Get money from banks so you have to abuse your profits to grow your company order -- least keep it stable and that's what we're doing.
Are -- doing half the business we're not hiring anybody we're not growing we're not building can buildings.
Were not paying more taxes to the local municipalities.
Were were stagnant.
But war but were alive and healthy.
All right we're glad to hear that we're glad nobody got laid off David Siegel -- coming -- we appreciate it.
Well you're.
