CEO Warns of Lay Offs if Obama is Reelected

Steve Cooper

This was a brutally honest article from David Siegel, the founder and CEO of real estate company Westgate Resorts. Siegel warned his employees in a letter that he can not tell them who to vote for, but he will ‘make cutbacks’ if taxes are raised any higher on him.

Courtesy of the Drudge Report:

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8 thoughts on “CEO Warns of Lay Offs if Obama is Reelected”

  1. David Siegel is a real estate developer from Orlando Florida with a large number of projects in Florida and several other states including a 1200 plus unit development in Nevada. He has been building timeshare developments for many years and has made millions of dollars over the years. However, the timeshare market has collapsed in Florida and Nevada along with the rest of the country following the frantic buildup of the real estate ‘bubble’ during the Bush years. In both states the value of real estate is down by half to two thirds. More layoffs in the timeshare industry are probable as people continue to pay down their debts accumulated over many years. My guess is that Siegel, like most real estate developers, has had major losses for the last few years. He probably joined the 47% several years ago and pays no income taxes (zero taxes). A tax increase will have no impact on Siegel, his company, or the rest of the real estate industry.

    A few other things about David Siegel:
    • In 2009 Siegel was found guilty of violations of the Telemarketing Sales Rule and the National Do Not Call Registry provisions. He paid a $900,000 fine.
    • In 2012 he was featured in a film entitled Queen of Versailles. It follows Siegel and his wife as they build their new 90,000 square foot home (yes 90,000 is not a typo) in Florida. Because of the bursting of the real estate ‘bubble’ the home is currently on the market. Who wants to help Siegel and buy his house?

    1. David Siegel is many things. He is a rock solid Republican, He is a family man with no less than eight children. He owns a company with annual revenues approaching $1 billion. He is mortgaged to the hilt and up to his eyeballs in debt. But you should have also have mentioned that in 2008 a Florida court awarded a female employee $5.4 Million in damages after David Siegel was found guilty of sexual harassment.

  2. If he gets in legal trouble over this letter to his employees, you won’t catch me feeling sorry for him.

  3. The guy has already fired 3000 the end of 2008, fired another 1000 in the middle of 2009, and yet more in 2010. I would assume that the tax issue he used in his e-mail is just a smoke screen that he is using to hide the fact that he made some very bad business decisions and now needs to cut back. He is trying to blame his failures on others while advancing his political goals.

    Things must be getting bad. He has already cut the asking price on his new house by about $10 million.

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