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." In a version of Romney's "47 percent" remarks, Siegel added that "people like me who made all the right decisions and invested in themselves are being forced to bail out all the people who didn't. The people that overspent their paychecks suddenly feel entitled to the same luxuries that I earned and sacrificed 42 years of my life for."
The points are ones that have often been made during this election. But what makes the letter surprising is the source. David Siegel is the man who, together with his wife, Jackie, built the largest new house in America, known as "Versailles." His story first appeared in my book, "The High-Beta Rich." It then made it to the big screen with the documentary film "The Queen of Versailles." They became symbols of outsized spending, debt and real estate in America.
But when the company started buckling under $1 billion in debt during the crisis, the Siegels' home went into foreclosure and was put up for sale. They cut back on the jet, took the kids out of private school and gave up some of their staff.
So why is David Siegel a man who defined excess and debt in the 2000s now saying that debt and spending are ruining the country?
I asked David and 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.
