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October 11, 2012

David Siegel
David Siegel said his employees can vote for
Obama, but there will be consequences.

Exec’s E-Mail Tells Employees Obama’s Re-Election Threatens Their Jobs

Billionaire businessman David Siegel, wrote in an e-mail October 8 to employees that re-election of President Barack threatens their jobs.

“The economy doesn’t currently pose a threat to your job,” wrote Siegel, founder and CEO of Westgate Resorts, an Orlando, Fla., timeshare company. “What does threaten your job, however, is another four years of the same presidential administration. Of course, as your employer, I can’t tell you whom to vote for, and I certainly wouldn’t interfere with your right to vote for whomever you choose. In fact, I encourage you to vote for whomever you think will serve your interests best.”

He added: “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. Rather than grow this company, I will be forced to cut back. This means fewer jobs, less benefits and certainly less opportunity for everyone.”

The two-page-length e-mail, which was obtained by The NorthStar News & Analysis, is signed “your boss.”

Siegel recounts in the e-mail how he founded Westgate Resorts 42 years ago in the garage of his home. He said he lived in a modest house, drove a beater of a car, didn’t eat at fancy restaurants and didn’t take expensive vacations because every dollar he earned was re-invested into the company. Westgate Resorts is now one of the nation’s largest privately held companies based on annual revenues approaching $1 billion. The company employs 6,500 people.

Siegel said he is angry that the Obama administration and the news media have labeled him as being part of the 1 percent of wealthy Americans who do not pay their fair share of taxes.

In the e-mail, he also lashes out at his unnamed friends, who he said took regular jobs, worked 40 hours a week, drove fancy cars, wore fancy designer clothes, lived in expensive homes and spent every dime they earned.

The 76-year-old Siegel is building the nation's largest home, which he named Versailles. It will be located in a gated community in Orlando. Once completed, the 90,000 square-foot, $65 million home will boast 13 bedrooms, 22 bathrooms, a 20-car garage, a chef’s kitchen, nine smaller kitchens and several swimming pools.

Siegel said he stopped construction on Versailles four years ago to cut back on his expenses.

"I had to stop building my dream house, cut back on all my expenses, and take my kids out of private schools simply to keep this company strong and to keep you employed,” he wrote in the e-mail message. Versailles is the subject of a critical documentary, titled The Queen of Versailles.

The documentary film, directed by Lauren Geenfield, was released on July 20.  It will go on sale in DVD format on November 13.

Siegel wrote a chain letter about the economy in 2008.  The letter's content is similar to his recent e-mail.

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