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David Siegel, head of Westgate Resorts and one of the subjects of the documentary "Queen of Versailles" about the quest of him and his third wife to build a 90,000 square foot home (because their 26,000 square foot home was too small) styled after Versailles  on the same lake system in Orlando as Tiger Woods' former home and Shaquille O'Neal's main house, has decided to write a letter to his employees, complaining about how a second Obama administration would cause him to layoff workers and to eventually go Galt to an island in the Caribbean.

The following is a letter I wrote to him (below the squiggly)

Dear Mr. Siegel:

As a former hospitality worker in the Orlando area that worked closely with your organization and other timeshare companies dealing with the recruitment of customers to these businesses, don't blame the President for overextending yourself in Vegas, overbuilding during the bubble years, having 8 kids with this wife, wanting to build the American Versailles because a 26,000 square foot home on the Butler Chain of Lakes was just too damn small, or for impregnating your former wife, leading to a 8 figure divorce settlement and the enhancement of your Orlando area competition. I'm sure that Hilton, Marriott, Starwood, and about 6 other Timeshare companies will love to buy you out, since otherwise, you won't be able to pay back all your loans, since, unlike the people that went Galt, you created nothing of value, just used high pressure sales tactics and the promise of cheap Disney tickets and a free breakfast to sell overprices timeshares at exorbitant interest rates to people whose minds were distracted by being on vacation.

When customers are perpetually stressed about their jobs and cannot afford to purchase timeshares (especially at 18% interest from your in-house financing arm) or even to pay the perpetually increasing maintenance fee, or if your existing customers come to the realization that there is no practical resale value for their properties (based on the number of timeshares you can find listed by Century 21, TSBO (or whatever they are called this year), or any one of the other timeshare resale companies), this should be of real concern to you, since if people cannot purchase or make payments on your product, your portfolio suffers, unlike if you have to pay the same tax rate you had to in 1997, when CFI and Westgate was making money hand over fist.

                                                                        A former Universal Orlando Employee

Originally posted to whittx on Tue Oct 09, 2012 at 06:24 PM PDT.


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