Mogul who threatened layoffs after Obama win gives raises instea - Boston News, Weather, Sports | FOX 25 | MyFoxBoston

Mogul who threatened layoffs after Obama win gives raises instead

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Earlier this campaign season, the web producers at posted a story about a timeshare mogul in Florida who had threatened to lay off employees if Mitt Romney didn't win the presidency – and now we have an update.

In October, billionaire David Siegel sent a letter to employees stating, should Obama be re-elected, "you can find me in the Caribbean sitting on the beach, under a palm tree, retired, and with no employees to worry about."

As it turns out, Siegel had a change of heart; a 180 degree change of heart.

According to the Huffington Post, the anti-Obama Siegel, founder of Central Florida Investments and Westgate Resorts, gave his employees raises as an alternative to laying them off.

Siegel told Bloomberg Businessweek that he was going to try to keep his company going and gave an average 5% raise to all employees to help them deal with "the additional burdens the government will put on them."

To see the original story and read Siegel's letter to his employees, click here.



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