Skip to main content


This is just a little background on the Sensata story that I thought I would share, from a comment I posted in jamess' Ed Show diary. This is what I can piece together about how the company came about. Please correct me if I got anything wrong here. Business deals are not my wheelhouse.

Bain bought the sensors business from Texas Instruments for $3 billion in 2006, created a new company and named it Sensata. Then in 2010 they purchased the sensors division of Honeywell and added it to the portfolio.

They then offered an IPO for 18% of the new company in 2010.

The  business headquarters is in Attleborough Mass but it is registered as a Dutch  company. What is the tax advantage there, anyone?

Continue Reading

Pity the 1%. I'll let this story speak for itself. Basically, a Timeshare King from Florida, who is building the Largest House in America, does not want to give back his Bush Era Tax Cut. So he wrote a letter to his employees telling them that if Obama wins and his taxes go up, he will have to fire them all. Hint. Hint.  

Here is the guy, David Siegel, and his dumbass house in progress:

If you watched that clip, never fear. The economy improved -- ahem! -- and business is once again booming. Don't cry for poor old Dave Siegel.

Time-share king restarts work on Florida Versailles as business booms

ORLANDO, Florida | Mon Jul 30, 2012 1:16pm EDT

(Reuters) - David Siegel, owner of the largest privately held time-share company in the world, says he is rebounding from the recession so well that he is restarting construction on an extravagant Florida home modelled on the Palace of Versailles outside Paris.

His company, Westgate Resorts, this year is also hiring 1,500 new employees, closing on $450 million in mortgage-backed securities in the first such transactions since 2007, and fending off banks that he says "are throwing money at us now."

"We're the most profitable we've ever been," Siegel told Reuters, projecting nearly $500 million in gross sales this year and expecting to be debt-free within two and a half years.

However, David Siegel really, really doesn't want to go back to his old tax rate. Not at all. So he sent this letter to his employees:

Thanks to Gawker

Subject: Message from David Siegel
Date:Mon, 08 Oct 2012 13:58:05 -0400 (EDT)
From: [David Siegel]
To: [All employees]

To All My Valued Employees,

As most of you know our company, Westgate Resorts, has continued to succeed in spite of a very dismal economy. There is no question that the economy has changed for the worse and we have not seen any improvement over the past four years. In spite of all of the challenges we have faced, the good news is this: The economy doesn't currently pose a threat to your job. What does threaten your job however, is another 4 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 the best.

However, let me share a few facts that might help you decide what is in your best interest.The current administration and members of the press have perpetuated an environment that casts employers against employees. They want you to believe that we live in a class system where the rich get richer, the poor get poorer. They label us the "1%" and imply that we are somehow immune to the challenges that face our country. This could not be further from the truth. Sure, you may have heard about the big home that I'm building. I'm sure many people think that I live a privileged life. However, what you don't see or hear is the true story behind any success that I have achieved.

I started this company over 42 years ago. At that time, I lived in a very modest home. I converted my garage into an office so I could put forth 100% effort into building a company, which by the way, would eventually employ you. We didn't eat in fancy restaurants or take expensive vacations because every dollar I made went back into this company. I drove an old used car, and often times, I stayed home on weekends, while my friends went out drinking and partying. In fact, I was married to my business — hard work, discipline, and sacrifice. Meanwhile, many of my friends got regular jobs. They worked 40 hours a week and made a nice income, and they spent every dime they earned. They drove flashy cars and lived in expensive homes and wore fancy designer clothes. My friends refinanced their mortgages and lived a life of luxury. I, however, did not. I put my time, my money, and my life into this business —-with a vision that eventually, some day, I too, will be able to afford to buy whatever I wanted. Even to this day, every dime I earn goes back into this company.

Over the past four years I have had to stop building my dream house, cut back on all of my expenses, and take my kids out of private schools simply to keep this company strong and to keep you employed.

Just think about this – most of you arrive at work in the morning and leave that afternoon and the rest of your time is yours to do as you please. But not me- there is no "off" button for me. When you leave the office, you are done and you have a weekend all to yourself. I unfortunately do not have that freedom. I eat, live, and breathe this company every minute of the day, every day of the week. There is no rest. There is no weekend. There is no happy hour. I know many of you work hard and do a great job, but I'm the one who has to sign every check, pay every expense, and make sure that this company continues to succeed. Unfortunately, what most people see is the nice house and the lavish lifestyle. What the press certainly does not want you to see, is the true story of the hard work and sacrifices I've made.

Now, the economy is falling apart and 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. Yes, business ownership has its benefits, but the price I've paid is steep and not without wounds. Unfortunately, the costs of running a business have gotten out of control, and let me tell you why: We are being taxed to death and the government thinks we don't pay enough. We pay state taxes, federal taxes, property taxes, sales and use taxes, payroll taxes, workers compensation taxes and unemployment taxes. I even have to hire an entire department to manage all these taxes. The question I have is this: Who is really stimulating the economy? Is it the Government that wants to take money from those who have earned it and give it to those who have not, or is it people like me who built a company out of his garage and directly employs over 7000 people and hosts over 3 million people per year with a great vacation?

Obviously, our present government believes that taking my money is the right economic stimulus for this country. The fact is, if I deducted 50% of your paycheck you'd quit and you wouldn't work here. I mean, why should you? Who wants to get rewarded only 50% of their hard work? Well, that's what happens to me.

Here is what most people don't understand and the press and our Government has chosen to ignore – to stimulate the economy you need to stimulate what runs the economy. Instead of raising my taxes and depositing that money into the Washington black-hole, let me spend it on growing the company, hire more employees, and generate substantial economic growth. My employees will enjoy the wealth of that tax cut in the form of promotions and better salaries. But that is not what our current Government wants you to believe. They want you to believe that it somehow makes sense to take more from those who create wealth and give it to those who do not, and somehow our economy will improve. They don't want you to know that the "1%", as they like to label us, pay more than 31% of all the taxes in this country. Thomas Jefferson, the author of our great Constitution, once said, "democracy" will cease to exist when you take away from those who are willing to work and give to those who would not."

Business is at the heart of America and always has been. To restart it, you must stimulate business, not kill it. However, the power brokers in Washington believe redistributing wealth is the essential driver of the American economic engine. Nothing could be further from the truth and this is the type of change they want.

So where am I going with all this? It's quite simple. 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.

So, when you make your decision to vote, ask yourself, which candidate understands the economics of business ownership and who doesn't? Whose policies will endanger your job? Answer those questions and you should know who might be the one capable of protecting and saving your job. While the media wants to tell you to believe the "1 percenters" are bad, I'm telling you they are not. They create most of the jobs. If you lose your job, it won't be at the hands of the "1%"; it will be at the hands of a political hurricane that swept through this country.

You see, I can no longer support a system that penalizes the productive and gives to the unproductive. My motivation to work and to provide jobs will be destroyed, and with it, so will your opportunities. If that happens, you can find me in the Caribbean sitting on the beach, under a palm tree, retired, and with no employees to worry about.

Signed, your boss,
David Siegel

So it's the $100MM house, or your jobs. Got it? If a man can't have a simple $100MM house, what is the point after all?

[Thanks for reading, let's discuss in The Troubador's diary, cross-posted at almost the exact same time and getting more traffic.]

Discuss

Hey, I know the majority of us are broke, myself included. I have sat back this election assuming any small contribution I could make to the Obama campaign was not worthy in a world of megafunders under Citizens United.

However this diary last night by Kos finally spurred me to pledge a donation, and today I had to make good on my promise.

Markos made an important point I had not considered:

[Romney] is so unloved by the conservative grassroots that he can't feed off small dollar online donors the way Obama does. While 38 percent of Obama's haul has come from donors giving less than $200, only 18 percent of Romney's have. Meanwhile, a much bigger percentage of Romney's "big donors" (those over $200) have maxed out than Obama's (I didn't find updated info after a quick perusal, but back in June, 60 percent of Romney donors were maxed out, compared to just 17 percent of Obama's).

So that means taking precious and severely limited time off campaigning on the ground to hobnob with Romney's country club pals in states with zero electoral relevance. In addition, the extra travel and energy spent on those fundraising efforts means more tired candidates, and tired candidates are more likely to gaffe. Or, in Romney's case, more likely to be his unlikable self.

It's a serious dilemma for Team Red. Romney's $50 million in the bank (along with $15 million in debts) is nearly $40 million less than Obama's $89 million. And unlike Obama, that kitty isn't being constantly refreshed.

Aha! So my contribution does matter, however modest. I must kick in. And in fact there is an important deadline this Sunday September 30.

From Bill Clinton:

I hope you'll pay attention, because this is important.

We're facing a big FEC fundraising deadline—after this, there's only one more before Election Day.

Here's why that matters: Your donation will go further now than it will next week. That's because it will immediately be put to use—if your dollars go toward hiring an organizer in Akron, Ohio, she'll have more time to do her job and reach more voters. And that's how elections are won.

I hope you'll donate before the September fundraising deadline.

Thanks for everything you do.

Bill Clinton

The link to donate is here:

https://contribute.barackobama.com/

I kicked in $25. Fyi there were no "processing" fees added, and the website is amazingly efficient.

I hope you will kick in too if you can! Let us know below if you do. Sunday deadline. We do count.

Discuss

Way to dig it deeper, Team Newt!

From HuffPo (sorry, I saw it at Gawker first but it's HuffPo's story):

When asked by The Huffington Post about media coverage this past week, Gingrich press secretary Rick Tyler fired off a response blasting the political and media elite.
"The literati sent out their minions to do their bidding,” Tyler wrote. “Washington cannot tolerate threats from outsiders who might disrupt their comfortable world. The firefight started when the cowardly sensed weakness. They fired timidly at first, then the sheep not wanting to be dropped from the establishment’s cocktail party invite list unloaded their entire clip, firing without taking aim their distortions and falsehoods. Now they are left exposed by their bylines and handles. But surely they had killed him off. This is the way it always worked. A lesser person could not have survived the first few minutes of the onslaught. But out of the billowing smoke and dust of tweets and trivia emerged Gingrich, once again ready to lead those who won’t be intimated by the political elite and are ready to take on the challenges America faces.”

Continue Reading

Mon Mar 28, 2011 at 04:23 PM PDT

The Donald Releases His Birth Certificate

by stef

The Donald Trump released his "birth certificate" today. As he told Newsmax (so it's 100% accurate):

“It took me one hour to get my birth certificate. It’s inconceivable that, after four years of questioning,  the president still hasn’t produced his birth certificate. I’m just asking President Obama to show the public his birth certificate. Why’s he making an issue out of this?"

Why the heck is President Obama making an issue out of this!? He must let it go.

The Trump released his birth certificate to Newsmax.

Wanna see it?

Continue Reading

I can't wait to meet this guy!

The Last Word

Tonight, Lawrence has an exclusive interview with the caller, Ian Murphy. Make sure to tune in at 8 pm ET!

HuffPo interviewed him, excerpt below. At first, he was going to pretend to be Mubarak. But he couldn't nail the voice.

Continue Reading

Thu Feb 17, 2011 at 04:18 PM PST

Larry Wilkerson says they lied to Powell

by stef

Did anyone catch Larry Wilkerson just now on Cenk Uygar's show? I missed the first part, but in what I caught, he was discussing Curveball. He said Powell was lied to. He said they lied to the Secretary of State. He wasn't specific about who lied. The WH used him for his credibility in sending him to the UN. But didn't Wilkerson know that at the time? This is not new news, even if the Curveball story is new. We all knew they were lying, Powell knew, Powell fought back as they were prepping the speech, and cut some claims, IIRC.

Continue Reading

Thu Nov 25, 2010 at 08:33 AM PST

Deep Fried Turkey Disaster Videos

by stef

Gawker has culled the best of the Deep Fried Turkey Disaster videos from YouTube and, wow, they are spectacular. Way more amusing than the TG Day Parade.

Miraculously, no one gets hurt in these videos, and so they are quite comical. It could easily have gone the other way.

So without further ado:

Deep Fried Turkey Catching on Fire (Try not to focus on the small child running around in the background.)

Continue Reading

Sun Oct 31, 2010 at 09:33 AM PDT

Tim Profitt Charged with Assault

by stef

I can't bear watching that video. I hope I never see it again. I am glad anyway to see that the assault is being taken seriously.

Former Rand Paul volunteer scheduled to appear in court Nov. 18

The Paris man accused of stepping on a liberal activist at a U.S. Senate candidate debate in Lexington on Monday will go before a district court judge next month.

Timothy Mark Profitt, 53, is charged with fourth-degree assault, a misdemeanor, for stepping on the shoulder and neck of Lauren Valle, a MoveOn.org activist who was trying to get close to Republican candidate Rand Paul to present him with a mock award. Profitt will be arraigned Nov. 18, according to court records.

Continue Reading

Wed Sep 15, 2010 at 03:52 PM PDT

Jacob (Dude!) Isom Has a Dream

by stef

Actually, Jacob "Dude, you have no Quran" Isom has several dreams. They are modest, and adorable.

His first wish? He'd like to be featured in High Times. Awesome!

Also, he'd like to buy a truck, so he can drive around Amarillo selling pizza by the slice. He's considering auctioning off his skateboard on E-Bay to make that happen. Let the bidding wars begin!

His friends started a Tumblr page to sell this t-shirt. I assume he'll get some of the profits.

Gawker has a charming interview with him, excerpts below.

Continue Reading

This takes the cake in shady marketing. Beck's handlers have designed a new website for him, ostensibly along the lines of HuffPost or Daily Beast, except for one catch. All the stories are about Glenn Beck. And all the ads are for Goldline. When will these sad tea party chumps realize they've been taken for a ride?

Exclusive: Glenn Beck Launches “News And Opinion” Website, The Blaze, Tonight
by Steve Krakauer | 8:20 pm, August 30th, 2010

Having conquered TV, radio, book publishing and now live events, Glenn Beck is looking to expand his media empire into a new arena – the web (obviously GlennBeck.com is thriving too).

Mediaite has the exclusive details about a news and opinion website Beck is launching tonight. Here’s what to expect.

Beck’s new site is called TheBlaze.com, and will be edited by Scott Baker, formerly of Breitbart TV and host of “The B-Cast”. In an exclusive statement, he tells Mediaite:

Holy cow this is getting tedious. Samples from this "News & Opinion" site below.

Continue Reading

We should help him.

Gawker

Cabbie-Stabbing Victim's Story Almost Unbelievably Sad

Now that we've all been shocked by the cabbie stabber, let's find out about his victim, Ahmed Sharif . Damn: He can't work because of his wounds, and fund-raising efforts barely raised enough to pay for his kids' baby formula.

Continue Reading
You can add a private note to this diary when hotlisting it:
Are you sure you want to remove this diary from your hotlist?
Are you sure you want to remove your recommendation? You can only recommend a diary once, so you will not be able to re-recommend it afterwards.

RSS

Subscribe or Donate to support Daily Kos.

Click here for the mobile view of the site