Some CEO’s in grim mood over election outcome

Donald Trump’s not the only corporate executive not looking forward to a second term in the White House for President Barack Obama.

CEOs from around the country are weighing in on their disappointment with Tuesday’s election results.

Here’s a sampling from around America …

From Bloomberg Businessweek:

Andrew Puzder, chief executive officer of Hardee’s owner CKE Inc., said he was “sad and depressed” after Republican Mitt Romney’s defeat and expects the economy “to stay bad with the possibility of being horrific.”

And Aetna CEO Officer Mark Bertolini said the insurer may freeze hiring or cut jobs if Obama and Republicans don’t avoid next year’s so- called fiscal cliff of tax increases and spending cuts.

From The Wall Street Journal:

Robert Reynolds, Putnam Investments, said: “Our country is craving leadership, bold direction and greater certainty from Washington, D.C. Clearly, the status quo approach to addressing our fiscal health, stimulating economic growth and laying the groundwork for the long-term vitality of our nation needs a major overhaul now. The election results do nothing to change this essential fact.”

James Rogers, Eastman Chemical, said: “It’s hard to imagine a CEO with the president’s track record not being thankful (and a little bit surprised) to still be in their job. It’s time to move from ‘divide and conquer’ to ‘unite and govern.’ If this is done with a healthy dose of humility, the country will follow.”

For others, there was hope that the political climate would change. From the Journal …

Said NV Tyagarajan of Genpact, “What’s  good for our clients is good for us. Having the elections behind us _ having a winner, whoever it is as the president _ and therefore getting decisions made is very important for everyone.”

Added Martin Sorrell of WPP, “Whilst very few CEOs seemed to favor President Obama winning, the people have spoken and the key issue for business in general is whether there will be continued gridlock … or not. A quick resolution of the U.S. fiscal situation would go a long way to restoring confidence and constructive decision making.”

7 comments Add your comment

SteveQ

November 8th, 2012
10:47 am

Considering the wealthy captured some 93% of the economic growth over the past 4 years, I find it rather pathetic that these CEO’s are whining about Obama’s election. As if 93% wasn’t enough for them while the rest of the nation is left to share their table scraps like a bunch of mangy worthless dogs.

If the wealthy truly believes they deserve everything, I think it’s time we start treating them with the same level of disdain. It’s about time this country is returned to the people.

Mike

November 8th, 2012
10:55 am

I believe I deserve everything I earn. I also believe that one should be proud of achieving wealth – it comes with hard work and risk. Get out from under the table and stop begging for scraps.

Susan

November 8th, 2012
11:28 am

Maybe you think you work hard, but I’ll bet you don’t work harder than a housekeeper in a motel or a Florida roofer spreading hot tar in 100 degree weather–why aren’t they richer than you, if hard work is all it takes?

[...] first term while bracing for more of the same in the next four years. – Wall Street Journal Some CEO’s in grim mood over election outcome – Atlanta Journal-Constitution Anti-Obama CEOs Now ‘Sad and Depressed,’ Fear [...]

Warranted

November 8th, 2012
2:28 pm

@Susan, hard work, ambition, intelligence, risk taking and a little luck are representative of successful, wealthy people. Certainly a housekeeper and roofer work hard, but do they have the intelligence, ambition and willingness to take a risk to succeed? Those who do are the ones who make money and they deserve it. For you to sit back and accept your hard working job and don’t have the ambition, intelligence and risk taking initial, you DON’t “deserve” the wealth, or someone else’s for that matter. You simply deserve a fair wage for the work that you do, period.

RGB

November 9th, 2012
9:27 am

The attitudes possessed by SteveQ and Susan explain why we’re in this mess–and will remain so.

Ronald Reagan expressed it nicely:

“We have so many people who can’t see a fat man standing beside a thin one without coming to the conclusion that the fat man got that way by taking advantage of the thin one!”

The economic pie is not fixed. When you punish people who can help expand it, the result is that you punish the housekeeper or roofer that Susan references (but probably doesn’t know). Poor people don’t have capital to risk to start and expand businesses. Why punish those who do? We should be grateful for them.

Ted

November 9th, 2012
11:19 pm

The rich are not a reliable engine for economic growth. Romney’s Bain capital made a career out of closing American businesses and moving them to China. In the great depression as well, the rich sat on their wealth. Trickle down economics is not a mainstream economic theory. The USA was at it’s peak in the 1950’s when the highest tax rate was 90% for top earners. It’s a BS theory that is promoted by guess who? The rich. Even Reagan realized it didn’t work, consequently he raised taxes. Reagan is too liberal to be a Republican today.