Tuesday, October 23, 2012

In ad, successful businessmen chide Obama for pushing class warfare narrative

Home Depot founder Ken Langone is one of 40 wealthy businessmen behind a full-page advertisement in USA Today chiding President Barack Obama for the way his administration negatively characterizes those who have been successful in business.

In an interview with The Daily Caller on Monday, Steven Einhorn of the Omega Advisors hedge fund said the letter was drafted because “the class warfare” being practiced by the Obama administration is “wrong and inappropriate.”

In the “An Open Letter to the American Public” ad published Monday, the investors accuse Obama of increasing “regulations on virtually every sector of the economy while the president maligns business achievement in his campaign stump speeches.”

The political action committee A Critical Choice for America PAC paid for the letter. Langone, Einhorn and Lee Cooperman of Omega Advisors wrote much of the content.

“It was an attempt on our part to indicate that the approach being taken by the administration with respect to the private sector was the wrong approach, that an attack approach was inappropriate and incorrect policy,” Einhorn told TheDC.

Einhorn said A Critical Choice for America PAC was “created principally to create the advertisement” that ran in USA Today on Monday.

“American free enterprise is not the problem,” the authors write in the letter. “Free enterprise is the essence of opportunity. It employs tens of millions, generates tax revenue, and pays healthcare benefits for millions of families. It is the engine that drives new industries, products, services, and innovation.”

Nearly 40 people in the business community — including former General Electric CEO Jack Welch — signed the letter.

Read the full article

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