"...but I can! And I will! And I DO! Hahahahahahahahaha! Suckers!!"
Posted on 02/10/2010 6:03:51 AM PST by AndyJackson
Jim Tisch, the leader of Loews Corp., said the U.S. did a “good job of killing” the hotel business by lambasting corporate travel and hurt American International Group Inc.’s ability to return bailout funds by curbing pay.
“The criticism that took place of group travel was really a death knell for the industry,” Tisch said yesterday in an interview at an office of the New York-based holding company, which owns hotels. “It’s easy for the politician to get the sound bite. What they are doing with those sound bites is putting maids and bellmen out of work.”
Loews’s hotel unit posted a $34 million loss in 2009, compared with a $40 million profit in 2008. Tisch, the chairman and chief executive officer of Loews, said group travel comprises about half the firm’s hotel business, and operations suffered as lawmakers disparaged corporate trips amid the $700 billion rescue of financial firms. In 2008, bailed-out AIG canceled about 160 events costing a total of $80 million.
Loews’s fourth-quarter average room rates fell 14 percent from the year-earlier period to $217. Occupancy decreased to 61.6 percent from 65.8 percent, Loews Chief Financial Officer Peter Keegan said yesterday in a conference call.
President Barack Obama last year said companies receiving aid should curtail travel and pay. “You are not going to be able to give out these big bonuses until you’ve paid taxpayers back,” Obama said at a town hall meeting in February 2009. “You can’t get corporate jets. You can’t go take a trip to Las Vegas or go down to the Super Bowl on the taxpayers’ dime.”
Is there no one running a major company in the US that has a clue about economic realities. I guess not, actually. The best way to make money for the last 30 years was to take foolish risks.
Ping
why the US....why not zer0bama the messiah....that is where the problem lies.
Obama did a “good job of killing” the hotel business by lambasting corporate travel
“U.S. did a “good job of killing” the hotel business by lambasting corporate travel and hurt American International Group Inc”
If you’re going to “say it” get it right! Obama and the Dems killed your industry, not the U.S.!
just as Jimmy Carter KO’d the restaurant business when he went after the Three Martini Lunch.
When will they ever learn?
S0cialists like 0bama aim to kill all n0n-uni0n j0bs.
If the President were to say that he preferred Coke to Pepsi it is almost certain that Coke sales would increase and Pepsi sales would plummet.
The President should have made it clear that corporate travel was fine, and even encouraged, for the 95% of companies that were solvent.
He should have made it clear that only those companies being propped up by taxpayer money and government favors should be more circumspect before spending travel dollars.
Loews would still have lost money, but then at least they would have only themselves to blame.
Beef up armed guards with machine guns, and build extra bomb proof wals. They could be hooked.
Is he trying to convince people that the 4.2% drop in occupancy rates is the result of AIG employees not flying? Is he trying to claim that employees of other companies reduced their travel just because a politician said they should? Who bases the day to day conduct of their business on a government official’s ‘lambasting?’
From the Center for Responsive Politics:
Tisch, James
New York,NY 10021 Loews Corporation 3/26/09 $5,000 Every Republican is Crucial PAC (R)
TISCH, JAMES
NEW YORK,NY 10021 LOEWS CORPORATION/PRESIDENT 11/3/06 $5,000 Lieberman, Joe (I)
TISCH, JAMES
NEW YORK,NY 10021 LOEWS CORP./PRESIDENT & CEO 6/26/08 $2,600 Coleman, Norm (R)
Tisch, James
New York,NY 10021 Loews Corporation 1/21/09 $2,400 Cantor, Eric (R)
Tisch, James
New York,NY 10021 Loews Corporation 1/21/09 $2,400 Cantor, Eric (R)
TISCH, JAMES
NEW YORK,NY 10021 LOEWS CORP./PRESIDENT & CEO 6/30/08 $2,300 Coleman, Norm (R)
TISCH, JAMES
NEW YORK,NY 10065 LOEWS CORP./PRESIDENT AND CEO 12/5/07 $2,300 McConnell, Mitch (R)
TISCH, JAMES
NEW YORK,NY 10021 LOEWS CORPORATION/PRESIDENT 8/7/06 $2,200 Lieberman, Joe (I)
TISCH, JAMES
NEW YORK,NY 10021 LOEWS COMPANY/CHAIRMAN 11/6/06 $2,100 Cantor, Eric (R)
TISCH, JAMES
NEW YORK,NY 10021 LOEWS CORPORATION/PRESIDENT 2/15/06 $2,000 Lieberman, Joe (I)
TISCH, JAMES
, LOEWS CORPORATION/PRESIDENT & CHIEF 9/12/08 $2,000 Loews Corp
TISCH, JAMES
NEW YORK,NY 10021 LOEWS CORP./PRESIDENT & CEO 3/13/07 $2,000 Coleman, Norm (R)
TISCH, JAMES
, LOEWS CORPORATION/CEO 6/30/08 $1,000 Schaffer, Bob (R)
TISCH, JAMES
NEW YORK,NY 10173 LOEWS CORPORATION/EXECUTIVE 12/10/07 $1,000 Alexander, Lamar (R)
TISCH, JAMES
NEW YORK,NY 10065 LOEWS CORPORATION/CHAIRMAN 6/17/09 $1,000 Ward, Vaughn L (R)
TISCH, JAMES
NEW YORK,NY 10021 LOEWS CORPORATION/PRESIDENT 5/18/06 $1,000 Every Republican is Crucial PAC (R)
TISCH, JAMES
NEW YORK,NY 10065 LOEWS CORP/PRESIDENT & CEO 6/6/08 $500 Bachmann, Michele (R)
TISCH, JAMES
NEW YORK,NY 10065 LOEWS CORP/PRESIDENT & CEO 8/19/08 $500 Bachmann, Michele (R)
TISCH, JAMES
NEW YORK,NY 10021 LOEWS CORP./PRESIDENT & CEO 6/30/08 $-2,300 Coleman, Norm (R)
TISCH, JAMES MR
NEW YORK,NY 10075 LOEWS CORP/CEO 6/6/07 $1,000 King, Pete (R)
TISCH, JAMES S
NEW YORK,NY 10021 LOEWS CORPORATION/CEO 12/8/05 $5,000 Loews Corp
TISCH, JAMES S
NEW YORK,NY 10075 LOEWS CORPORATION/PRESIDENT 3/23/09 $2,400 Schumer, Charles E (D)
TISCH, JAMES S
NEW YORK,NY 10075 LOEWS CORPORATION/PRESIDENT 3/23/09 $2,400 Schumer, Charles E (D)
TISCH, JAMES S
NEW YORK,NY 10021 LOEWS CORPORATION/CEO 2/20/07 $2,300 Richardson, Bill (D)
TISCH, JAMES S
NEW YORK,NY 10021 LOEWS CORPORATION/CEO 10/15/07 $2,300 Saul, Andrew Marshall (R)
TISCH, JAMES S
NEW YORK,NY 10065 LOEWS CORPORATION/CEO/CO-PRESIDENT 3/14/08 $2,300 Warner, Mark (D)
TISCH, JAMES S
NEW YORK,NY 10065 LOEWS CORPORATION/CEO/CO-PRESIDENT 3/14/08 $2,300 Warner, Mark (D)
TISCH, JAMES S
NEW YORK,NY 10021 LOEWS/EXECUTIVE 3/28/07 $2,300 Sununu, John E (R)
TISCH, JAMES S
NEW YORK,NY 10021 LOEWS CORPORATION/CHAIRMAN 11/14/07 $2,000 Blunt, Roy (R)
TISCH, JAMES S
NEW YORK,NY 10021 LOEWS/EXECUTIVE 5/29/08 $1,300 Sununu, John E (R)
TISCH, JAMES S
NEW YORK,NY 10021 LOEWS CORPORATION/PRESIDENT 11/1/08 $1,000 Weiner, Anthony D (D)
TISCH, JAMES S
NEW YORK,NY 10292 LOEWS CORP/EXECUTIVE 6/30/08 $1,000 Collins, Susan M (R)
TISCH, JAMES S
NEW YORK,NY 10021 LOEWS CORPORATION/CHAIRMAN 6/30/08 $1,000 Smith, Gordon H (R)
TISCH, JAMES S
NEW YORK,NY 10065 LOEWS CORPORATION/CEO/CO-PRESIDENT 5/7/09 $1,000 Warner, Mark (D)
TISCH, JAMES S
NEW YORK,NY 10065 LOEWS CORPORATION/CEO 3/31/09 $1,000 Boehner, John (R)
TISCH, JAMES S
NEW YORK,WY 10065 LOEWS CORP./PRESIDENT AND CHIEF EXE 2/23/09 $1,000 Gillibrand, Kirsten (D)
TISCH, JAMES S
NEW YORK,NY 10021 LOEWS CORP/EXECUTIVE 2/21/08 $500 Corker, Bob (R)
TISCH, JAMES S
NEW YORK,NY 10065 LOEWS CORPORATION/CEO 5/5/08 $500 Ryan, Paul (R)
TISCH, JAMES S
NEW YORK,NY 10021 LOEWS CORPORATION/CHIEF EXECUTIVE O 6/30/08 $500 Boustany, Charles W Jr (R)
TISCH, JAMES S
NEW YORK,NY 10065 LOEWS CORPORATION/PRESIDENT, CHIEF 3/6/09 $250 Israel, Steve (D)
Tisch, James S
New York,NY 10028 Loews Corporation 1/21/09 $200 7th District Republican Cmte (R)
Tisch, James S Mr
New York,NY 10021 Loews Corporation/President & C.E.O 4/25/08 $23,700 Republican National Cmte (R)
TISCH, JAMES S MR
NEW YORK,NY 10065 LOEWS CORPORATION/EXECUTIVE 6/30/07 $2,300 Romney, Mitt (R)
TISCH, JAMES S MR
NEW YORK,NY 10021 LOEWS HOTELS/PRESIDENT 6/29/07 $2,300 Rangel, Charles B (D)
TISCH, JAMES S MR
NEW YORK,NY 10021 LOEWS/EXECUTIVE 12/29/06 $2,100 Giuliani, Rudolph W (R)
TISCH, JAMES S MR
NEW YORK,NY 10021 LOEWS CORPORATION 4/30/08 $1,300 McCain, John (R)
TISCH, JAMES S MR
NEW YORK,NY 10021 LOEWS CORP./PRESIDENT & CEO 1/2/07 $1,000 McCain, John (R)
TISCH, JOHN
NEW YORK,NY 10065 LOEWS HOTELS/CHAIRMAN & CEO 6/30/08 $2,300 Powers, Jonathan (3)
TISCH, JOHNATHAN M
NEW YORK,NY 10065 LOEWS HOTELS/CHAIRMAN & CEO 1/19/09 $5,000 HILLPAC (D)
TISCH, JONATHAN
NEW YORK,NY 10021 LOEWS HOTELS/CHAIRMAN & CEO 11/3/06 $5,000 Lieberman, Joe (I)
This time they got bit hard.
"...but I can! And I will! And I DO! Hahahahahahahahaha! Suckers!!"
He should have said the U.S. did a “good job of killing” the hotel (and most) business by electing the statist, job killer Obamster.
I'm sure the bell hops, waiter, maids, cooks, maintenance people, concierges and the thousands of other hotel employees out of work share your righteous indignation. Far better that the $800 billion go to Acorn, SEIU, and government jobs than show up in the real economy.
Talk about getting a clue. Here is one for you. The US economy depends heavily on service sector jobs. A heavy proportion of those jobs are in the travel and entertainment industries. When you curb travel and entertainment, either directly or indirectly, it ties a boat anchor to the economy. Mr. Tisch is inconvenience by the results. The service workers put out of work are devastated. But again, I'm sure they share your righteous indignation.
Tisch makes an offensive PC statement
the “U.S.” did not do this, obama did this
and continues to do it
Hey Tisch, who did all your swell NYC country clubbers vote for in 2008?
american big business has become part of the fascist federal oligarhy...and they’re out of minds and out of ideas....
My indignation is not with the workers in these places. It is with folks like Mr. Tisch who participated in the creation of the bubble economy, at the expense of everyone, and then wants to be bailed out when it goes sour.
And believe me, I have no beef with the travel and entertainment industry. I enjoy travel as much as anyone. I just expect that I should pay for it out of my own pocket and not the taxpayers' pocket using bailout funds.
The problem with bubble economies is that they lead to severe economic distortions, like overinvestment in luxury hotels and condos with underinvestment in assets that produce and manufacture. Our trade deficit in manufactured goods is not an arguable issue. It is that we have become fat, lazy and complacent. I have watched with amazement the overdevelopment of Las Vegas over the last ten years. Talk about buildign sand castles in the sky! That was an economic disaster waiting to happen.
And the reaon to pick on folks like Tisch is that they get paid a lot of money to know better.
I wish I could have written that.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.