Tags: Langone | Obama | bashing | Business

Langone to Obama: Stop Bashing Business

Friday, 15 Oct 2010 02:01 PM

Home Depot co-founder Ken Langone, in an op-ed in the Wall Street Journal, urges President Barack Obama to stop bashing business.

“For more than two years the country has listened to your sharp rhetoric about how American businesses are short-changing workers, fleecing customers, cheating borrowers, and generally ‘driving the economy into a ditch,’ to borrow your oft-repeated phrase,” wrote Langone, now CEO of investment bank Invemed Associates.

He wrote in the Journal that “under the kind of onerous regulatory controls that you have advocated, it's a stone cold certainty that our business would never get off the ground, much less thrive.”

“Rules against providing stock options would have prevented us from incentivizing worthy employees in the start-up phase — never mind the incredibly high cost of regulatory compliance overall and mandatory health insurance,” the former New York Stock Exchange director wrote in the Journal.

He also claims that “short-sighted wavering — between condescending encouragement one day and hostile disparagement the next — creates uncertainty that, as any investor could tell you, causes economic paralysis. That's because no one can tell what to expect next.”

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Home Depot co-founder Ken Langone, in an op-ed in the Wall Street Journal, urges President Barack Obama to stop bashing business. For more than two years the country has listened to your sharp rhetoric about how American businesses are short-changing workers, fleecing...
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2010-01-15
Friday, 15 Oct 2010 02:01 PM
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