- China Hints at Yuan's Departure From Dollar Peg
- AIG CEO Ready to Quit over Pay Constraints: Report
- Pay Caps Make it Hard for GM to Hire Execs: Whitacre
- Unemployment May Cause Loan Defaults in US: Zoellick
- Just 1 in 20 Plan to Buy a Home Next Year: Survey
- US Recovery to be Weak, Erratic: Top Fed Officials
- Bring on Tougher Regulation: S&P Owner
- Retail Earnings in Focus Ahead of Shopping Season
- Ponzi Proceeds: Bidding on Madoff's Toys
- This Chemical Company Will Rally into 2010: Trader
- 3 Safe Investments That Let You ‘Sleep Better:’ Strategist
- Beware of 'Trampling Effect' When Market Tops: Manager
- Gold Heading to $1150: Art Hogan
- Starbucks Brews Up Growth
- Farr: An Extended Period—No Fat Lady in Sight
- More Upside if S&P Passes This Number: Market Pro
- Murdoch Lashes Out At Google
- Fighting The Flu Vaccine Critics
MOST SHARED
- AIG CEO Ready to Quit over Pay Constraints: Report
- Gold Hits Record High Above $1,115 as Dollar Slides
- Herbalife Vs. Hedge Funds
- China Hints at Yuan's Departure From Dollar Peg
- Bring on Tougher Regulation: S&P Owner
- US Recovery to be Weak, Erratic: Top Fed Officials
- 5% of Americans Plan to Buy a Home Next Year
- China Factory Output Leaps to 19-Month Highs
- UPS Sees 2010 Volume Growth, Higher Rates
Text Size 
The Obama Administration has not instilled confidence in investors, said James Tisch, Loews [L
Loading...
()
] president & CEO.
“They’ve been particularly anti-business and I think the stock market has been listening carefully to that,” he said. “They not only go after hotel companies, but they go after bank executives; they want to cap compensation.”
(See the accompanying video for more.)
All three segments of Loews’ business, including hotels, energy and insurance, have been hit hard by the recession, said Tisch. The policy of taxing profits at home and abroad, meanwhile, will push companies like General Electric [GE
Loading...
()
] to reincorporate in Switzerland, he said.
“Congress has done a very good job of telling people ‘don’t go to hotels,’” said Tisch. “John Kerry forgets that many Democratic constituents are bellhops and waiters and waitresses and housekeepers and front desk clerks.”
More Investment News On CNBC.com:
Despite his criticisms, Tisch said the current economic crisis would have happened regardless of who was president, Treasury secretary or Federal Reserve chairman.
“Nobody would have been willing to take away the punch bowl while everyone was having such a good time,” said Tisch.
Over the last sixty years, total borrowing, as a percent of GDP surged by a factor of three from 120 to 360 percent, he said.
“Finally there was just that one little straw that broke the camel’s back,” he said.
Print
Email
- Bernard and Ruth Madoff's personal possessions will be auctioned this weekend. Click ahead to see.
- If you are lucky enough to have money and the time, this is a great time to see America, says CNBC's Jane Wells.
- What’s powering your microwave, fridge and computer? Part of it is fuel from Russian nuclear weapons. The NYT reports.
- How the Lord’s Prayer would read if Goldman Sachs’ Lloyd Blankfein were substituted for you-know-who.
- With 123 years of history, slogans and commercials, Coca-Cola is the most recognized brand on earth.
- The opening of a virtual pet store in “World of Warcraft” could prove a cash bonanza for Activision-Blizzard.
Data is a real-time snapshot *Data is delayed at least 15 minutes