Dear President Obama,

First let me apologize for not realizing it was an overpaid government worker with that pension and lifetime health care for his family who studied for me in high school, took the SAT test and got me into Wharton. I also did not realize that it was that same government worker who took classes and studied late at night to get good grades for me in college. None of that was really me. Silly me working as a busboy so I could eat, and for working factory jobs in the summer so I could afford to pay my way when my father was unemployed during my college days. Little did I know all I had to do was call the White House to get food. I also want to thank the government for the opportunity to serve two combat tours in Vietnam. That was really great fun at taxpayer expense. Risking my life for what I believe in was a real extra the tour operator called the US Navy added for special fun.

Now for the really important part. Those years I spent in Wall St learning my skills and working hard were really thanks to the government getting me those jobs and doing my work for me which allowed me to go out on my own in 1980. Thank the government for letting me risk my last dollar and not sleeping as I worked to start my own company. I feel foolish not realizing that there was a whole covey of unionized government workers who would have been happy to risk their last dollar to start that company for me. To think I could have slept peaceably through the night knowing that the government was risking its money to start my business, and it was they who would pay the rent on my office and cover all my payroll and expenses. Oh Yes, and the marketing help those union guys provided to get me new clients, that was really great.

Had I known in 1991- 1992 that when things in my business went in the tank due to the S&L crisis, that all I had to do was rely on the government and not my last dollar of savings to carry my business, I would have slept much better. I would not have had to borrow from friends, used my credit card or sold everything I had, and would not have had to beg my daughter’s college to loan her tuition. How silly of me thinking I had to figure out on my own how to make it through those tough times. All I had to do was call the White House and your predecessor would have just sent a check and lots of good cheer.

I used to think I was smart and worked hard, and that was what got me from being poor to being rich, but thanks to you, I now know I was a dummy for working so hard, sacrificing and working 14 hour days 7 days a week. I was, according to you, just an ordinary guy, just like everyone else who worked hard, I was not really smarter than anyone else, and I sacrificed, and took risks for nothing. All those people who had jobs over the years, thanks to me starting my business, should really not feel any gratitude to me. They really need to thank the government for making all of it possible. Here I thought I was the one meeting payroll, when all along it was the government. Now you have shown me the light and I think I should pay 40% taxes instead of zero like the 50% smart, hard working union guys, who spent a lifetime not sacrificing and risking nothing. It is only fair that they pay nothing and get healthcare paid for by me. I am sure they all worked 60-80 hour weeks, especially those teachers who support your campaign with my tax dollars paid to them as salaries and pensions. What a schmuck I am thinking now I need to pay for my own retirement out of my hard earned after tax savings. I could have been a teacher, worked just 9 months a year, gone home at 3:00PM and had a lifetime pension and healthcare for my entire family for life paid for by jerks like me who paid all those taxes which you now tell me are not enough and are not fair. Clearly you are right. I need to pay more to support all those who pay nothing. After all, the government got me where I am today so I need to repay the government for all the help they provided. I have to hand it to you for the clever marketing. You say we rich guys should pay more taxes so you can hire more teachers who can pay more union dues, which are then recycled to your election campaign. All while the product they are delivering, education of our children, has gone from best in the world to number 27 with nearly twice the number of teachers and aides student as when we were ranked first in the world. The private sector has nothing compared to your slick marketing, product improvement and cost containment skills.

Thank you for clarifying that I wasted my entire life working and risking so much, when all I needed to do was call my friendly government worker who would have done it all for me since I did not do any of that myself. I am sure my friends, who are also now rich by their own effort and smarts, will want to thank you for letting us know that our lifetime of effort to make America the best country in the world was a total waste, and it was all due to government unions and not our own efforts. Since you feel that my top bracket tax rate is not “fair”, compared to the 50% who pay nothing, I enclose my checkbook so you can just fill out whatever amount you feel is “fair” and necessary to cover all those government worker pensions and health care since those government workers made my success possible. Much better to pay those pension costs for the union workers who retired at 55 after they built my business for me, and not pay for police protection, infrastructure and other things the government was supposed to be providing. Had you not clarified things so well, my friends and I would have died thinking hard work and smarts made a difference.

Sincerely,

Joel Ross

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Joel Ross

Joel Ross began his career in Wall St as an investment banker in 1965, handling corporate advisory matters for a variety of clients. During the seventies he was CEO of North American operations for a UK based conglomerate, and sat on the parent company board. In 1981, he began his own firm handling leveraged buyouts, investment banking and real estate financing. In 1984 Ross began providing investment banking services and arranging financing for real estate transactions with his own firm, Ross Properties, Inc. In 1993 Ross and a partner, Lexington Mortgage, created the first Wall St hotel CMBS program in conjunction with Nomura. They went on to develop a similar CMBS program for another major Wall St investment bank and for five leading hotel companies. Lexington, in partnership with Mr. Ross established a hotel mortgage bank table funded by an investment bank, and making all CMBS hotel loans on their behalf. In 1999 he formed Citadel Realty Advisors as a successor to Ross Properties Corp., focusing on real estate investment banking in the US, UK and Paris. He has closed over $3.0 billion of financings for office, hotel, retail, land and multifamily projects. Ross is also a founder of Market Street Investors, a brownfield land development company, and has been involved in the acquisition of notes on defaulted loans and various REO assets in conjunction with several major investors. Ross was an adjunct professor in the graduate program at the NYU Hotel School. He is a member of Urban Land Institute and was a member of the leadership of his ULI council. In 1999, he conceived and co-authored with PricewaterhouseCoopers, the Hotel Mortgage Performance Report, a major study of hotel mortgage default rates.