Costco Founder Says Obama Better for Business Than Romney

http://www.bloomberg.com/news/2012-09-06/costco-founder-says-obama-better-for-business-than-romney.html

By Matt Townsend - Sep 5, 2012

President Barack Obama’s re-election will be better for businesses than a country led by Mitt Romney, Jim Sinegal, co-founder of Costco Wholesale Corp. (COST), said during a speech at the Democratic National Convention.

Companies need “a president who takes the long view and makes the tough decisions,” said Sinegal, who remained on the board of the largest U.S. warehouse-club chain after retiring as its chief executive officer in January. “That’s why I am here tonight supporting President Obama, a president making an economy built to last.”

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Austin Ligon, the co-founder and former CEO of Carmax Inc. (KMX), also pledged his support for Obama in a speech.

“President Obama understands what it takes to spark economic growth, because I have seen him in action,” said Ligon, who left Carmax, operator of more than 100 used-car outlets, in 2006. “He inherited a massive structural deficit from his Republican predecessor, an economy in free-fall, and, most important for me personally, an auto industry on the verge of collapse. The president’s decisive action led to the rapid and successful restructuring of two of America’s largest companies, GM (GM) and Chrysler.”

Obama will help businesses succeed by investing in education, transportation and affordable energy while pursuing “sensible immigration laws,” said Sinegal, who hosted a fundraiser for Obama in July.

“In Tampa last week, we heard all about job creators, but at our company, we recognize that job creation requires time and investment and commitment to the long term,” Sinegal said. “It requires companies that plant and grow, not executives who reap and run. That’s how we do our part to build an economy that lasts.”