US Consulting Firm Cornerstone Cites "Obama-nomics" as Primary Reason for
Filing Bankruptcy on Eve of 25th Anniversary
Cornerstone President and CEO Stephen Xavier blames Obama's policies for 80%
of company's lost revenue
CHAPEL HILL, N.C., Nov. 2, 2012
CHAPEL HILL, N.C., Nov. 2, 2012 /PRNewswire/ -- The Cornerstone Executive
Development Group, Inc. (http://www.cedg.com) is filing for bankruptcy on the
eve of the company's 25th anniversary. The company's founder, President and
CEO, Stephen Xavier, said in a statement today, "During the Clinton and Bush
presidencies I grew this company from $50,000 in revenues to over $2 million
and prospered. In President Obama's short time in the White House I've lost in
excess of 80% of my revenue base forcing me to make a most difficult decision:
closing shop entirely."
Xavier, a former Assistant Manager, Media left Textron, Inc. to pursue his
dream of starting this business. "When I left Textron in 1987 and launched
Cornerstone it was a rough economic time in the US. But, like most
entrepreneurs, I toughed it out, gained traction and built a small but
successful business offering my services to some of the biggest names in US
Cornerstone, a boutique consulting firm based in Los Angeles and Chapel Hill,
NC, offered Executive Coaching and Leadership Development Skills to a wide
range of Fortune 500 companies including Amgen, ABC Television Network, BMW,
Disney, Edison International, Northrop Grumman, Motorola and Goldman, Sachs &
Company, to name just a few.
Xavier, who bears the title America's Top Coach® (http://americastopcoach.com)
continued, "Between Mr. Obama's anti-business regulations and regulatory Czars
my Wall Street and Power Utility consulting business has all but dried up. My
clients cut consulting budgets by tens of millions each. In September alone
his anti-coal regulations shuddered two Chicago area power plants displacing
several hundred workers and negatively affecting numerous small businesses and
vendors, my firm included."
When asked what his future plans were in light of these regulations and poor
economic times Xavier said, "I'm truly not sure what's next. I know what I
built and I'm sure I can build it again but not until there's a dramatic
change in Washington, DC starting with 1600 Pennsylvania Avenue."
For more information contact
Stephen Xavier, President & CEO
Cornerstone Executive Development Group, Inc.
This press release was issued through eReleases® Press Release Distribution.
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SOURCE Cornerstone Executive Development Group, Inc.
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