Time for Herman Cain’s close-up

So begins the scrutiny of Republican presidential campaign Herman Cain.

Mother Jones, a decidedly liberal publication, says the metro Atlanta entrepreneur was involved in some funny business while on the board of directors of a Midwestern energy company named Aquila:

According to five lawsuits filed in federal court in 2004, Aquila’s board of directors—which Cain joined in 1992—allegedly steered employees into heavily investing their retirement savings in company stock. At the same time, the company shifted its business model from straightforward energy generation to risky energy trading, an unregulated market made infamous by now-defunct Enron. The suits, later folded into a single, massive class action, alleged that Cain and top company officials violated a 37-year-old federal law requiring that employers manage employees retirement programs responsibly. (Cain’s presidential exploratory committee did not respond to a request for comment.)

The legal action was settled in 2007 for $10.5 million.

- By Jim Galloway, Political Insider

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40 comments Add your comment

Dave McGinnis

May 23rd, 2011
1:00 pm

So what’s new? I can’t think of a politician or potential politician that doesn’t have skeletons in their closet from past issues. There is an old saying that IF a politician isn’t rich before getting elected to office, he most certainly will be before he ever leaves office. I’ve NEVER seen a poor politician. Is there any wonder why these men and women spend such tremendous amounts of money to get elected? I think I’m like most citizens when I say that politicians are out for themselves only, and could care less what the general public thinks. They all make promises that NEVER materialize, and WE continue to put them back in office. Shame on us, as we get we we deserve with our lax attitude toward these individuals. I just wish we could completly clean house and put some really honest people running the country’s affairs. Just my opinion.

Happy St. Pat's

May 23rd, 2011
1:04 pm

If that were the biggest negative on Cain, I’d have his bumper sticker on my car. Sadly, on the list of Cain’s Presidential negatives, this is hardly even a footnote.

Aquagirl

May 23rd, 2011
1:18 pm

Wow, the Cain fanbois somehow forgot about this. Or I missed it during the whole Godfather’s Pizza, blah, blah, you liberals are skeered of the Hermanator, blah, blah, blah, we got us a black man too, blah, blah.

Rene A

May 23rd, 2011
1:23 pm

This is just the first hint of the assault the left will unleash on Hermain Cain. While they will and have ignored or refused to publish highly questionable issues surrounding Obama and company, ie; surrendering of license to pratice law, sealing of educational transcripts, etc., they will dumpster dive to get anything at all on him and any conservative candidate that may pose a viable challenge to their candidates.
I have listened to Cain for some time and he’s an articulate man with a common sense approach on issues important to the hard working tax paying folks.

khc

May 23rd, 2011
1:30 pm

your kidding

Ag Nostic

May 23rd, 2011
1:33 pm

So, Cain, a la’ Kenny Boy’ Enron, screwed employees out of tens of millions of $. This will make him even more of an angelic hero in the Boortz universe!

Kirk

May 23rd, 2011
1:35 pm

I’d agree that this issue is probably a non-starter, because (1) hasn’t been stated if there was wrongdoing on Cain’s part and (2) media is not going to pay much attention to presidential candidates this early on. Also, I notice that Rena A has brought up issues surrounding Obama, which is usually a nice trick on the extreme right to divert attention from the main issue at hand which as I’ve stated doesn’t seem like it amounts to much. “Dumpster dive in?” Sounds like you’re trying to have it both ways. Fair game if its Obama but flag on the play if its Cain.

Amazing

May 23rd, 2011
1:50 pm

This is not a major issue. We will learn more about Cain’s real defiecencies in the coming weeks, but this is not one of them. I agree with Kirk’s assessment regarding Rena A’s post.

Jeffro

May 23rd, 2011
1:54 pm

Ag Nostic says that Cain has screwed employees out of millions, yet they dail to mention that Obama has screwed ALL Americans out of respect, money, jobs and common sense.

Jeffro

May 23rd, 2011
1:55 pm

err…FAIL (not dail)

jconservative

May 23rd, 2011
2:07 pm

This is a non story. He was on the Board. Maybe he voted NO and is a hero. Maybe he voted YES and just made a poor decision. He has a history of poor decisions. But most of us do.

Non story.

RetiredSoldier

May 23rd, 2011
2:15 pm

Kirk-

The point I belive Rene was trying to make is the press should be even handed in their investigation of candidates. Anyone who thinks the press really vetted Obama is crazy. The press should give a long and critical look at every presidential candidate, republican or democrat.

Diehard

May 23rd, 2011
2:22 pm

Herman is a fraud. This is all about 2013 speaking fees for him anyway.

DannyX

May 23rd, 2011
2:27 pm

So what should the press be talking about? How Cain strongly supported Bush’s economic policies?

Including the bank bailouts that most of you hate?

Aquagirl

May 23rd, 2011
2:30 pm

jcon, tell that to the people who lost their pensions. I’m willing to bet millions of middle class Americans freaking out over their retirement funds won’t think this is a “non-story.”
And handing out bonuses to the fatcats while the company goes under…yeah, I’m sure most Americans have no hard feelings about that either.

Herman will run back to his microphone soon, dragging a new clot of sycophants garnered from his pseudo-run.

DannyX

May 23rd, 2011
2:44 pm

So what did the press miss about Obama Retired Soldier?

That he was born in Kenya? That he didn’t wear a flag pin? That he was a secret socialist? That he was a Muslim? That his election was the result of the PBS kids show that secretly had the Black Teletubby brainwash our future voters into subliminally voting him? That he did the secret Black Panther fist bump?

What did they miss?

RetiredSoldier

May 23rd, 2011
2:54 pm

Dannyx-

I’ll let you know as soon as the do investigate. We may disagree on policy issues Danny, but you can’t seriouly be saying the media has been as adversial with Obama as they are w/ republicans. Come on now, even with your liberal blinders on you got to at least admit that.

RetiredSoldier

May 23rd, 2011
2:58 pm

AQ-

Now now, you ought to be proud that Georgia has two presidential candidates. I remember in 1976 I was volunteering for a republican congressional candidate and local folks would “bless me out” because jimmah was running for president and I ought to be loyal to Georgia. Guess times have changed!!

DannyX

May 23rd, 2011
3:03 pm

Retired Soldier, if there was something, anything on Obama, Fox News would have been all over it. If not Fox News the Swiftboat crew. If not the Swiftboat crew the Breitbart bloggers. Or Drudge or Redstate or…

The old liberal media routine is so tired.

The fact of the matter is they didn’t have anything on Obama so they made things up.

DannyX

May 23rd, 2011
3:06 pm

Those of you that want to expose the “real” Herman Cain go for it. Lets talk about his record. Whoops you may not want to.

His record says Re-Elect President George W Bush…Vote For Herman Cain

Kirk

May 23rd, 2011
3:06 pm

Retired Soldier: I understand the game very well. The more that you and others talk about Obama–the focus is not on the issue..which I already said doesn’t really amount to much. That really seems to be the default position: to imply that the media has somehow missed something concerning the President. I’m with Danny-X. What exactly was missed here? Trump claimed to have had an investigator in Hawaii before the birther issue was laid to rest ready to challenge the state officials with verified proof, and not another word was ever reported about that. If that was the case, why did you let The Donald off the hook so easily?

RetiredSoldier

May 23rd, 2011
3:10 pm

DannyX-

Again, you miss my point. I haven’t a clue if there is anything in Obama’s closet ot not. My point is the standard media in its bisas doesn’t do the same “due deligence” it does on republican candidates. You admit as much in your non-answer.

RetiredSoldier

May 23rd, 2011
3:11 pm

Kirk-

Read my post directed to DannayX. Same applies to you.

DannyX

May 23rd, 2011
3:14 pm

“You admit as much in your non-answer.”

Non-answer? What do you call this?

“”", if there was something, anything on Obama, Fox News would have been all over it. If not Fox News the Swiftboat crew. If not the Swiftboat crew the Breitbart bloggers. Or Drudge or Redstate or…”"”"

Sick&TiredOfTheGOP

May 23rd, 2011
3:22 pm

I agree with DannyX! Cain is another way to dumb down America; however, it only works for the GOP.

DannyX

May 23rd, 2011
3:22 pm

“the standard media”

Get out of the past Retired Soldier.

The “standard media” is now Fox News, MSNBC, Redstate.com, Drudge Report, ABC News, The Huffington Post, CBS News, Daily Kos, Peach State, Real Clear Politics, CNN…

RetiredSoldier

May 23rd, 2011
3:23 pm

What did CBS, NBC, ABC, MSNBC, New York Times, LA Times find about Obama in their research? Nothing! Now do you get my point?

DannyX

May 23rd, 2011
3:25 pm

“Nothing! Now do you get my point?”

You have no point.

RetiredSoldier

May 23rd, 2011
3:44 pm

Funny how you never address the issue DannyX. I see you are of the school if the facts aren’t on your side then baffle them with BS. You do that well.

Douglas

May 23rd, 2011
4:01 pm

Really, the whole case revolves around the definition of “responsibly.” There’s no telling how that one will turn out.

phil c

May 23rd, 2011
4:20 pm

Herman Cain entered corporate America because of affirmative action, not by any talent of his own. …and he still can’t speak English.

jim

May 23rd, 2011
4:44 pm

99% of what you hear from liberals is false.

Including what they called a “stimulus package”. That was just them on a government spending spree.

Cain is great – lives in reality. Obama – he’s misguided.

Kirk

May 23rd, 2011
7:28 pm

Unless you can point to specific examples, Retired Soldier. I don’t accept your premise at whatsoever. Many will argue that the media paid much more attention to the 2008 Democratic presidential candidates than it did their Republican counterparts, but their still remains the perception that there
’s a bias towards Democrats, What exactly consists of “standard media” these days? Fox News? CNN? Its certainly NOT Mother Jones, which featured the article on Cain that this article is about. I agree with you that the media needs to be more balanced in general, but you’ve also got to add talk radio and blogs to the equation, which tend to lean to the right. I respect your opinion, sir, but we’ll just have to agree to disagree on this one.

RetiredSoldier

May 23rd, 2011
8:49 pm

Kirk-

Standard media may not have been a good term, but I was clear whom I was referring to in my posts. I’m sure you can point out many negative items that FNC reported about Obama in 2008. Can you find any with Nbc, Cbs, Abc, etc. That again is the point you and DannyX refuse to address.

Kirk

May 24th, 2011
1:08 am

Retired Soldier: I’d be delighted to address your specific examples if you could cite one for me. What specifically did the four networks not address during the 2008 Election? You’ve stated that we refuse to address points but one more time..Donald Trump stated that he had private investigators in Hawaii to dispute state officials contention that the Obama’s birth certificate was legit. All of the news outlets that you referenced covered that story in depth which certainly was not a positive story at all, but once the White House released the actual birth certificate—there was no more discussion about the so-called private investigators. Now, as I said before, shouldn’t Trump explained why he just gave up…or is that the job of the networks? Is it Obama’s fault that Trump folded? The fact is that Trump got no backing publicly from any other Republican on the birther issue (even Michelle Bachmann believed that the President was born in the US). The mainstream media (my term) devoted way too much time to this issue—which if there was some type of bias in the President’s favor they wouldn’t have stayed on it for as long as they did. So instead of clouding the issue, can I get a straight answer to my question since I gave you a straight answer even if you may not agree with it.

amanda

May 24th, 2011
4:11 am

So just because it was settled we are supposed to just forgive his scandalous business deals?

Clay

May 24th, 2011
8:23 am

Herman Cain has already been vetted more than Obama was in the 2008 election.

Marppiy

May 24th, 2011
10:38 am

Très favorable soirée à chacun des individus de cette assemblée ,

Pour débuter , donnez-moi l’occasion de vous démontrer mon appréciation pour chacune des formidables informations que j’ai retrouvées sur cet imposant site web .

Je ne suis pas convaincue d’être au meilleur section mais je n’en ai pas trouvé de meilleur.

J’habite à Sorel, canada . J’ai 41 ans et j’éduque cinq super enfants qui sont tous âgés entre 6 et 14 années (1 est adopté). J’aime beaucoup les animaux et je tempte de leur présenter les produits qui leur rendent la vie plus festive .

Je vous remercie dès aujourd’hui pour toutes les très intéressantes délibérations dans le futur et je vous remercie de votre compassion pour mon français moins que parfait: ma langue maternelle est le vietnamien et je tempte de m’enseigner mais c’est très complexe !

A la prochaine

Arthru

Jon Lester

May 24th, 2011
11:14 am

You need to read the whole article. Cain chaired Aquila’s compensation committee. He was fully cognizant of the situation when he arranged for the company’s top five executives to receive $30 million in bonuses, even as the stock was rapidly losing value.

N>G

May 26th, 2011
11:36 pm

Here’s the rest of the details of Herman debacle; read and see if this nitwit shpould be allowed near the white house:

Cain chaired the board’s compensation committee, which, according to the lawsuit, had direct oversight of the push to get employees to invest more and more in Aquila stock. As chair of the compensation committee, Cain also saw fit to dole out $30 million in bonuses, not including stock options, to the top five execs at Aquila in 2002, with the company’s stock plummeting. A month after the Kansas City Star reported on the hefty bonuses in July 2002, the company laid off 500 employees, and the losses to employees holding company stock had reached hundreds of millions of dollars.

As a board member, Cain would’ve had direct knowledge of Aquila’s activities, says Fred Taylor Isquith, a New York attorney who litigated the employee class action. Asked if it was fair to place blame on Cain for the debacle at Aquila, Isquith replied, “Yes, I believe it is.”

FULL ARTICLE: http://motherjones.com/politics/2011/05/herman-cain-aquila-lawsuit-2012

Another republican dummy (Sarah Palin , Mitchell Bachman, Newt..etc goes on and on) who is suffering from severe delusion in thinking they can defeat Obama. Obama’s chance of being reelected: 99.8%