Herman Cain's Enron-esque Disaster

[LisaNY]

uh-oh, more bad news for the Cainiacs:


Cain served on the board of directors throughout Aquila's ill-fated trading misadventure and the subsequent collapse of the company's retirement fund. In fact, he 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.

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

[hillertexas]

wow

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 (PDF), 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.)


Cain served on the board of directors throughout Aquila's ill-fated trading misadventure and the subsequent collapse of the company's retirement fund. In fact, he 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.

[LisaNY]

The Huff Post picked it up and few smaller outfits. I see a few tweets mentioning it but not enough to really get the word out.

Also, the Hermanator apparently doesn't know the difference between the Constitution and the Declaration of Independence:

http://www.youtube.com/watch?v=df8xgvhz_0E&feature=player_embedded

[No1ButPaul08]

The Huff Post picked it up and few smaller outfits. I see a few tweets mentioning it but not enough to really get the word out.

Also, the Hermanator apparently doesn't know the difference between the Constitution and the Declaration of Independence:

http://www.youtube.com/watch?v=df8xgvhz_0E&feature=player_embedded

This is great. What an idiot will add to Herman Cain File later tonight.

[hillertexas]

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