Republican Presidential Hopeful Herman Cain Screwed Employees Out of Millions

Let the character assassination begin! Just two days ago Herman Cain of the GOP announced his 2012 presidential bid. Well, as quickly as it was reported, the Dems started digging … and guess what they found? Scandal! Cain, who prides himself on being a businessman who achieved corporate success for 40 years, believes that his experience running big businesses trumps political tenure and know-how.

“I think that over 40 years of business experience is resonating a lot more with people than simply having political experience,” he said on a recent Iowa visit. Knowing how Washington works isn’t necessarily an advantage. As a businessman going in, I don’t want to know how Washington works.”

Well, Mr. Cain does’t want to know how Washington works but he’s sure about to find out … the hard way. After just 24 hours of research, the Democrats found Cain’s record isn’t quite as clean as he’d like us to believe. Some time ago, Cain sat as a director for a mid-Western energy corporation and during his time on the board, he engaged in a few dealings that ultimately swindled the employees out of millions of dollars. How? By convincing the workers to invest their retirement savings in corporate stock. Does this sound familiar? Enron, perhaps?

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 lawsuit, 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.)

Not even a week into his campaign, this man’s skeletons are creeping out the closet. And for someone who doesn’t want to know how Washington works, he better get familiar fast! Team Capitol Hill doesn’t play fair … they’re out for blood.

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