3 votes

Cain indicted in ENRONesque retirement mishandling

Here's an interesting bit of news. It was first brought out in May, but certainly bears a revisit due to his magically becoming somewhat important... to someone somewhere.

"According to a massive class action lawsuit against Aquila’s board of directors – including Cain – he allegedly steered employees into heavily investing their retirement savings in company stock, while at the same time shifting their business model from straightforward energy generation to risky energy trading – the kind of corporate greed that infamously brought down Enron."

http://atlantapost.com/2011/05/25/a-real-reason-to-be-mad-at...

Link added!




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Please correct your Cain subject headling

Thanks for posting the information.

Please correct your subject line, since "indict" has a specific meaning at law and I see nothing in the article to suggest Herman Cain has been indicted.

"Implicated" would be an accurate word to use.

Yes, that is a big

Yes, that is a big difference.

Bookmarked and bumped

.

Prepare & Share the Message of Freedom through Positive-Peaceful-Activism.

Yes!

If more Cain supporters knew about this, he'd be finished. Glad to see more people are becoming aware of this juicy little tidbit.

IMO, it's even more damaging than his history with the Federal Reserve in the eyes of the average Republican.

I will add that I find that a lot of Cain supporters aren't as belligerent as Perry supporters, in fact many seem to be very reasonable people. That's just my experience though.

A signature used to be here!

Another weapon in the campaigns arsenal.

THis is a great example of another weapon for the use of the campaign.. Herman cain campaigns on his business experience.. So lets talk about it, looks to me like he isn't quite the great altruistic moral leader he puts on as. This is not something that surprises me.

Lets use this to our advantage. Like Rick Perry and his Gardisil and Mitt Romney's bailout support and "corporations are people too". And all of the flip flopping.

Herman Cain's only qualification for being president is that he can project confidence on a stage. Thats about .5% of what is required of you to be president. The rest is unclear and confusing.

They settled for $!0.5 Million in 2007

Aquila Settles ERISA for $!0.5 Million
Law360, New York (July 26, 2007, 12:00 AM ET) --
Utility Aquila Inc. has agreed to pay $10.5 million to settle a class action that accuses it of breaching its fiduciary duty by encouraging employees to imprudently invest in company stock.

If the settlement is approved by the court, more than 7,000 current and former Aquila employees will receive compensation. The suit was open to anyone who participated in Aquila's retirement investment plan from January 1999 to May 2004.

In addition to the monetary payment, Aquila also agreed to retain an independent advisor for three years,...
http://www.law360.com/energy/articles/30637/aquila-settles-e...

(ERISA = Employee Retirement Income Security Act)

NJ

Aquila officials continue to deny wrongdoing

"Aquila officials continue to deny wrongdoing and say they're settling the case to get it behind them. "It's always more efficient to resolve the issues in a case rather than follow through the courts," spokesman Al Butkus said....

.....The settlement covers an estimated 7,000 current or former Aquila employees who bought or owned retirement plan shares between Jan. 1, 1999, and May 5, 2004, although not all of them will be eligible for benefits, Krasner said...

...At the time, Aquila, then named UtiliCorp United Inc., was beginning to aggressively participate in the risky energy trading business."
http://www.sddt.com/news/article.cfm?SourceCode=20070725fav

NJ

Documentation?

Where did you get this? News article?

Fixed

I fixed it. It's my first post and I pulled the trigger before adding the article :)

I have done that too.

Good first post, though. Thanks for the information!