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AP
Presidential hopeful Herman Cain (R), former CEO of Godfather's Pizza, has a net worth estimated between $2 million and $6 million.
Follow the money: The first in an installment of First Read reviews of candidates’ financial disclosures.
Herman Cain made between $1.2 million and $2.4 million from 2010 to August 2011, according to a review of his federal financial disclosure filing.
His net worth is between $2.8 million and $6.3 million. (Here is the full financial disclosure.)
The largest single source of his income came from Whirlpool Corp., the appliance manufacturer, where he pulled in $359,008 in the year-and-a-half reporting period. He has a financial interest in the company of between $500,000 and $1 million.
Cain was a director at Whirlpool from 2005 to April of this year. He announced his presidential bid in May. Previously, he served on the board of directors of Whirlpool from 1992 to 2003, according the filing submitted to the U.S. Office of Government Ethics in August.
A significant share of Cain’s income -- between $299,000 and $1.5 million -- came from stock sales, dividends, royalties, interest, and capital gains.
At this income level, and with so much of Cain’s money wrapped up in the stock market, if his 9-9-9 plan were to go into effect, he would stand to greatly benefit. Cain’s plan would reduce the income tax rate to 9% and eliminate the capital gains and estate taxes. Under the current tax system, those at Cain’s income level pay a significantly higher share of taxes than is proposed under his plan.
Also notably, Cain, who was a motivational speaker in the 1990s and has made a career of catchy slogans, served on the board of Hallmark Cards for a decade, from 2001 until this past April. In addition to 9-9-9, when managing a Burger King, he instituted the BEAMER program to get employees to smile and be friendlier.
Other income sources include:
- $202,500 from Agco Corp., a heavy machinery company from Duluth, GA. He was a director there from 2004 to April of this year;
- $165,183 from Cox Radio in Atlanta, where he hosted a talk-radio show;
- $53,965.50 from Godfather’s Pizza
- Between $15,001 and $50,000 from Bell Research, where he was a director from 2009 through June 2011.
The rest of his income came from stocks, money market accounts, CDs, IRAs, and investment funds, including:
- Sales and dividends from Coca Cola totaling between $145,207 and $1.15 million
- Sales and dividends from Whirlpool totaling between $112,504 and $235,000
- He made between $5,001 and $15,000 from sales of 2,000 shares of a company called SonicWall Inc.
- Capital gains of between $5,001 and $15,000 of common stock from Warren Buffett’s investment firm Berkshire Hathaway. (Cain holds between a $15,001 and $50,000 stake in the company.)
Cain’s biggest financial interests are in:
- Whirlpool (between $500,002 and $1 million)
- Bell Research (between $300,002 and $550,000)
- Godfather’s Pizza (between $100,001 and $250,000)
- Agco (between $100,000 to $250,000)
- A computer wholesale company in West Palm Beach, FL, (between $100,000 to $250,000). The name is not listed on the financial disclosure.
- Supervalu Inc. (between $15,001 to $50,000)
- A 50% ownership stake in VHC Investments, a rental real estate holdings company (between $50,000 to $100,000)
- THE New Voice, a group he founded to promote his writings and speeches; THE stands for “The Hermanator Experience.” (between $50,000 to $100,000)
He has between $366,007 and $855,000 in checking accounts, money-market accounts, and CDs at Sun Trust Bank and Branch Banking.
He also has between $793,014 to $1.8 million invested with several investment funds, like Blackrock Global Allocation, Legg Mason Affiliates, Goldman Sachs, Fidelity, Vanguard, Wells Fargo, RBC, Alliance Bernstein, The Hartford, Delaware Investments, and Federated Investors.
Leave a Comment:
I see the pervasive ignorance is rampant again today!
Is inteligent commentary a lost art?
By your comment, I would say "yes."
Why6 don't we just vote for the homeless guy on the corner? He definitely isn't a 1%
You will note HermanCain's long service onthe Board of Whirpool that ened this year. During that time whirpool was sued for sex harassmant-the same thing Cainhas been accusedof. This case went to court andthecourt awarded $1 millionindamages because inthe court'swords "they failed to protect thewoman from abuse".
We post the story inpart here foryou tojudge. And if HermanCainis so great how come this was going onagainst BLACK people? Where was Cain's leadership onthe Board while this was occuiring?
But of course Cain has nothing on Piglousy or Reid on wealth.
Let me ask you this Arlin. Which companies Herman Cain sat on were not doing well?
and...Why would you put someone in the Whitehouse that voted present on Partial Birth Abortions, Adult Prosecution to anyone firing a gun on or near school grounds, voted present on strip clubs being built within 1000ft of schools, churches and daycare. Why would you put someone in the Whitehouse that hung out with Bill Ayers, Reverened Wright, etc. Why would you put someone in the Whitehouse that never held a real job? Why Arlin? Why?
Let me ask you, JFK2112....Are you referring to the current President? What is your point? He has been elected in spite of Republican efforts to the contrary and he has done a phenomenal job in the face of the worst sour grapes obstructionism in our history. He's done numerous things the last three president's could not accomplish even with all the near traitorous obstruction. We'd have been far better off economically if they had let up and allowed some of his stimulus policies to be fully tried ( I say tried, but Clinton already proved that stimulus can create growth and surpluses). Of course now, having done everything to try to cripple him, they complain that he is crippled......We aren't ALL stupid and blind. We can see that the current GOP candidates are all bad business from here, no need to put them in office to find out.
NC open heart, no I was referring to Jimmy Carter and actually replying to Arlin's questions.
Really his personal wealth does not matter so long as he is not selling himself as middle class or can now relate to them. I am sure it has been sometime since he was poor. One thing that could be pointed out and has been is his 999 plan and how that would effect his wealth and anyone else at his level and higher. You could say he made this plan to benefit himself and not the middle class which is what needs to happen. So on these points he is not for mainstream middle class people and anyone in this class should not look to put him in the Whitehouse.
To all you sissy liberals who know nothing about running a major company, you should just keep your mouth shut. The point is: get this: when they hire you to run a company, your supposed to make money. And do it the best way you can. If that means buy or manufacture in China, thats what you do. Don't like it, tell the crooked politicain you voted for to put some tariffs on goods we import so our local producers can compete. And Herman is not filthy rich like some have said. He earned what he has. Most are just jealous they can't do as well.
Cain is a kook...so are his apologiss and supporters...'nough said
Rick is a Xxxx (rymes with Rick).
By the way, the 999 plan is apparently over most folks heads. See, when you count the nine percent that rich folks would have to pay on what they buy, the numbers really change. They buy a 100K ring for the wife, an extra nine grand in taxes. Catching on yet? When Paul Allen spends 150million on a yacht, he pays 13.5 million in tax. when you buy your row boat, not so much. So the 999 does in fact tax the rich. In ways they are not used to.
Sure, but I am not even middle class anymore and we aleady have a 9% sales tax in my state.......18% every time I buy something is not cool.
Wealthy people do not buy diamonds here. They fly overseas where there are no sales taxes. They move their money out of the country and stash it foreign banks. A national 9% sales tax will kill American small businesses. The wealthy will just take expensive buying vacations to places that do not have taxes, just like they do now.
...and this is only one problem. 9-9-9 is just a bad idea which will soak the middle class and the poor.
JPMace,
Delusional much? You need a hobby.
Whirlpool???
Didn't they just announce a bunch of closings/layoffs? Is this the kind of leadership and job creation we can expect from Cain?
Why yes they did, not closing though, moving overseas......yep
Cain worked there until 2003. Why mention what Whirlpool is doing now? he once owned a pair of Nikes; are you willing to lambast him for that, too?
Geez! I haven't seen this much sudden negative publicity since the Beatles filmed Magical Mystery Tour!
I do not begrudge Mr. Cain his wealth! Most people with wealth work very hard to maintain it. However, I do object to his unwillingness to pay his share of the taxes it takes to keep the U.S. A., the strongest, most prosperous country in the world. His 9-9-9 plan is designed so he will pay less taxes than middle class people who earn a lot less money. He gets to enjoy his wealth in the safety and security of America and does not want to pay his fair share for the privilege.
Look to Timothy Geitner tax cheat if you want to look at someone unwilling to pay his share. I don't think this article says anything about Cain committing tax fraud.
Whirlpool is closing its plant in Fort Smith Arkansas adding 1200 to the unemployment roster........moving overseas doncha know.......way to go Herman.
Hey Kathryn...he was at Whirlpool from 1992 - 2003! Is this another one of those whacky left Blame Bush deals?
Kathryn not so good at math. Not so good with reality.
I am a Dem but would love to see Cain run against Obama, how many tea party heart attacks and stokes would occur if some of them had to choose between 2 black men........let the fun begin.
I'm love to see it happen too Kathryn!
I think Bachmann would be the dems choice but Cain would be a very close 2nd.
Guess that's why Cain is tied in popularity with Romney, because of all those naughty rascist Republicans.
Well Kathryn, this white 62 year old Tea Party member and my wife who is black hispanic support Cain and would gladly vote for him just like we voted in 2008 for Alan Keyes. Just like we supported Keyes in 1996 and 2000.
But like most liberals you appear to be ignorant of what Tea Party members really believe.
Whirlpool closed Evanton, IN cost 1,100 jobs last May 2010 ship it to Mexico, next plant in Ft. Smith, AR cost about 1,200 jobs ship it to over sea too. Well the big boss said we Americans not rich, it's our own fault, stop complaining go find a jobs. or we too lazy to work for $7.75 an Hr. these jobs paid average $15 an Hr. now gone.
Vote for Mr. Herman Cain & his 9-9-9 plan now. privatizing SS, Medical. We kiss our SS, Medical & Mediaid or what left of our last safety net goodbye. Welcome to new world my friends. where's T-Party when Americans need them?
As of 2008 there were 237 millionaires serving in congress, the median reported income for all of congress was $622,254; what's the big deal if one more millionaire wants to get in? The system is broken. So, either you need to be loaded to get into to congress, or, getting into congress is like winning the lottery.
The scariest thing about Cain for me is listening to him talk; this guy was a CEO? He wants to be President? Chilling.
Do those numbers include ALL the women that have been Paid Off?
How many other women were bullied or intimidated by that Harassing Sexual Predator Monster called Herman Cain?
LET CAIN'S VICTIMS TALK!!!
Silly. It's funny that the one he "paid off" (was paid a settlement to go away; no charges or evidence against Cain) is back for more now that he is a public figure. Sounds like blackmail to me.
President Obama has already be hacked up by the Right, and it's no matter how wrong they are proven it still isn't good enough. Those of you fretting about his college grades, what does it matter to you, he's still smarter than any of you are. You on the Right have tried to destroy this man left and right, up and down, and yet he remains better than all the callousness, hardheartedness, and stupidity that floods from the Right. It's easy to compare what he does and what the leaders on the Right do. Anyone can make the comparison's. His integrity still stands even though he has made mistakes in his Presidency, but we all know that every President has made mistakes. It's easy to make mistakes when the problems of this nation and of this world are truly enormous. No one who belittles for the sake of belittling shows how small they are. It's like envy wrapped up in hatred, unfounded hatred, and not only is it sickening, it is also maddening to keep hearing.
REGARDLESS OF PARTY: Any president who gives out stimulus packages is hurting our economy Bush did it and we are paying for that. (Economic Stimulus Act of 2008 - $152 billion in stimulus checks)
Then Obama in 2009 game of the (American Recovery and Reinvestment Act of 2009) which was otherwise known as $787 billion. bait-and-switch bailout package (the largest in history)
and recently the American Jobs Act which he proposed prior to Monday Night Football. Which is a $447 billion dollar "Second Stimulus"... and we will pay for those too
You didn't see many stimulus's packages under Reagan, George H. Bush & Clinton that's because Alan Greenspan vehemently opposed of them. Our economy ran like a clock during those Presidents tenures with the exception of a couple expensive wars.
SO POINT IS: As an Independent I like Cain he isn't to sharp when it comes to public speaking but Obama really let me down and at this point in our nations history we need Ross Perot 2.0 and Cain is a proven businessman and unless he falters we need the man with the best economic prowess.
Wow, that's interesting. So because a smart, thoughtful and considerate man can't overcome the obstructionists deceitful tactics, you think a man who "isn't [too] sharp" and seems to have issues with grammar, memory and integrity will do a better job for us? Talk about lowering the bar.
By the way, Clinton used stimulus and grew the economy.....much to the Conservatives' surprise at the time. Just calling something stimulus does not make it so, there has to be sufficient amounts and correctly directed as Clinton acheived. Bush never did fund his plan and the Obstructionists kept Obama from being able to fully fund his stimulus plan, so your point fails on substance.
What is really sad, is all this internal division in our country is about money while we have children, women and elders becoming homeless in record numbers, while starvation is actually on the rise in America again, while people are suffering and dying for lack of health care and due to drug shortages. So keep fighting for your right to unnecessary amounts of money Conserves...it's such a valiant effort. I'm sure history will recall you with a particular poignancy.
NC open heart- what piece of fantasy do you get your statements from?
You know, I see a guy here where the majority of his wealth is because he reinvested in things that he believed would help him...meaning he didn't have spend every single bit of the money he took in for luxuries, at least not at the start....he actuallly "saved" (which is another name for investing)....what a concept-a potential politician that can save money?! And I also see somebody who has a fairly extensive work history across a variety of businesses...and those businesses paid for his services (We are not necessarily talking about the millions of dollars per year plus perks either) Meaning that he has some cred and respect in the business community. I also see alot of people pissed off because he did invest (which is taking a chance) and the investments paid off, and he seems to have re-invested again with the proceeds to grow his wealth....Seems sensible and sane, and it didn't happen overnight, and it didn't all come from one company or industry....Other than the fact that he is a conservative and wealthy (which is a good enough reason to get totally razed in most of these threads) I am having a hard time seeing him as an evil anything.
Apparently Cain is not among the "wealthy". At least he is solvent, and as far as I have heard he has never run anything into bankruptcy (as our current administration is doing to our country with his so-called "health reform" debacle).
You know, if you fired everyone in the white house and the U.S. congress that has more money than Cain, there would be almost no one left. Personally, I like the idea of a president who knows how to make money and isn't so enamored of spending my money (and yours).
I imagine everyone on this Vine knows Communist China has nuclear weapons. Congratulations, your smarter than Herman Cain!
That's "you're."
Herman is crazy like a fox, as he is in this for nothing more than the money. This charade is about selling books, promoting his motivational speaking engagements, etc. Hell, I see where he and Newt are looking to do pay-for-view debates at $250 a pop! They are nothing more than cynical money whores that are helping to destroy their party and our country while accumulating vast personal fortunes.
Seems like Cain actually worked for a living and has done pretty well; acheived the American Dream. Beats the hell out of a "Community Organizer" who's source of wealth is questionable at best.
The source of the income of President Obama is no secret. He has made the majority with the sale of books he has written. People do make a lot of money when they write a book that becomes popular. That combined with his salary as president, about $400,000.00 per year.
President Barack Obama and his wife had a 2010 adjusted gross income of $1,795,614. They paid $453,770 in taxes.
FLASH! Third woman comes forward with allegations of sexual harrassment by Hermin "toast" cain...
Reminds me of the ol' Clinton days. How I do miss him. Laugh a minute.
Yep, and the world sure does miss that CLINTON SURPLUS BUDGET too!!!