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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.
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Attack someone for "making" money, instead of printing and spending it. Typical left BS.
Not going to make a diff anyway -The WASPS in the GOP would never allow a Black Pizza Man to be their Candidate to run against another Black already seated in the WHITE HOUSE. You guys can Report this and get me collapsed, but those who read it, know in their hearts that it is true.
Very sneaky. Let others foot the bill while you skate. What a game. They sit back in their easy chair while you come home dead tired. While you work 10-12 hours a day, your manager skips out working less than 8 and that's after a half hour coffee break, 2 hour lunch and another half hour bs session by the water cooler. Gotta love it. But, don't tax 'em as they gave you a job. Be thankful.
Isn't it funny how NBC can vet a republican so completely. Yet, not one article in 2008 about their savior Obama. Why didn't they 'follow the money' of Barry's then? Who paid for all that expensive schooling? Who helped Barry write his books? Who's his daddy?
Oh I get it now. A;ll you liberals only want uneducated, unsuccessful, unknowledgeable non-Captialists to be in leadership positions within the United States so they will UNDERSTAND THE COMMON MAN. Maybe you ought to look at all these folks that are serving the Congress then (on BOTH SIDES) Give me a break. I want people who have achieved the American Dream to be in leadership roles so they can help guide this country so everyone can have the opportuniity to achive the same thing.
To villlify Herman Cain for being successful and for having served in positions that granted him stock options ands other benefits for outstanding LEADERSHIP within those companies is completely ludicrous. To try and state that Herman's reason for running for President is so he can get things in place so he does not have to pay higher taxes on his own resources is also ludicrous! I see all the Cain piling on about his wealth, and supposed sexual harassment claims, etc etc etc trying to destroy a black man who just happens to also be a CONSERVATIVE. To liberals, that havnig a successful conservative black gaining political traction is mind blowing and they've to destroy any hope of blacks following in his footsteps. Heck, that would remove a lot of their voting base that has followed the Democratic welfare state approach like sheep instead of finally seeign where there are unlimited opportunities out there if Republican success oriented approaches are accepted
The conservatwits just don't get it. To them all that matters is IF you have money ie IF you have money the normal rules of behavior that apply to everyone else don't apply to you (unless you're not a conservative than the rules are far more restrictive). They don't understand it's HOW you got money that's important too. Working hard doesn't make you rich, it makes your bosses rich. Getting rich generally depends on luck and a willingness to exploit others, but to conservatwits, people exist to be exploited and the underclass shouldn't get uppity.
Claiming liberals are jealous of rich people is silly. It's an easy excuse that has no basis in reality. Those who made their fortunes honestly deserve respect. Those who made their fortunes by abusing the system don't.
What a shock! Herman Cain, like the other TeaPublicans, is wanting to change the tax code to benefit himself and his rich friends
This guy is not rich by federal political standards. Herb Kohl's estimated net worth is estimated at 279 million. Nency Pelosi's is estimated at around 32 million. George W. is estimated to be worth 26 million. Mitt Romney is estimated to be worth 190-250 million. Point being - there are rich people across the political spectrum. Very rich people.
I'm a little surprised that with his past record of corporate helmsmanship Cain is not worth at least what Pelosi or Bush is worth. I'm also surprised he can even run a campaign for president at that level. I would have figured his net worth in the low to mid 8-figure range.
The implication of this article, to me, is that he is some wealthy-beyond-belief Wall Street insider who designed that 9-9-9 plan for him. I don't see that. Long-serving Senators and Congresspeople walk away with pensions and health benefits and perks that easily have a net present value equal to Cain's. Many states do not tax retirement income. The Clintons are quite wealthy, even after legal costs, due to book deals and speaking engagements. No one goes after them. And why should they? They promoted a product (themselves). Cain promoted a product (pizza).
I will bet you all of those people I named above have passive investment income that will benefit under 9-9-9.
It's a nice, financially warm and fuzzy thought to have someone making minimum wage become president in this day and age, but let's face it, that's not going to happen.
Yes and you notice not one of them supports it! Further, they have all come out saying they feel they should pay more. What does that tell you about rich "liberals" vs. rich "conservatives"? It tells you that true conservatives want nothing else but to "conserve their wealth" not help increase yours.
Well, that was sort of my point. I don't see why Cain should have to transfer wealth he has earned and paid taxes on (remember, the house was controlled by Democrats until 2010, and the Senate still is, and we have a sitting Democratic president). We are talking about an income tax, not a wealth re-distribution act. They are very different things. I have not seen anyone on either side of the political spectrum send the treasury a check representing part of their savings or investment assets.
Besides, people like Cain that run businesses have much to worry about with the 9-9-9 plan. Now they have to convince people to pay 18% more for their pizzas or widgets or cars or anything. Book sales would be taxed as well, and I don't know how it treats speaking engagement fees.
Again, their is a huge difference between income and assets. Cain is not among the very high net worth individuals I named above, which was my basic point. i will totally concede your point if I see the people I mentioned earlier donating their assets to the Federal government to reduce the deficit or transferring their assets to people of lesser net worth. Like me, for example. If Pelosi or Bush or Kohl or Romney feel the wealth distribution is unfair, they can send me a check anytime they want to help level the playing field. But I don't think they ought to.
I don't believe in government-mandated economic equality. I do believe in government-mandated equality of opportunity to allow financial achievements. Those are very different things.
I'll bet that Obama's, Reid's and Polisi's net income far exceed that of Cain's.
I Say How much is enough?
Everyone can't be a CEO, we need police, firefighters, teachers, construction workers. these jobs will never make you filthy rich but they support the 1%. all middle class people want is the ability to work and provide for their families. Greed has take over and some wealthy people have forgotten which side their bread is buttered on. I have fault in two wars for this country and seen friends die. and all the time I was doing this I did not see one of the 1% fighting their with me. We as a country need to realize we are in this together. I am disappointed in congress and I don't blame the president because I realize the congress has a lot more power to try and fix the problem we have. It is a shame that it will take some disastrous event to bring us all together. Simper Fi
Isn't Whirlpool the company that is closing a plant in Ohio and ending hundreds, if not thousands of jobs? Now we learn that much of Cain's wealth comes from his attachment with this company. Hmm...no wonder Americans are fed up with these guys. Fighting for a tax plan that benefits only his class? Surprise, surprise. Why isn't this an msnbc headline? Wonder what the repugs at cnbc will say if this were to come up on their morning shows.
Look I do not begrudge this man his wealth. What I do begrudge is his ability to present himself as the "common man". He is not common by any stretch of the imagination. He truly epitomizes who the republicans are fighting to protect, at the expense of the middle class. If it is true that his backers are shoveling money into his campaign, then I guess you all deserve whatever happens to you. As for me, candidates such as those being offered by the republican party, cannot and will not ever speak for me.
Obama 2012. Fighting for all Americans, not just the rich.
I think many of you responders miss the point. Rather than begrudge industrious and enterprising Americans who earn lots of money for their talent and hard work, the resentment is due to the fact that they (as exemplified by the Republican party and its favorite mega-rich lobbyists, including the Koch brothers) are absolutely paranoid about the possibility of paying more taxes......despite the fact that they are in the one income bracket that keeps going up, up, up, while the rest of Americans see their income power go down, down, down.