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.