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Herman Cain's Enron-esque Disaster

 
NoWeCaint
User ID: 1523591
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10/14/2011 08:37 AM
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Herman Cain's Enron-esque Disaster
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 (PDF), 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.)

[link to motherjones.com (secure)]

nutkick
NoWeCaint (OP)
User ID: 1523591
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10/14/2011 08:41 AM
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Re: Herman Cain's Enron-esque Disaster
a) Defendants directed, caused, encouraged and/or permitted the Plan and
Plan participants to purchase or hold shares of an undiversified fund containing almost
exclusively shares of Aquila common stock, the Aquila, Inc. Common Stock Fund (the
“Aquila Fund”), when it was imprudent to do so because Aquila was shifting its business
strategy from that of a traditional, public utility to that of a speculator in the energy
markets – clearly a high risk enterprise.
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NoWeCaint (OP)
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10/14/2011 09:23 AM
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Re: Herman Cain's Enron-esque Disaster
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NoWeCaint (OP)
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10/14/2011 10:01 AM
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Re: Herman Cain's Enron-esque Disaster
bumpto the front page!

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