Why does no reporter confront Cain about his poor management of Godfather's Pizza?

[FarLeftFist]

Herman Cain's Failure as CEO of Godfather's Pizza.

Why does no reporter confront Cain about his poor management of Godfather's Pizza. Why do they buy the myth that he created, that he turned the company around?

Herman Cain bases his campaign on the idea that he was a successful CEO and manager at Godfather's Pizza. No reporter has investigated this claim.
Cain has released no earnings statements either during the time he was at Godfather's Pizza or since.

If we look at sales figures which are in the public record, sales at Godfather's Pizza, adjusted for inflation dropped over 40% from the year before he took over to his final years. It is hard to imagine that profits went up at this time. Godfather's Pizza fell from the 5th largest Pizza chain when Cain took over to the 11th largest Pizza chain by the time he left the company 15 years later.

Cain bought Godfather's Pizza in a management leveraged buyout. In general, management leveraged buyouts are a device that company managers use to defraud stockholders of company profits. In this case, I believe the only reason there is no fraud in this case is because Cain was unable to produce any profits in the years he was CEO at Godfather's pizza. In other words, it was a fraud scheme that failed due to Cain's inept management.

If you want to see the poor Godfather's Pizza sales figures for Cain during his reign there, go to click here
Please have reporters ask him to release his profit and loss statements during his years at Godfather's, so we can judge his often repeated myth/claim that he was a great manager.

Link: http://www.opednews.com/Diary/Herman-Cain-s-Failure-as-C-by-Jay-Raskin-110611-401.html

"It is a myth that Godfather's Pizza was heading towards bankruptcy. When Pillsbury bought Godfather's Pizza in 1985, the company that sold it to them diversifoods had predicted profits from 1986 through 1990. The company had been worth over $300 million when bought in 1983. The only year that the company did not make a profit was in 1985, the year before Cain arrived. The losses were due primarily to defending a lawsuit by franchisee operators. As soon as Pillsbury bought the company, they settled the lawsuit. The following month they appointed Cain. Cain inherited a company that was profitable and he was backed by a six billion dollar company Pillsbury. With all this in his favor, he still managed to run the company into the ground so that Pillsbury sold it to him for a mere $40 million two and a half years later."

[thenam]

1. Remember George W?

George W got away with being a lousy businessman, all the way to the White House. There is a precedent.

[progressoid]

3. Yep - I remember during the Repub primaries thinking they would never pick such a failure as W.

Never underestimate the folly of the GOP.

[jaysunb]

2. Because, his cover would be blown

as the diversionary candidate proceeding the Romney backdoor coronation. :evilfrown:

[DirkGently]

4. Yep. Just because the owner is rich doesn't mean the company is successful.

[FarLeftFist]

5. Same with Donald Trump, guy went bankrupt 3x after INHERITING $400MILLION

But they don't care that he is a terrible businessman either.