Why does no report 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.
