Tuesday, October 18, 2011

Herman Cain Served As A Director Of Corporations Raking In Millions Of Stimulus Dollars


Listen to Herman Cain on the campaign trail, and you’ll hear him mock President Obama’s stimulus program a dozen different ways. Cain calls the program “a waste of money” that “didn’t stimulate anything other than bigger government” and a failure. One problem with Cain’s barrage of attacks? He sat on the board of directors of American corporations that applied for and received millions in stimulus money.

According to his personal financial disclosure (view a copy here), Cain supplements his income by being a board member for several large corporations. As a board member, he collected $202,500 from Agco Corporation, a farm products company, and $259,008 from Whirlpool Corporation (including options and a board salary). A review of stimulus spending records reveal that Cain’s companies have eagerly accepted stimulus money:

– Agco Corporation received up to $5 million of stimulus grants to develop “supply systems to handle and deliver high tonnage biomass feedstocks for cellulosic biofuels production.”

– Whirlpool Corporation received a $19,330,000 stimulus grant from the Department of Energy to develop SmartGrid solutions.

– Whirlpool launched a special offer to encourage customers to take advantage of the stimulus program’s energy efficient appliance program. The company advertised that certain Whirlpool, Maytag and KitchenAid appliances are available for rebate through the $300 million rebate program authorized by the stimulus.

– Whirlpool also received two stimulus grants of $2,042,700 to develop next generation energy efficient refrigerators.

Luckily for Cain, one of his corporations did not appear to receive any tainted stimulus money. According to his disclosure, Cain received $120,000 for his role on the board of Hallmark Cards Inc, the holiday greeting card company. A search by ThinkProgress reveals zero stimulus dollars directed to Hallmark.

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