But being a liberal multi-millionaire means never having to say your sorry.
As a presidential candidate, Democrat John Edwards has regularly attacked subprime lenders, particularly those that have filed foreclosure suits against victims of Hurricane Katrina. But as an investor, Mr. Edwards has ties to lenders foreclosing on Katrina victims.The Wall Street Journal has identified 34 New Orleans homes whose owners have faced foreclosure suits from subprime-lending units of Fortress Investment Group LLC. Mr. Edwards has about $16 million invested in Fortress funds, according to a campaign aide who confirmed a more general Federal Election Commission report. Mr. Edwards worked for Fortress, a publicly held private-equity fund, from late 2005 through 2006.
So let's look at this real closely. John Edwards preaches about compassion and helping the poor -- while foreclosing on Katrina victims and profiting from their misery.
Q: Has he no shame?
A: No -- but then again, we already knew that.
 |
Trackback Information for John Edwards -- Katrina Profiteer
TrackBack URL for this entry: http://blog2.mu.nu/cgi/trackback.cgi/221963Listed below are links to weblogs that reference 'John Edwards -- Katrina Profiteer'.
Comments on John Edwards -- Katrina Profiteer
Do you two realize that with the widespread securitization/commodification of credit, nearly *any* investor, with almost any investment portforlio, could *easily* have some of his investments tied up in sub-prime loans? Have you not read anything about the nature of the current credit crisis? All kinds of credit has been bundled together as assets, and even the credit agencies (often willfully) overlooked the poor credit bundled with better credit.
In any event, even if you think Edwards was looking for an investment strategy that would do the most damage to the poor (which of course is a ridiculous notion), do you think that he is such the prognositicator that he said "ah ha -- I will make sure that the subprime loans I invest in will be in New Orleans, because a hurricane will hit there"??
But no, I suppose actually thinking this through would interfere with your enabling the agenda of attacking someone who, as president, would instiute things like universal health care (because, you know that's "socialized" medicine. Oooh, scary.)
|| Posted by Mark, August 20, 2007 08:01 PM ||Hey, I'll concede that that it is easy to be in teh sub-prime market. I'm sure I am, through my public employee pension fund. However, these are Edwards' direct investments -- and having set himself up as the special advocate of the poor, he has a special obligation to ensure that he is not profiteering off the misery he blames on his political opponents.
In addition, you overlook the fact that he was not merely an investor, but was also working for the very sort of firm he condemned at the same time these actions were going on. As such, it is impossible to argue that his hands are not dirty -- tinged with a vile hypocrisy.
If Edwards truly believes that the actions of the company which he part owned and by which he was employed were so reprehensible, I'm sure he could make some sort of reparations for his misdeeds by turning the ill-gotten profits and salary over to the 34 families who were harmed.
Interestingly enough, I don't see any move that direction.
Odd, isn't it, that you hold Edwards to a standard below that which you hold Dick Cheney. I guess your hypocrisy is shining through as well.
|| Posted by Rhymes With Right, August 20, 2007 08:42 PM ||Post a comment