Edwards generated most of his wealth as a trial lawyer, but last year his principal employment was as a senior adviser toWhat better way to learn about how things such as subprime lending and offshore hedge funds can be linked to poverty than by building your portfolio on them? This guy may be the biggest hypocrite I've ever heard. Hey Mr. Edwards, if you want to help poverty, how about spreading around some of that $29.5-$62 milion? Oh wait, you only want , a large hedge-fund operator, for which he received $479,512. His and his wife's investment in Fortress Investment Fund III (Fund D) totaled between $1 million and $5 million. us to be socialists. Nevermind. I wouldn't expect you to attempt to live up to your own ideals.
Fortress, based in New York, owns subprime lender Nationstar Mortgage, formerly Centex Home Equity. The Dallas company calls itself "one of the nation's leading mortgage lenders offering nonprime mortgages and home-equity loans."
As a presidential candidate, Edwards has lashed out at subprime lenders, saying they are "pulling a fast one on hardworking homeowners."Fortress Investment Fund III is based in the Cayman Islands. Edwards' campaign said he opposes offshore tax havens and, "as president, he will end them."
Edwards has said he worked for Fortress to learn more about financial markets and their link to poverty.
Wednesday, July 25, 2007
Evidently Some "Bad Things" Are Good
Unfortunately, unlike my previous post, the satire story from The Onion, this story about John Edwards is true.