If you listen or read any of the drivel the left spews about John Edwards, you’ll see that they have fully bought his altruistic pap. It is almost as if the idea of a man of his financial stature even speaking about the issues he does is enough to land him the title of “Helper of the Poor” and no amount misdeeds seem to be enough to shake his acsent to the lofty post in the leftie mind.
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.
This one is going to cost Edwards, financially.
Shortly after this story hit at the end of last week, he stated he was going to divest his portfolio of these investments and give money to those whom this company has foreclosed or is about to foreclose on.
If he doesn’t come up with the cash rather quickly though, which he hasn’t put a date on as of this morning, it could also start costing him credibility.
The lefto-sphere has been putting on a full court press over the subprime fisaco and this story won’t stay under the radar and off their blogs for long. In fact, I’m not exactly sure how long they can ignore it. I know I’ve dropped it in a couple of key demographic blogspaces and it has yet to be deleted, so we’ll just have to see.