Edwards pockets American dream - cashed in on war for oil (two Americas explained)

John Edwards talks a lot about the ``two Americas,'' railing against a government that rewards the rich and shackles the poor.

Edwards has been on the winning side of that societal equation for almost 30 years.

He pulled in verdicts and settlements worth some $150 million - a large chunk of which he pocketed - and recently sold his Washington home to the government of Hungary for $3 million.

Financial disclosure forms released by Edwards show he took in an income last year of about $1.5 million, mostly in stock sales and the buyout from his old law firm.

The North Carolina senator has an estimated net worth believed to be about $36 million, according to the Center for Public Integrity.

During his presidential campaign, Edwards made more than $50,000 in profit on sales of IBM stock last year. He reported capital gains of $15,000 to $50,000 each on sales of stock in 3M Co., Caterpillar, Cisco Systems and Merck.

During the buildup and aftermath of the Iraq war, Edwards bought and sold stock in several defense contractors, including Lockheed Martin, United Technologies, General Electric, British Petroleum, and General Dynamics.

Edwards, who owns multiple homes in North Carolina, sold his Washington home last year for $3 million, $800,000 more than he paid for it in 1999.

Before the sale to the government of Hungary, Edwards entertained an offer that could get him in some campaign trouble.

The $3.52 million offer was from a public relations specialist hired by Saudi Arabia to influence Congress and the public after the Sept. 11, 2001, attacks.

Edwards, who at the time was a member of the Senate Intelligence Committee that was investigating Saudi and U.S. terrorism lapses, said he learned months after the offer was made, but before the deal fell apart, that registered foreign agent Michael Petruzzello worked for Saudi Arabia.

From the Maha -

Edwards Cashed In on War For Oil
July 7, 2004

BEGIN TRANSCRIPT

RUSH: Interesting little story on John Edwards today. This is from the Boston Herald. And it talks about his acquisition of wealth and how he got it basically as a trial lawyer and so forth. But get this. They say his net worth here is estimated to be about $36 million. That's according to Center for Public Integrity. I've seen it estimated as high as 70 million. "During his presidential campaign, Edwards made more than $50,000 in profit on sales of IBM stock last year. He reported capital gains of $15,000 to $50,000 each on sales of stock in 3M Co., Caterpillar, Cisco Systems and Merck." Which is an evil pharmaceutical company.

But it gets even better. Remember, now, we're talking about the number 4 liberal in the U.S. Senate. "During the buildup and aftermath of the Iraq war, Edwards bought and sold stock in several defense contractors, including Lockheed Martin, United Technologies, General Electric, British Petroleum, and General Dynamics." John Edwards buying stock in big oil before and after the Iraq war. John Edwards buying stock in big defense contractors, Lockheed Martin, United Technologies, GE, and General Dynamics.

What will the libs say when they find out about this? That means Edwards was in on the war for oil if he's buying stock in British Petroleum and selling it. And in addition to that, he just sold his house in -- he bought this -- well, they say it's a mansion in Georgetown. I mean, you have to have a skewed definition of mansion to call those things in Georgetown mansions. I mean some of them I guess are, but they're more like very exalted townhouses. But nevertheless, he sold it to the government of Hungary for $800 grand more than he paid for it, bought it for 2.2 million, sold it from 3 million. No big thing, that's fine, everybody should benefit from rising real estate values. But before the government of Hungary bought the house he had entertained an offer that could have gotten him into some campaign trouble. There was an offer of three and a half million from a public relations specialist hired by Saudi Arabia to influence Congress and the public after the September 11th attacks. Now, he didn't take the money. He didn't sell it. So no big deal.

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