John Edwards Has $16 Million Piece Of Company Foreclosing On Subprime Mortgage Homes

Ace of Spades ^ | 8-17-07 | Ace

[Renfield]

There are two Americas -- and John Edwards is fighting as hard as he can to keep it that way. Gotta keep the riff-raff down, you know.

God Bless 'im.

"...Democratic presidential contender John Edwards has investing ties to subprime lenders who are foreclosing on victims of Katrina, according to a report published Friday.

The Wall Street Journal said there are 34 homes in New Orleans that face foreclosure from the subprime unit of Fortress Investment Group. Edwards has about $16 million in Fortress (Charts), a hedge fund and private equity manager, the newspaper said.

Edwards, the former senator from North Carolina, has been a vocal critic of subprime lenders and told the Journal that he would assist homeowners in New Orleans who face foreclosure from businesses linked to Fortress or who have already lost their homes.

"I intend to help these people," he told the newspaper. The report also said he would divest any Fortress funds in his portfolio that are invested in subprime lenders that filed the foreclosures. "I will not have my family's money invested in these firms," the Journal quoted him as saying.....'

I'm pretty annoyed at this "divestment" scam. So, you sell your holdings for market value, probably making a profit. Or you take a small loss (or less of a profit) for selling them quickly. You have not changed anything. You've just exchanged $16 million in holdings for $16 million in cash. What has this accomplished?

Supposedly doing this retroactively undoes Edwards' insufferable hypocrisy.

Whatev's. If he wants to atone, instead of just cashing out his $16 million, he should give it all to the people whose homes he's trying to take from them.

Thanks to RickS.

[xrp]

Edwards is such a dunce.

[marvlus]

Edwards is such a dunce.

Event the lefties seem to see that, with his low numbers in the Democratic race.

[george76]

victims of Katrina

[Calpernia]

ping

[Eric in the Ozarks]

You can’t insult him.

[ken21]

that’s rich!

but as i observed in college,

the loudest socialists

always had their tuition

paid for by their parents.

[traderrob6]

Related...

http://exposingtheleft.blogspot.com/2007/08/edwards-to-end-investments-with-lenders.html

[ex-Texan]

Looks like Edwards just committed political suicide. The DNC cannot let this pass. FIG stock is going down the toilet. Lets hope he loses all of his $ 18 Million. Here is the chart:

Fortress Investment Group

[USS Alaska]

Just another pretty faced, empty headed, communist...faggot.

Can you imagine this butt-boy in a hard core prison?

[ItisaReligionofPeace]

Oh, so if people don’t pay on loans they should be given a free ride? This class warfare stuff is disgusting.

[Eric in the Ozarks]

Johnnycake has so much egg on his face he could serve up an omelet.

[nyyankeefan]

this a-hole lib/dem is soooooooooo over!!!!!

at least he gets a cabinent post in the piaps’ cabinent....

secretary of the beauty parlor!!!!

edward’s most favorite historical saying....remember the mane!!!!

[Cowboy Bob]

Edwards has about $16 million in Fortress (Charts), a hedge fund and private equity manager, the newspaper said.

Maybe that should be $8 million. The value of Fortress is about half what it was back in April! :0)

[jmaroneps37]

Since late 2003 I have been saying “Opie is an idiot.” If he was a Republican, he would be out of the race, not necessarily because he would drop out, but because his workers would quit out of a sense of shame and embarrassment. He the political rat is an animal that knows no shame. They will stay and repeat any ridiculous lie opie tells them to say.

[no-to-illegals]

I like the way this flight of the democrat geese is working out.
Pick off the back goose, and sight in on the next goose forward, then the next, and soon all three in flight are brought down.
An old hunter's trick.

[Tammy8]

I don’t see it that way. I see the hypocrisy of Edwards speaking against sub-prime loans while heavily invested in a company that had a practice of making those type of loans. Edwards is also bemoaning the foreclosures when he is one of the parties to the foreclosures. Talk about someone talking out of both sides of their mouth.

I think anyone getting a mortgage needs to read the fine print and understand what it means. If they cannot manage the consequences of a bad decision then they need to be foreclosed on. I am not willing to bail others out. Hubby & I live in a paid for 1970s home, that has not had major remodeling. We had planned on doing a major remodel when the home was paid off, but construction materials and other costs have gotten so high we did not see how we could afford it. We are not willing to take on that much debt in our retirement years. I am not willing to pay the costs of those that bought the home of their dreams knowing they could not afford it. At the same time I have no sympathy with the companies that allowed/encouraged/enabled people to get loans like this to begin with.

I know that in the fallout, folks like me will pay some of the price for people living above their means, and the money changers like Edwards that lined their pockets by making it possible for them to do it will likely go untouched. The fallout will be very unfair for those that did not play a part, but I see it happening that way.

[no-to-illegals]

I know that in the fallout, folks like me will pay some of the price for people living above their means, and the money changers like Edwards that lined their pockets by making it possible for them to do it will likely go untouched. The fallout will be very unfair for those that did not play a part, but I see it happening that way.

You are an extremely WISE person. You see exactly what is taking place.

[ricks_place]

John Edwards..."I intend to help these people"...I intend to help these people out of their homes!

[Caine]

About all the duplicity on Edward’s millions:
It remains to be seen if Johhny boy(Edwards) lost $$$ with his FIG dealings. FIG = Fortress investment group. Probably FIG did not give John the same deals it gave the suckers, as FIG has some global equity deals and some gold searching deals, to allow John to cash in on the high cotton side of the deal ledger.
Like Hillary’s deals via the Tyson brokers, where they gave her the profit side in a deal that smelled like a bribe of her HUBBY Governor, then deep in Ark pork -belly deals. But it was well veiled in subterfuges.
However, Johnny–hair slick–Edwards wants to make an issue; the two Americas. This is an big issue that all the blogs need to examine since we live in America;
Did Edwards get a special Fortress deal to make a ton of money(fast $$$$), or was he part of the America who was in the slide down on the 40 % drop in the stock listed on the New York stock exchange(FIG), & which America was Edwards in on as to his special deals ?
Was Edwards on the gray train of Fortress Investments, or in the side car with the regular suckers(hedge funds have a number of funds and pots, and shells)
Which one, why won’t Edwards tell us(ALL IN AMERICA–this America, mid America, like out here AMERICA) what all his Fortress investments are worth right now(2007), and what the changes are since the date he put the money in Fortress(FIG). If you don’t mind, I think I will skip sending money, or stuff to Johnny, slick as snot on a door nob..
Hasn’t he played so many as fools and suckers already, in his giant con he is running.
IS Edwards new campaign slogan: A FOOL is born every second… and he wants to exploit some scam, which is something utterly different than the truth.
So—- why won’t Edwards tell us: he created all those issues ? And, there sure are not going away, until Edwards reveals his deals(FULL DISCLOSURE) in his fast EDDY part of America. Edward’s and his part of American behind HEDGE FUND veils.... the VEIL needs to be lifted. isn’t it called transparency...?