Edwards profited from Katrina forclosures

Oddly enough, I’d just finished reading Dadmanly‘s excellent post critiquing John Edwards’ article in Foreign Policy when I happened across this Page One story from Christopher Cooper from the Wall Street Journal;

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.

Asked about the matter, Mr. Edwards yesterday pledged that he would personally provide financial assistance to New Orleanians who are facing foreclosure by Fortress-affiliated businesses or have lost their homes already. “I intend to help these people,” the former North Carolina senator said.

He also promised to cleanse his portfolio of any investments that may be profiting from their losses. “I am going to divest” from any Fortress funds that have a stake in the subprime lenders that filed the foreclosures, he said in a telephone interview. “I will not have my family’s money invested in these firms.”

Mr. Edwards didn’t give details on how or when he was going to proceed, either to alter his holdings or to aid borrowers. He said he plans to begin making amends to New Orleans homeowners first by contacting them and “seeing where they are in the process.” He said his help may come from his own cash or in collaboration with a charity that specializes in repairing homes.

Seems to me, Edwards, the prettiest girl running for President, is such a great humanitarian, he would have already been aware of the money he’d made in conjuction with foreclosures on Katrina victims and he’d have already made amends – it was nearly two years ago, afterall – and while he was an advisor for Fortress Funds. But then again, the entire $16 million he has invested in Fortress is somehow tainted, wouldn’t you say?

But, if he really wanted to make things right, he’d just hand each of those victims of the evil hedgefund 1/2 million bucks each out of his $16-large. I mean that’s what he’d do if he’s meant what he said all along.

Ack! I just noticed that Michele Malkin has the same story on her front page – and as usual she does a much better job.

Category: Economy, Politics, Society