There’s a poll out by the ONE campaign pointing to a new lead
by Edwards in Iowa. Everyone following the primary race knows how important
this state is to his campaign. So it’s not all that shocking that the WSJ goes
after him today. As the Times put it, the WSJ “pursues
another piece” of the Edwards campaign platform. Digging for dirt is
more like it. Unfortunately, the ties come complete with Edwards willing to
make good on what went bad. However, this is why the whole where did you
get your money argument is not a winner for any presidential campaign candidate.
In the absence of public financing the argument between lobbyists and lenders
is a loser.
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.” … ..Edwards,
Foreclosure Critic, Has Investing Tie to Subprime Lenders
The WSJ has found 34 homes in New Orleans that face foreclosure from subprime-lending
“units.” That’s some investigation. Sorry, but I’m underwhelmed.
The story also appears on A1 complete with a picture of Edwards in a little
box that has the heading: On Predatory Lending.
These guys won’t give up, especially during a time when Edwards is seen by
some to be picking up ground in Iowa. There are several
reasons
why.
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