John Edwards, the 'anti-corporate' candidate?

[DutchLiberal]

From an e-mail from Dennis Kucinich, dated January 6 2008:

3. In answer to your questions about why I didn't support former Senator John Edwards on the second ballot in Iowa: I have serious concerns about his connections to a Wall Street hedge fund, Fortress Investment Group. While attacking others for accepting campaign money from Washington lobbyists, he is up to his ears in money from Wall Street special interests.

He made half a million dollars in a single year for attending a few meetings for Fortress and has invested a substantial part of his own personal wealth in the hedge fund whose portfolios are responsible for sub-prime predatory lending practices, Medicare privatization, and an entire range of corporate sharp dealings that are driving the middle class into poverty.

Yeah, the MSM are 'excluding' him because he would take on the corporations... :eyes:

[Atman]

1. Stop this shit NOW.

At some point you have to accept that we can't get Jesus Christ to come back and be our perfect candidate. Just stop this shit, please. You're recycling old news that anyone paying attention has already heard. We're beyond that now. These are our candidates, and I support ALL of them. Some more than others, but dammit, we can't keep shooting at each other. Let's take out the real bad guys instead.

.

[NWHarkness]

2. Jesus Christ???

We can't support him for president. People won't vote for a Jew! And hasn't he been associated with prostitutes? And I heard he's tight with the carpenter's union. And look at his health plan...why doesn't he cure ALL the lepers?

[Atman]

7. BWHAHA!

:rofl:

I'm giving Brian Cohen a second look.

http://www.smh.com.au/ffximage/2006/06/08/fondue_lifeofbrian_wideweb__470x318,0.jpg

.

[dorkulon]

28. JC is way too far left to be electable.

Just look at his haircut! That's not a SERIOUS candidate.

[zalinda]

4. Didn't you hear, Kucinich is the Savior n/t

[AndyA]

3. Edwards made changes to his investments to address these issues as well.

He also started a fund to help the people impacted by the predatory lending practices.

Further, he has put the hedge funds on notice that some of their lending practices are questionable, and that he thinks it's unfair they have tax cuts available to them that others don't, and he doesn't like their executive pay practices.

So, yes, Edwards is biting the hand that feeds him in that respect.

As mentioned earlier, NO ONE is perfect. I don't approve of everything Edwards has done or said, but he's still miles ahead of the rest on the issues.

[redqueen]

5. You're funny.

[Dover]

6. Googled this >

The corporate media is fashioning Edwards as an outsider with populist leanings. Populism is the
big seller this year as the economy collapses and the class divide gets larger. Couldn't have a REAL populist for prez so why not create one for themselves?

http://www.businessweek.com/bwdaily/dnflash/oct2005/nf20051013_3314_db016.htm

[redqueen]

8. In businessweek, no less... well that sure puts the lie to The Guardian's piece

which is linked in my sig. I'd trust Business Week's opinion on this subject any day of the week!

Or not. :)

[Dover]

9. That Guardian article is a Reuters piece. Not written by the Guardian as far as I can tell.

What part of the business week article do you find questionable?

[redqueen]

16. The part where it said the media was "fashioning" him as anything besides a failed candidate.

Thanks! :hi:

[GreenArrow]

11. got to give credit to Edwards for seeing which way the wind

is blowing. But I'd disagree that the media is fashioning him; his populist persona is a role he's created for himself, with role being the operative word, and if the wind starts changing direction, he'll change with it. He's a very practiced chameleon. As for all the bilge about the media etc. being afraid of him, they are marketing him as a safe corporate lite alternative.

[redqueen]

17. Just out of curiosity... which candidate do you support? (nt)

[GreenArrow]

23. Kucinich, of course

I know he can't win, but he's the only one running (Gravel is good as well, except for his tax plan) that represents the better angels of this country's nature, IMO. I'm not voting for anyone who pushed the invasion of Iraq, so that kind of eliminates two of the top tier right there, and the third one is skating on thin ice.

[redqueen]

24. Nobody comes close to Kucinich.

I was first drawn to Edwards as my second choice due to his healthcare plan. :hi:

[Dover]

25. RedQueen, aren't you as equally concerned as Kucinich about Edward's financial involvements?

The alarm bells go off for me when I see stuff like that too.
Of course no one is perfect, but this is not some personality flaw or ancient youthful 'mistake'.

I can certainly understand your desire to get a good healthcare plan in place, but I think these target issues are being sold like the pro-life, prayer in the schools, issues were sold to the right wing supporters who also desperately wanted to find representation for their issues. We need to look at the whole person and the big picture and not allow ourselves to just answer to a single issue or be so ready to believe whatever rhetoric is tossed us, no matter how eloquent the messenger. One way to see through the veil is to look at what they DO as opposed to what they say. The other is to go with our gut feelings.

I don't believe we have true representatives of the people on the menu right now....with the exception, perhaps, of Kucinich who IS a true populist and whose actions have been consistent and are, as far as I've been able to see, above reproach. But I don't think the multi-national corporations, financial institutions, MSM or whoever you imagine are the PTB, would ever allow for his leadership. And we certainly won't get that kind of leadership until we are ready for it and insist on creating that kind of world that could accomodate it. So it's up to us to bring real change, and perhaps that seems daunting, but there are all kinds of ways to achieve it personally and as a group in myriad ways. Many of those to the far right are equally disillusioned with our lack of true representation or leadership.
We are all in the same boat when we put these target issues (which have been used to divide and weaken the people) aside.

[redqueen]

26. I'm obviously not equally concerned as Kucinich, no,

or I'd be supporting Obama.


I see the reason for his concern... and as you've said none are perfect. You seem to be saying that the other candidates only have personality flaws or ancient "youthful mistakes". I sure don't see it that way.

[Dover]

27. No, that comparison is in your mind, not mine.

What I said was that I felt real change would come from us, and not top down.

[redqueen]

29. Here's the part where it's implied:

"Of course no one is perfect, but this is not some personality flaw or ancient youthful 'mistake'."

The implication is clear.

[Dover]

30. ??? Interpretation....it's not a minor issue. The financial issue is major.

If that somehow seems a comparison to someone else, I'll have to leave it at that.
It's not, so I don't know what the implication is that you're reading into it.

I have serious concerns about Edwards. And that's just the tip of the iceberg of my concerns about our system and everyone on the 'menu' of candidates. Which is why I think change will need to come from us and outside the current system.

[redqueen]

31. They all have flaws.

It's up to each of us individually to decide which one we think we can trust, and vote accordingly.

[AlertLurker]

10. All it will take to kill Edwards in the GE:

Question 1: How many people now live in poverty after being foreclosed upon and evicted by predatory subprime lenders leveraged by Fortress Investments throughout 2006-7?

Question 2: How much money did John Edwards earn ($4 million? $5 million? $$$more?) off the backs of these same foreclosed and evicted poor while pretending to give a shit, working for and investing half his net worth in Fortress Investments throughout 2006?

[Atman]

12. AlertTroller

:eyes:

.

[redqueen]

18. There are a few around here with a penchant for trash-talking Edwards.

Strange, considering how his campaign is such a "waste of time", eh?

[DutchLiberal]

21. Yeah, I too hate people who tell facts. Nasty trolls.

:eyes:

[Dover]

13. Well, it certainly could go like that. However this article seems to indicate that

Fortress bought Nationstar (subprime lender) in 2006 (why I'm not sure), which might be after Edwards left Fortress. And it's also possible he wasn't aware of this and other subprime interests of Fortress. But he says he was learning about finance there, so how could he not have learned about this aspect of it?

Of course regardless of the subprime issue, there is still the question of his affiliation with Fortress to begin with, his investments with them as well as his salaried position. Poor choice for someone wanting to run as a 'populist'.

http://www.bloggingstocks.com/2007/09/29/fortress-investment-group-fig-shutters-its-subprime-operations/


Edwards explains his relationship with Fortress as an 'educational opportunity' and way to make money.
http://abcnews.go.com/Politics/WireStory?id=3152277&page=2

[AlertLurker]

14. Fortress bought Nationstar DURING Edwards' tenure.

July, 2006. Nationstar then bought sub-prime lender Champion Mortgage.

They also bought Newcastle Investment Corp, which specializes in leveraging sub-primers, Fremont General ($4 billion in sub-prime loans) and Green Tree Servicing LLC (another sub-prime specialist).

He invested $16 MILLION in Fortress, earned $459,000 for services rendered (Johnny won't tell WHY) and political contributions of over $150,000.

Meanwhile Edwards' stake in hedge funds/sub-prime markets went up from $16 million to about $22 million...

[Dover]

15. Point taken. See my edited post above ^ ...n/t

[AlertLurker]

19. Thanks for updating. Explains NOTHING however.

His excuses are incomplete, completely unbelievable and hopelessly insincere.

Excuse #1 (May, 2007): He was unaware of the push by Fortress into subprime lending and that he wishes he had asked more questions before taking the job.
...so, completely ignorant of Fortress' SPECIALIZATION since 1998, he invests HALF HIS NET WORTH ($16 million)INTO Fortress...

Excuse #2 (July, 2007): He says he worked for Fortress to learn more about financial markets
...and they paid him $459,000 to hire him, PART TIME, "to learn more about financial markets..."

Excuse #3 (December, 2007): His position at Fortress was somehow a complement to his position as the head of a poverty center at the University of North Carolina.
...studying the relationship between hedge funds and poverty??? Again, they paid him $459,000 to hire him, PART TIME...then gave him more than $150,000 Why not just ask the Katrina victims evicted by Fortress-controlled sub-prime predators in October?

I really can't wait until May 15 to find out exactly how much L'il Johhnie made off the backs of the poor and dispossessed...

[lisainmilo]

32. Rivals take much more than that....but at least JRE trying to make restitution.

With $32.8 million in campaign contributions last quarter, Barack Obama, the Illinois senator and Democratic presidential candidate, easily surpassed his rivals in both parties. And it seems Wall Street money had something to do with it.

Employees of three big investment banks and one major hedge fund were among the leading sources of cash for Mr. Obama, according to data filed Sunday with the Federal Elections Commission. His contributors during the three-month period ended June 30 included Richard S. Fuld Jr., the chief executive of Lehman Brothers, and Kenneth C. Griffin, president of the Citadel Investment Group.

Citadel, a hedge-fund firm based in Chicago, was a wellspring of cash for Mr. Obama. In addition to the $4,600 he collected from Mr. Griffin — the maximum donation allowed from an individual — other Citadel employees donated a combined $147,550 to Mr. Obama’s campaign, according to the Associated Press.

Bulge-bracket investment banks also gave Mr. Obama a lift. Employees of Lehman contributed $160,760 to his presidential run (which includes $2,300 from Mr. Fuld), Goldman Sachs employees gave $103,550 and employees of J.P. Morgan Chase gave $101,950, records show.

Compare that with Mr. Obama’s Democratic rival, Senator Hillary Clinton of New York, who raised $27 million in the quarter. She also got donations from employees of investment banks, but not nearly as much as Mr. Obama. She received $47,850 from employees of Morgan Stanley and $44,150 from Merrill Lynch employees, for example.

Ms. Clinton has some powerful Wall Street backers, though. Morgan Stanley’s chief executive, John Mack, who helped President Bush raise funds for his 2004 campaign, has declared his support for Ms. Clinton in 2008. The Financial Times reported that Ms. Clinton is expected Monday at Morgan Stanley’s New York headquarters for a fund raising event.

NY Times: http://dealbook.blogs.nytimes.com/2007/07/16/obama-donations-show-strong-wall-st-support/


<snip>

But the Obama fundraising operation provides a contrast to an image that the campaign has ceaselessly cultivated as a movement powered by everyday Americans.

Among the high-level fundraisers on a list that the Obama campaign posted on its Web site late Tuesday is Kenneth Griffin, head of the Chicago-based hedge fund Citadel Investment Group LLC and among Mayor Richard Daley's top financial patrons. Griffin's $1.4 billion pay in 2006 made him the second highest-paid hedge fund manager in the country, according to Institutional Investor's Alpha Magazine.

<snip>

Chicago Tribune: http://www.chicagotribune.com/news/nationworld/chi-070725obama,1,5894874.story



Fortress also gave to both Clinton and Obama

<snip>

Both Mrs. Clinton and Mr. Obama received campaign contributions from Fortress, which gave $16,350 to Mrs. Clinton and $11,500 to Mr. Obama, according to public records.

NY Times: http://www.nytimes.com/2007/08/18/us/politics/18edwards.html?_r=1

What needs to happen is there needs to be transparency while the Bush administration has said there is no need to change the regulations of how hedge funds conduct business.

WASHINGTON, Feb. 22 — The Bush administration and senior regulators said today that there was no need for new regulations that would make the rapidly growing hedge fund industry more transparent or subject to greater oversight, or to protect the financial system from the collapse of a large fund company.

<snip>

NY Times: http://www.nytimes.com/2007/02/23/business/23hedgeweb.html?fta=y

Here is an interesting blog on hedge funds and investments
Information Arbitrage- Hedge Funds: http://www.informationarbitrage.com/hf_regulation/index.html


John Edwards has 6 point plan to help the victims of Katrina. The" Brownies Law"

WASHINGTON (CNN) – Democratic presidential hopeful John Edwards announced a six-point plan Monday to help the Gulf Coast’s recovery from Hurricane Katrina as the historic storm’s two-year anniversary approaches.

As president, Edwards would enact a new requirement — dubbed “Brownie’s Law” by the Edwards campaign – that would require senior political appointees to be qualified for their positions.

Edwards’ plan would also, among other things, address the nursing shortage in New Orleans, aid in the development of a proposed biomedical corridor, and provide federal funding for 500 new police officers for New Orleans’ streets. It would fully fund the so-called “Road Home” program meant to help Louisiana residents return and resettle. Finally, it would include the appointment of a chief recovery officer to oversee the federal government’s involvement in the recovery effort, as well as the appointment of a Gulf Coast inspector general tasked with accounting for public funds spent during the recovery process.


Edwards, a former senator from North Carolina, announced his presidential candidacy in New Orleans in December 2006, and has made the slow pace of recovery in the city a persistent theme in his campaign.

He will participate in a “Hope and Recovery” Summit in New Orleans on Monday night, along with New York Sen. Hillary Clinton and California Rep. Duncan Hunter. Illinois Sen. Barack Obama visited New Orleans on Sunday, and will not participate in Monday’s summit. The summit is hosted by Louisiana Sen. Mary Landrieu– CNN Associate Producer Martina Stewart.

CNN Political Ticker:http://politicalticker.blogs.cnn.com/2007/08/27/edwards-would-enact-brownies-law/

My point in posting this, is all parties are guilty....What needs to happen is REFORM! Hedge funds need to be transparent and show how they conduct it's business and what they are investing in. I believe Edwards and Obama are wanting this type of reform, I am not sure how Clinton stands on the issue. I know she said something about the lenders needing to be transparent last night in the debates.


BTW The debates last night.....WE REALLY DO HAVE 3 GREAT CANDIDATES! I was not going to vote for anyone other than JRE, but after last night....I know we have 3 wonderfully strong candidates. :)

[AlertLurker]

33. They are ALL guilty.

Edwards, however, is running on an populist anti-Corporate, anti-Poverty ticket. The others, perhaps not so much.

None of the other candidates ever worked for Fortress Investments. Edwards did, to the tune of $459,000 for part-time employment for 14 months, apparently to gain an understanding of the relationship between Hedge Funds and Poverty. None of the other candidates invested half their net worth in Fortress, then denied knowing that Fortress specialized in leveraging sub-prime lenders, either. Again, Edwards DID - investing $16 MILLION, then expects people to believe he did not know that Fortress was involved in the sub-prime racket, while at the same time expressing that he worked for them to gain an understanding of the relationship between Hedge Funds and Poverty?

The icing on the cake was Edwards opening his campaign in New Orleans, where a Fortress subsidiary was busily evicting Katrina victims (October, 2007) stung by the sub-prime mortgage meltdown...

I am somehow reminded of Dennis Moore...

Dennis Moore, Dennis Moore
Riding through the land
Dennis Moore, Dennis Moore
Without a merry band
He steals from the poor
And gives to the rich
Stupid bitch

[DutchLiberal]

20. Unfortunately, it won't kill him.

His supporters will deny it, like they always do.

[Occam Bandage]

22. MSM sure excluded him in 2004, right? Oh, wait, no, they fawned over him after Iowa.