Edwards says he took hedge fund job to learn about poverty...but making money was a good thing too

[Herman Munster]

http://www.breitbart.com/article.php?id=D8P0DMAG1&show_article=1&catnum=3

WASHINGTON (AP) - AP Video Democrat John Edwards said Tuesday that he worked for a hedge fund between presidential campaigns to learn about financial markets and their relationship to poverty—and to make money too.
In an interview with The Associated Press, the former North Carolina senator said his yearlong, part-time position with Fortress Investment Group helped his understanding of the connection but he has more to learn. Edwards has made eradicating poverty a focus of his second White House bid.

Edwards, a multimillionaire after years as a trial lawyer, would not disclose how much he got paid for a year of consulting beginning in October 2005. He said the amount will be revealed when he releases his financial disclosure forms due May 15.

Asked if he had to join a hedge fund to learn about financial markets, Edwards replied, "How else would I have done it?"

He said he considered going to an investment firm such as Goldman Sachs, but Fortress was the most natural fit. Presented with the suggestion that he could have taken a university class instead, he said, "That's true."

"It was primarily to learn, but making money was a good thing, too," the 2004 vice presidential nominee said in an hourlong interview with AP reporters and editors.

[trumad]

1. So?

[aquart]

2. Asking him to defend honestly earned income?

WTF is going on here?

[gatorboy]

3. Grampa gave Herman the "special" brownies again.

[chimpymustgo]

4. There's got to be a 12 step program for this. nt

nt

[piedmont]

5. Sign me up for some of that "education!"

:rofl:

[BlooInBloo]

6. I HATE ANYONE WHO MAKES MONEY!!!!!

DUers slay me.

[lpbk2713]

7. For the LAST fuggen time .....

It's priests who take a vow of poverty.

Not lawyers. Not politicians. Not Democrats.

Got it?

[MannyGoldstein]

8. I Made A Fortune At A Hedge Fund - FOR THE CHILDREN

I just did it to help poor people!!!

:rofl:

He co-sponsored the IWR for the same reason, no doubt. And voted for permanent 'free' trade with China. And voted for both draconian bankruptcy laws. And...

[latebloomer]

11. Exactly!

If you want to learn about poverty, take a year off-- you can certainly afford it-- and volunteer at the Southern Poverty Law Center, or Acorn, or a million other organizations.

But don't pretend that working for a hedge fund, to make you and a bunch of other ridiculously wealthy people even richer, has ANYTHING to do with fighting poverty!

:eyes:

[MannyGoldstein]

13. You Might Be A Late Bloomer

But you bloomed well!

[Blackhatjack]

16. When you donate a million dollars of your own money to address people in need, I'll listen to you...

until then why don't you pick subjects to talk about that you know something about.

[latebloomer]

19. Well, that was a scathing reply!

I donate proportionately as much money, in relation to my income, as Edwards does in relation to his. It is a stretch to donate what I do-- is it for him? But we're alike in that we both like getting a tax deduction, so it's not ALL from the goodness of our hearts.

Am I not allowed to have an opinion, because I am not filthy rich?

I await a reply that makes some actual sense.

[Blackhatjack]

21. Here is a hint: If you are going to attack an opponent, learn the truth about them before you start

... otherwise you just come off looking foolish.

Edwards spent a lot more than 'a year' learning about poverty. In fact he founded the Anti-Poverty Center at UNC-Chapel Hill, and obtained funding for it without it costing the University a penny. He put together top experts in the country, they have combined ideas which are contained in a forthcoming book. They are testing ideas for combating poverty, and are committed as Edwards is to eradicating poverty in the next 30 years.

He has provided funding to send kids from poor school districts to college.

He has provided computer access to high school kids and provided programs to improve education.

He has lined up work crews and worked in New Orleans on numerous occasions.

So I guess that more than meets your challenge that he volunteer at the Southern Poverty Law Center, etc. I bet they know who John Edwards is even if you don't.

[latebloomer]

22. That is truly wonderful!

So why does he have to pretend that working for a hedge fund has anything to do with fighting poverty?

That just makes him look disingenuous, and as if he is underestimating people's intelligence.

[Blackhatjack]

23. In case you are just naive, financial markets have a lot to do with poverty....

Investments in affordable housing, the effects of government subsidies on financing and lending to the poor, etc. are all tied directly to financial markets. (Ever heard of Section 8 housing?).

Experts that are looking at poverty solutions realize that private sector funds can be harnessed to alleviate circumstances that flow from poverty. Go to Edwards website and you will find specific proposals that address these areas.

I think you automatically assume that any firm which operates a 'hedge fund' must be lying and cheating someone. That is not true. A 'hedge fund' invests in diversified positions so that regardless of the movement of the market, its investors will not suffer large losses and at the same time the opportunity to bank large profits is forgone as the price of locking in that stability.

The particular firm that John Edwards was working with paid him as an independent consultant. There is nothing wrong with that, as consulting is an honorable profession engaged in every day by millions of Americans.

If is quite OK if you prefer another candidate over John Edwards. However, if you intend to put forth erroneous assumptions and factual inaccuracies to back up your allegations you will be exposed because the truth is out there.

[Merlot]

9. uh-oh. He's smart and rich. Very dangerous!

Wow. Someone who actually wants to learn about something firsthand! And make money in the process.

As for the dimwit who said take a university class...dontcha think on-the-job-training is a much better way to learn than studying theory?

[Kelly Rupert]

10. Edwards, stop making mealy-mouthed excuses.

You earned money legitimately. Don't doll it up like it's social work; that's phony. Just say "Yeah, I joined a hedge fund to make money. You don't have a job?"

[Blackhatjack]

12. The title of your post is Misleading... but hey, why ruin a good smear job!

From the article you quoted:

"Edwards said Tuesday that he worked for a hedge fund between presidential campaigns to learn about financial markets and their relationship to poverty..."

You might want to change the title of your post to:

"Hey lets see what we can make up about John Edwards today, and smear him good..."

[etherealtruth]

14. I can't figure out what the problem with this could be ...?

Should only republicans be rich and have "money" savvy?

[LTR]

15. Ahh... a Drudge hitpiece

If it's Breitbart.com, it's Drudge.

And I have to wonder, what exactly do Republicans have against making money?

If Edwards has that opportunity, then he should take advantage. I most certainly would.

[karlrschneider]

17. He must be a Jew.

Who knew?



...

[smalll]

18. LOL! That's rich - (as it were)

Now what does that remind me of... A Doonesbury cartoon on the war which got some play here at DU a while ago about young neo-cons in an ethics class -


I'm one of the undecided. I think I lean Hillary. Obama would be a great candidate too. But at least this helps me decide on something. I don't want Edwards. I can't take the radical disconnect between his message and his life-style (and now this ridiculous attempt to hide part of the gap). I'm willing to reserve judgement on the man himself - he may well be 100% sincere. But I don't see him as electable anymore.

[Tierra_y_Libertad]

20. Politicians + money like white + rice.

I don't mind Edwards making his fortune in a hedge fund. But, I find it laughably insulting to say he did it to understand how financial institutions relate to poverty.

“America is a nation without a distinct criminal class...with the possible exception of Congress." - Mark Twain