John Edwards Fund Foreclosed on Homes
On the campaign trail, Democratic presidential hopeful John Edwards has railed against subprime lenders, especially those that have foreclosed on the homes of Hurricane Katrina victims.
But Edwards himself has about $16 million invested in Fortress Investment Group LLC, whose subprime lending units have foreclosed on Katrina victims, a Wall Street Journal investigation disclosed.
When confronted about the apparent hypocrisy of his anti-subprime efforts, Edwards told the Journal on Thursday that he would personally provide financial assistance to New Orleans residents who have lost their homes to Fortress, and he vowed to divest his portfolio of any investments that may profit from their losses.
He did not provide details, although he said the money might come from his own holdings or in collaboration with a charity. This is not the first time a charge of hypocrisy has been leveled against the former North Carolina senator.
You know, the longer this election cycle goes on, the more pessimistic I get about all of these yahoos running, from both sides. I'm just gonna write-in Gino for president. At least I could then say I didn't waste my vote.