Skip to comments.Edwards has close ties to rich folks' tax havens
Posted on 04/24/2007 2:56:05 PM PDT by george76
Two years ago, former senator John Edwards of North Carolina, gearing up for his second run at the Democratic presidential nomination, gave a speech decrying the "two different economies in this country: one for wealthy insiders and then one for everybody else."
Four months later, he began working for the kind of firm that to many Wall Street critics embodies the economy of wealthy insiders -- a hedge fund.
Edwards became a consultant for Fortress Investment Group, a New York-based firm known mainly for its hedge funds, just as the funds were gaining prominence in the financial world ... run by and for extremely wealthy people and operates largely in secrecy.
A midsize but growing player in the hedge fund industry with more than $30 billion in assets, Fortress was the first hedge fund manager to go public, thereby subjecting itself to far more scrutiny. But it was an unusual choice of employment for Edwards, who for years has decried offshore tax shelters as part of his broader campaign to reduce inequality.
Although Fortress was incorporated in Delaware, its hedge funds were incorporated in the Cayman Islands, enabling its partners and foreign investors to defer or avoid paying U.S. taxes.
Fortress announced Edwards' hiring as an adviser in a brief statement in October 2005. Neither Edwards -- who ended his consulting deal when he launched his presidential campaign in December -- nor the firm will say how much he earned or what he did.
But his ties to Fortress were suggested by the first round of campaign finance reports released last week, which showed Edwards raised $167,460 in donations from Fortress employees for his 2008 presidential campaign, making it his largest source of support from a single company.
(Excerpt) Read more at newsobserver.com ...
He is such a stinking pile crap, it’s hard to fathom. The kind of little smarmy punk that deserves to get his perfumed butt kicked.
Except I wouldn’t exactly define a hedge fund as a tax haven. This was probably a way for some of the Breck Girl’s wealthy friends to funnel him some money before the hard-care campaign finance rules kicked in. They don’t reveal what they paid him, but it must have been enough to make him feel like he could afford $400 haircuts.
Typical democrat hypocrite.
Apparently there are many who like Edwards over Hillary or Obama.
Not me...they are all bad.
He apparently has access to lots of money and he would be very dangerous.
Good. The little faggot would be the easiest to beat.
Two standards : One for us and an another for the liberal elites.
The old media goes along to blow smoke to protect their friends.
I would bet that firms like this would benefit big time from a “ramping up” of taxes on upper income levels, building fake shelters just like during the Carter years. The firms like this would clean up brokering this stuff overseas for the mega rich, driving capital offshore while mid-income entrepreneurs and mid-income salary-men paid the freight.
The return to high tax rates will be a big profit center for these guys.
It would make these tax shelters much more valuable.
Foundations and tax free dodges like Clinton’s Library Fund would be much more valuable.
But he buys carbon credits so it is okay.
Edwards is a frightened man and a coward, as his own actions have demonstrated.
Word on the street is some people in the "barber" industry say that the only remotely possible way he could be getting a $400 haircut is to be getting and eyebrow waxing along with it. Why can I so easily believe this?
Scroll toward the bottom
Fortress Investment Group
Fortress Investment Group is a global alternative investment and asset
management firm founded in 1998 and now with approximately $15 billion in equity
capital currently under management. Fortress’ investments include Mapeley
Limited, a UK quoted company with a capitalisation of approximately £575 million
that invests in and manages real estate portfolio outsourcing contracts, and
Eurocastle, a UK quoted company with a capitalisation of approximately £440
million that invests and manages real estate asset backed securities.
Miltos Kambourides has a well-established working relationship with Fortress for
over 6 years. He was co-founder and the deal leader of Mapeley while at Soros
Real Estate Partners, as well as the financial architect of the two major
outsourcing deals that Mapeley has under management.
Background of the Principals of the Investment Manager
Miltos Kambourides (Founder and Managing Partner) was a founding member and is
now a retired partner of Soros Real Estate Partners, a global real estate
investment business with a successful track record in residential resort
developments in Spain.
Whilst at Soros he was the deal leader and a founder of Mapeley Limited which
was listed on the LSE in June 2005. He was also responsible for Southeast
European markets where he developed a broad network of relationships. Prior to
Soros, he spent 2 years at Goldman Sachs in the Real Estate Principal Investment
Area, where he received a Goldman Sachs Innovation Award for his work at
Trillium (currently part of Land Securities), one of Goldman Sachs’ most
successful principal investments. He has two B.S. degrees and one M.S. degree
all from MIT.
Pierre Charalambides (Co-founder and Partner) worked with Miltos Kambourides at
a Soros Real Estate Partners vehicle set up to investigate investment
opportunities in Southeast Europe. Previously he was a senior M&A associate at
JPMorgan covering a number of sectors and executing transactions of over $6
Prior to JPMorgan, he was a founding member of Hilton International’s corporate
development team focusing on new hotel development projects (including luxury
resorts) ranging from US$10 to $100 million in value. He has a B.S. degree from
the Management School of The Hague and an MBA from INSEAD.
The Placing Price of 68p equates to 1.00 per Common Share based on an exchange
rate of 68p to 1.00 as published by Bloomberg on 1 December 2005, being the
last practicable date prior to the date of the Admission Document. This exchange
rate has been used throughout this announcement.
Shouldn’t this be in Brecking News? ;)
BTW, Edwards is less than honorable and a hypocrite to boot.
Ping for later read. Time for dinner!
At least if Hitlery becomes POTUS, Edwards will do hard time for tax evasion. You just know he “partook of some of the tasties” while being associated with this firm.
Some wonder if the $400 in campaign money to the hair person also included for Edwards a happy ending ?
You found the rat...Soros.
Shouldnt this be in Brecking News? ;)
If Edwards does not even pay personally for hair cuts, he likely does not pay personally for anything.
Hillary will send in the FBI and the IRS on all of her enemies.
Now if only I was the Pied Piper.
Whoa! The same thing could be said about barbers. What are the odds.
If I knew how to write a book I’d write one that details all the Liberal double-standards. And I’d title it: John Edwards Was Right — There Are Two Americas.
“Two standards : One for us and an another for the liberal elites.”
Here is the Q & A of the day.
Q - Why do the liberal elites do this?
A - Because they can. No one will call them on it.
And the old media will work hard covering for them too.
“He apparently has access to lots of money and he would be very dangerous.”
I agree. He is much more “the Trial Attorney’s candidate” than a former senator from N.Carolina. Given this, he should be taken very seriously, and watched closely — he is “spiritually” capable of every evil we have come to associate with that certain trailer trash couple from Arkansas.
Seems to me he’s they type of guy who steps out of the shower for a powder puff.
errr..umm..bubble bath..lots of bubbles
I wouldn't doubt it.
Don’t underestimate Edwards. He is a brilliant sociopath, whose vast fortune is based on total fraud (”c-sections prevent cerebral palsy”).
The article in the OP about John Edward’s involvement in an international hedge fund, is made all the more significant with all the negative press that hedge funds have been getting lately (centered around the Bear Stearns fiasco—as a supposed harbinger for the housing and home finance markets, as well as Wall Street’s future), and with the congressional hearings slated to scrutinize the private invesment/hedge fund industry (see: http://www.reuters.com/article/mergersNews/idUSN0537361720070705 ).
It will be interesting to see if the mainstream press and the democratic-controlled congressional hearings take Edwards to task for his involvement in the hedge fund mess, or whether they will selectivelyt continue to blame the Bush administration for what happened.
ItI find it fascinating that the Fortress Investment Group, the internation hedge fund that Edwards was advising, and the first hedge fund to go public, has “Democrat leanings” (see: http://www.businessweek.com/bwdaily/dnflash/oct2005/nf20051013_3314_db016.htm )
Is there any doubt which of the alleged “two Americas” that John Edwards lives in?
Thanks, -Wade Englund-
Thanks, -Wade Englund-
There is no doubt which of the alleged two Americas that John Edwards lives in...
If one of us did this, it would breaking news every twenty minutes for months.
I just saw your posts here. We all know the economy is somewhat cyclic, but my concern is that Soros et al are manipulating the market for a deliberate downturn to effect the ‘08 elections. The big hedge fund profiteers can afford to lose a few bucks and putting it on Bush takes the scrutiny away from them.
I know several PI lawyers like Edwards. They live in big houses in Republican/conservative neighborhoods, send their kids to private schools, drive luxury cars (and have more than one) and of course have their security fences/guards to keep out the “riff-raff” they so claim to be for.
One even admitted he’s never given a dime to charity.
Oh, and yes, they love their lower capital gains rates.
Edwards also apparently made money after Katrina with a hedge fund foreclosing on victims ?
( over heard a tv report today ) ?
jon cary apparently gave little to no money to charities until he ran for president.
Remember Hillary taking a tax deduction for ‘donating’ used underwear ?
Edwards and his friends ( Warren Buffet, Soros...) likely set up tax dodges here and off shore to avoid most any taxes.
Gorebull gave next to nothing in 1999. That went on the internet and he had red on his face. I believe that my wife and I gave more in a month to charities than he did in a year.
Liberals do not give their own money to charities.
Their idea of ‘charity’ is to raise our taxes, then spend our money on their causes.
You are so correct with this statement:
“Liberals do not give their own money to charities.”
“Their idea of charity is to raise our taxes, then spend our money on their causes.”
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