Edwards has close ties to rich folks' tax havens

The Washington Post ? The News & Observer ^ | April 24, 2007 | John Solomon and Alec MacGillis,

[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.

[sageb1]

Now if only I was the Pied Piper.

[Texas Eagle]

Two years ago, former senator John Edwards of North Carolina gave a speech decrying the "two different economies in this country: one for wealthy insiders and then one for everybody else."

Whoa! The same thing could be said about barbers. What are the odds.

[Texas Eagle]

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.

[EQAndyBuzz]

“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.

[george76]

And the old media will work hard covering for them too.

[Harrius Magnus]

“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.

[right-wingin_It]

Seems to me he’s they type of guy who steps out of the shower for a powder puff.

[right-wingin_It]

errr..umm..bubble bath..lots of bubbles

[scannell]

a happy ending

I wouldn't doubt it.

[FormerACLUmember]

Don’t underestimate Edwards. He is a brilliant sociopath, whose vast fortune is based on total fraud (”c-sections prevent cerebral palsy”).

[wenglund]

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-

[wenglund]

I just read through some of the other responses on this thread, and I found it intriguing, though not a shock, that there was a Soros connection to the hedge fund that John Edwards was, up until December of 06, an adviser for (Fortress Investment Group). I suspect that Soros has a variety of vehicles he employs with useful idiots like Edwards to promote his “open world” view.

Thanks, -Wade Englund-

[george76]

Thanks.

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.

[sageb1]

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.

[A_Former_Democrat]

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.

[george76]

Edwards also apparently made money after Katrina with a hedge fund foreclosing on victims ?

( over heard a tv report today ) ?

[george76]

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.

[Grampa Dave]

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.

[george76]

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.

[Grampa Dave]

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.”