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    More embarrassing than a $400 haircut

    By Jeremy | August 18, 2007

    Whatever remains of John Edwards' veneer as a champion of the little guy wears steadily away. This from today's New York Post:
    The populist candidate - who has denounced such lenders - invested $16 million of his $30 million in assets in Fortress Investment Group. ... 34 New Orleans homeowners struggling to overcome Katrina's aftermath faced foreclosure suits from subprime-lending units of Fortress.
    Further eroding Edwards' credibility, the Wall Street Journal elaborates:
    At the time in late 2005 when Edwards went to work for Fortress, it already had a stake in one subprime lender that subsequently foreclosed on some Katrina victims, Green Tree Servicing LLC. While he was there, Fortress acquired a second, Nationstar Mortgage LLC. Fortress paid Mr. Edwards $479,512 in 2006 for part-time work, a Federal Election Commission report in May showed. After leaving the firm, he kept about half of his net worth in Fortress funds. And Fortress employees have collectively made up the largest class of political contributors to Edwards. Workers there put up more than $150,000 toward his presidential run in the first six months of the year.
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    Topics: Katrina, news, politics | No Comments »

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