Where is the John Edwards UPDATE?

On August 17th, an embarrassed John Edwards promised to take millions of dollars of his own fortune out of a hedge fund tied to subprime lenders who foreclosed on victims of Hurricane Katrina.  

"I will not have my family's money involved in these firms that are foreclosing on people in New Orleans," he told the Associated Press.  

It is now October and I have not heard one word about it since.  There is reason to be suspicious about if John did what he said.  For one thing, he acted surprised about this aspect of Fortress in August when in fact, he knew about it in May, several months before, as this article clearly shows-

http://www.washingtonpost.com/wp-dyn/con tent/article/2007/05/10/AR2007051002277. html

Yet, in August, he said this-

http://www.msnbc.msn.com/id/20321742/

"My reaction is I'm going to help these people," Edwards said in a telephone interview. "I just learned about this. I don't know the details, I will find out and I will find a way to help them."

He just learned about it?  He talked about it in May when he was asked- but newspaper articles a day or so before he made his new statement seemed to have jogged his memory and that is when he said he would take his money out but HAS HE?

John Edwards talks a lot about "honesty" and "trust." If he is as honest as he says he is, he needs to tell us what exactly has been done since he made that promise months ago- and it should come from him without there being yet another investigation into his dealings with them.  If he is waiting to see if he gets the nomination before he takes that money out, that is about as DISHONEST and UNTRUSTWORTHY as it gets.

If anyone has a link about Edward's progress on this, please post it and I will congratulate for him finally doing the right thing- but I am not letting this go and around January, the public needs to be informed about the status of this.

Tags: John Edwards (all tags)

Comments

14 Comments

Re: Where is the John Edwards UPDATE?

I have to admit , I have noticed you always have fairly strong words for John Edwards unlike the other candidates .

You are generally a fair person but I have always wondered why you are unusually tough on him which is uncharacteristic of you , at least with regards to your comments about other candidates.

by lori 2007-10-01 04:08PM | 0 recs
One of the reasons

I so respect you, Lori.

Excellent comment.  Great integrity on your part.

by TomP 2007-10-01 06:21PM | 0 recs
Did you even TRY to find the answer yourself?

Did you even watch the debate where he answered your question last week?

He divested any money dealing with the subprime lenders, he set up a fund for those who are loosing their houses and gave a large contribution for the fund to keep them from being foreclosed on.

by jsamuel 2007-10-01 04:13PM | 0 recs
Re: Did you even TRY to find the answer yourself?

This is true.  He did set this up with Elizabeth.

by iamready 2007-10-01 04:20PM | 0 recs
As I have already told you

he set up a fund with ACORN, and the details of individual cases are protected form public diclosure by, among other things, Gramm Leach Bliley.

Now, you can choose to read this and understand it, or you can continue to attempt to assassinate the character of a good Democrat, and be a complete jerk in the process.

Your choice.

by DrFrankLives 2007-10-01 04:31PM | 0 recs
Your poll is incomplete

he has ALREADY taken all his money out, jackass

by DrFrankLives 2007-10-01 04:31PM | 0 recs
Here's your link - now where's your apology?

This took me an entire five minutes to find online.

http://online.wsj.com/public/article/SB1 18973017623027209-SelnNhrGGCv89_lnCiy3XT GHNAc_20071013.html?mod=tff_main_tff_top

WALL STREET JOURNAL

Edwards Tackles Katrina Flap
Candidate Seeks to Help Victims, Redirects Subprime Investments
By CHRISTOPHER COOPER
September 14, 2007; Page A4

WASHINGTON -- Democratic presidential candidate John Edwards, whose personal investments have been linked to foreclosure suits filed against three dozen victims of Hurricane Katrina, has helped set up a charitable organization to help the homeowners.

His campaign said Mr. Edwards had also redirected the investments, a $16 million stake in Fortress Investment Group LLC, within the private-equity company to ensure they no longer had ties to its subprime-mortgage businesses.

The Louisiana Home Rescue Fund will be seeded with $100,000 -- much of which will come from Mr. Edwards's own pocket, the campaign said, without specifying an amount.

The program will be administered by the nonprofit ACORN Housing Corp., and will provide loans and grants to 34 families in the New Orleans area whose homes were seized or are in danger of foreclosure following the August 2005 hurricane.

An Edwards campaign official said Mr. Edwards determined in consultation with fund managers that his holdings in an investment pool called Fortress Investment Fund III had a stake in Nationstar. He said fund managers determined that Mr. Edwards had no direct stake in Green Tree. Fortress had already planned to sell its stake in Green Tree under a transaction that was announced earlier this year and is set to close in the third quarter.

A spokeswoman for Nationstar didn't return a call for comment. A spokeswoman for Fortress confirmed that Mr. Edwards no longer had a stake in Nationstar but wouldn't comment further.

Federal financial disclosure documents that Mr. Edwards filed in May show that he held a large stake in this fund family. Mr. Edwards has said in the past that he didn't know Fortress was connected to the subprime business when he worked there. He said he had instructed Fortress executives long ago not to invest his money in companies that dealt in subprime loans or engaged in anti-union practices.

The campaign official said Mr. Edwards reiterated this position in recent conversations with the fund managers. "He gave them very specific instructions," the official said.

Mr. Edwards said in recent interviews that his campaign has had difficulty tracking down the 34 New Orleans-area families targeted for foreclosure by Fortress-affiliated lending companies. Most of the families don't live on the properties in question; many of the houses haven't been fully repaired after the storm and a handful were sold at public auction.

ACORN has substantial operations in the storm region, and has a history of finding families in similar straits.

Campaign spokesman Eric Schultz said Mr. Edwards has pledged to help raise additional money for the Home Rescue Fund. Mr. Schultz said applicants need not have held mortgages with Fortress-affiliated subprime units. All Louisiana residents and victims of either Hurricane Katrina or Rita, which hit the western Louisiana coast in September 2005, were eligible, he said.

by DrFrankLives 2007-10-01 04:47PM | 0 recs
Here's your link - now where's your apology?

This took me an entire five minutes to find online.

http://online.wsj.com/public/article/SB1 18973017623027209-SelnNhrGGCv89_lnCiy3XT GHNAc_20071013.html?mod=tff_main_tff_top

WALL STREET JOURNAL

Edwards Tackles Katrina Flap
Candidate Seeks to Help Victims, Redirects Subprime Investments
By CHRISTOPHER COOPER
September 14, 2007; Page A4

WASHINGTON -- Democratic presidential candidate John Edwards, whose personal investments have been linked to foreclosure suits filed against three dozen victims of Hurricane Katrina, has helped set up a charitable organization to help the homeowners.

His campaign said Mr. Edwards had also redirected the investments, a $16 million stake in Fortress Investment Group LLC, within the private-equity company to ensure they no longer had ties to its subprime-mortgage businesses.

The Louisiana Home Rescue Fund will be seeded with $100,000 -- much of which will come from Mr. Edwards's own pocket, the campaign said, without specifying an amount.

The program will be administered by the nonprofit ACORN Housing Corp., and will provide loans and grants to 34 families in the New Orleans area whose homes were seized or are in danger of foreclosure following the August 2005 hurricane.

An Edwards campaign official said Mr. Edwards determined in consultation with fund managers that his holdings in an investment pool called Fortress Investment Fund III had a stake in Nationstar. He said fund managers determined that Mr. Edwards had no direct stake in Green Tree. Fortress had already planned to sell its stake in Green Tree under a transaction that was announced earlier this year and is set to close in the third quarter.

A spokeswoman for Nationstar didn't return a call for comment. A spokeswoman for Fortress confirmed that Mr. Edwards no longer had a stake in Nationstar but wouldn't comment further.

Federal financial disclosure documents that Mr. Edwards filed in May show that he held a large stake in this fund family. Mr. Edwards has said in the past that he didn't know Fortress was connected to the subprime business when he worked there. He said he had instructed Fortress executives long ago not to invest his money in companies that dealt in subprime loans or engaged in anti-union practices.

The campaign official said Mr. Edwards reiterated this position in recent conversations with the fund managers. "He gave them very specific instructions," the official said.

Mr. Edwards said in recent interviews that his campaign has had difficulty tracking down the 34 New Orleans-area families targeted for foreclosure by Fortress-affiliated lending companies. Most of the families don't live on the properties in question; many of the houses haven't been fully repaired after the storm and a handful were sold at public auction.

ACORN has substantial operations in the storm region, and has a history of finding families in similar straits.

Campaign spokesman Eric Schultz said Mr. Edwards has pledged to help raise additional money for the Home Rescue Fund. Mr. Schultz said applicants need not have held mortgages with Fortress-affiliated subprime units. All Louisiana residents and victims of either Hurricane Katrina or Rita, which hit the western Louisiana coast in September 2005, were eligible, he said.

by DrFrankLives 2007-10-01 04:49PM | 0 recs
Sorry for the double post

slow tubes tonight

by DrFrankLives 2007-10-01 04:49PM | 0 recs
Re: Where is the John Edwards UPDATE?

Rush Limbaugh and Sean Hannity are looking for you. They want their tired BS talking points back!!!

by RDemocrat 2007-10-01 04:55PM | 0 recs
Re: Where is the John Edwards UPDATE?

I find it interesting that the diarist fears Edwards, who is in third place in every poll out there...

by Vox Populi 2007-10-01 05:05PM | 0 recs
Re: Where is the John Edwards UPDATE?

not " Fear " more like " dislike"

I might be wrong but i think he/she has called him a " phony " a couple of times.

by lori 2007-10-01 05:22PM | 0 recs
Re: Where is the John Edwards UPDATE?

Nobody 'fears' Edwards

by areyouready 2007-10-01 05:31PM | 0 recs
Ditto what everyone said up there

Your attacks could have been answered from a 2 minute search on google. Perhaps you should make a new user name using your current name but adding "nota" prior to your current name.

by KainIIIC 2007-10-01 05:53PM | 0 recs

Diaries

Advertise Blogads