The hedge fund that employed John Edwards markedly expanded its subprime lending business while he worked there, becoming a major player in the high-risk mortgage sector Edwards has pilloried in his presidential campaign.
He's been out there ripping the subprime mortgage sector because it's high risk. He's been pillorying it and the hedge fund that employed him expanded its subprime lending business while he was there.
But, like Sgt. Schulz, rather than be a man and say (for example) that he was just a lawyer advising a client, he falls back on the "I know nothink" defense
Edwards said yesterday that he was unaware of the push by the firm, Fortress Investment Group, into subprime lending and that he wishes he had asked more questions before taking the job.
This is a crock. The first thing he says is he went to the hedge fund to learn about poverty. This is a crock.
He had no clue what was going on at this hedge fund? He was its ADVISOR. If you were an adviser, you teach. If you are an adviser, you advise. But he said he went there to learn about poverty," then while he was there he had no clue that this firm was expanding its subprime business while he's out there ripping the subprime market all to hell.
Well, now let's be honest here. If you are selling subprime loans to mobile-home owners, the odds are that the majority of them are going to be in that category that Edwards calls "the Second America." They're "less affluent," shall we say.
Between this and ripping Wal-Mart while sending "the hired help" there to shop for his kids, Edwards' reputation as a man of the people is really taking a hit.
