Edwards: Hedging His Bets

Democratic presidential candidate John Edwards has started taking flack in the press for employment at the Fortress Investment Group, a hedge fund. It seems that many do not believe that one can work to make the wealthy wealthier still and be a champion of the financially downtrodden. I think that is a specious argument, although I’ll grant that it depends on the path the former goal takes. My point today, however, is with Mr. Edwards’ response to these criticisms.

From an unsigned AP article dated 8 May 2007:

Democratic presidential candidate John Edwards said Tuesday that he worked for a hedge fund to learn more about financial markets and their relationship to poverty in the United States.

Edwards won't disclose how much he got paid as a consultant to Fortress Investment Group, but said he did keep the money.

"It was primarily to learn, but making money was a good thing, too," the 2004 vice presidential nominee said in an interview with The Associated Press.

He said the amount he was paid will be revealed when he releases his financial disclosure forms.

Fortress Investment Group, founded in 1998, describes itself as "a leading global alternative asset manager" with approximately $35.1 billion in assets under management as of December 31, 2006. The company is headquartered in New York with affiliates around the world.

Fortress was the single biggest employer of Edwards donors during the first three months of the year. Donors who listed "Fortress" as their employer contributed $67,450 to Edwards' campaign and supporters who identified their employer as "Fortress Investment Group" gave $55,200 to the campaign, according to Federal Election Commission records.

Now, I generally like John Edwards. Indeed, if I was forced to pull a lever today for my next president, I’d very likely vote for him. That said, saying that he worked for this fund first and foremost as a “learning tool” does not pass my smell test. It stinks and I hoped for better from him. Go forth and do better now, Mr. Edwards.