Edwards in a subprime spot

[didymus]

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Edwards in a subprime spot

APART from Chinese lead-toy manufacturers, gunrunners and Halliburton, which two areas would you avoid investing in? Hedge funds and subprime loans, perhaps? John Edwards has invested in both.

As a presidential candidate, he has regularly attacked subprime lenders, especially those that have filed foreclosure suits against victims of Hurricane Katrina. But last week The Wall Street Journal identified 34 New Orleans homeowners facing foreclosure from subprime-lending units of Fortress Investment Group. Edwards worked for Fortress and has about $16m (€12m) invested in its funds.

Here’s Edwards on August 10 reacting to President George Bush’s comments on the housing market: “We have a housing crisis on our hands. It’s time for the president to show real leadership and stop protecting irresponsible lenders. Because of President Bush’s failures, millions of American families are at risk of losing their home and everything they’ve worked for.

To quote Grover, “I’ am so-o-o embarrassed!”