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Remember when Edwards promised to help the Katrina/foreclosure victims that he made millions off of?

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ecstatic Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 06:08 PM
Original message
Remember when Edwards promised to help the Katrina/foreclosure victims that he made millions off of?
Edited on Wed Jan-02-08 06:11 PM by Truth Hurts A Lot
Just to recap:

As a presidential candidate, Democrat John Edwards has regularly attacked subprime lenders, particularly those that have filed foreclosure suits against victims of Hurricane Katrina. But as an investor, Mr. Edwards has ties to lenders foreclosing on Katrina victims.

The Wall Street Journal has identified 34 New Orleans homes whose owners have faced foreclosure suits from subprime-lending units of Fortress Investment Group LLC. Mr. Edwards has about $16 million invested in Fortress funds, according to a campaign aide who confirmed a more general Federal Election Commission report. Mr. Edwards worked for Fortress, a publicly held private-equity fund, from late 2005 through 2006.

Asked about the matter, Mr. Edwards yesterday pledged that he would personally provide financial assistance to New Orleanians who are facing foreclosure by Fortress-affiliated businesses or have lost their homes already. "I intend to help these people," the former North Carolina senator said.

http://online.wsj.com/article/SB118728685546999884.html?mod=rss_whats_news_us


In case anyone was wondering whether or not Edwards made good on that promise:

John Edwards... has helped set up a charitable organization to help the homeowners.

...$100,000--much of which will come from Mr. Edwards's own pocket... 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.

http://online.wsj.com/public/article/SB118973017623027209-SelnNhrGGCv89_lnCiy3XTGHNAc_20071013.html?mod=tff_main_tff_top


So he donated 100k (to be split amongst 34 families), but:

He earned nearly $480,000 as a consultant <[for Fortress>] in 2006, and stopped his work there by the end of that year; he still has about $16 million of his reported net worth of $30 million invested in Fortress funds. Employees at the hedge fund have given more than $150,000 in campaign contributions to Edwards, making the partnership one of his largest sources of funds.

...

Still, Edwards sounded defiant when he was asked whether he regrets the work for Fortress.

"I don't apologize," he said. "Nobody ever gave me anything. I worked my rear end off, and I've been able to have some good luck and success in my life. I want everybody in this country to have this chance. I wanted my kids to have a better life. My parents wanted me and my brother and sister to have a better life. There's nothing wrong with that. That's America."

http://www.boston.com/news/nation/articles/2007/11/15/a_dark_diagnosis_reaffirmed_a_commitment/?page=full


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DS1 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 06:09 PM
Response to Original message
1. 480,000 = millions?
Must be some of that Clinton and/or Obama math
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ecstatic Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 06:18 PM
Response to Reply #1
6. Let's see... 480K X 2 years plus proceeds from 16M invested
Edited on Wed Jan-02-08 06:19 PM by Truth Hurts A Lot
Yeah, I'm thinking millions.
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Lucinda Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 06:10 PM
Response to Original message
2. But we don't know what else he may have done in addition, right?
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corkhead Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 06:11 PM
Response to Original message
3. how about posting something positive on why I should support one of your favorite candidates
instead of tearing down another? What did YOU do to help Katrina victims? I doubt as much as he did.
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AzDar Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 06:11 PM
Response to Original message
4. 'Just to recap'.....
:eyes:
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FrenchieCat Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 06:16 PM
Response to Original message
5. He'll "do" the right thing......
right after you elect him....maybe.
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movonne Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 06:25 PM
Response to Reply #5
7. Yes it is hard to know what they will do after being elected...but if
he does 1/10 of what he says he will, I will be very happy...but sure would like it better if he did most of what he has said..but I do think he will do more than the rest...
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Pastiche423 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 06:26 PM
Response to Reply #5
8. Maybe, kinda, sorta
doesn't work for me.

Another example of Listen to what I say, not what I Do. (And have done = diddly squat.)
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Tom Rinaldo Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 06:39 PM
Response to Reply #8
11. Politically it does not work to make fighting poverty the centerpiece of ones campaign
while at the same time providing fodder to political enemies to attack the depth of your committment to that cause.

I'm talking politics, not morality. Edwards has just as much right to be rich as anyone, and rich politicians frequently fight for the poor at least as well as middle class politicians. But while democratic opponents can't or won't make a big deal out of any appearance of "do what I say, not what I do" manifesting through John Edwards - the Republicans and their media allies will have no such qualms. Edwards earned virtually half of what he donateed to that New Orleans fund by giving just one campus speech on the theme of poverty, let alone the hedge fund. Poverty is Edward's signature issue, he will be looked at through a close up lens regarding it. It's like Huckabee and religion. People especially notice all he says and does in that regard because Huckabee makes such a big deal out of it.

Maybe there is more to this story that will reflect more positively on Edwards - but he chose to identify with the plight of the poor, to his credit I will add. But having done so he will be held to a higher standard regarding it. That just comes with the territory.
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cali Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 06:47 PM
Response to Reply #11
13. Exactly right.
However, the repukes will not get the chance to gleefully go after him. There's very little chance that he'll be the nominee.
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Pastiche423 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 06:56 PM
Response to Reply #11
16. His plight of the poor
only came about after he decided to run for president again.

Actions speak much LOUDER than words. Words are all johnnyboy has. He did nothing while in the senate to help the poor. Unless you count jobs (jobs = fighting for *'s oil war). Now there, he excelled! For the young and poor, he co-sponored the IWR, giving them jobs. Too bad many of them died and were maimed for life for the job johnnyboy co-sponsored and voted for.

He is nothing but a poseur.
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jillan Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 06:28 PM
Response to Original message
9. Wait a minute - he STILL has money invested in Fortress?
How can he talk about fines for companies that invest in offshore account?
Fortress' home office is in the Cayman Isles.

I really did try to support this guy at one point.

It just doesn't stop with him.
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waiting for hope Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 06:54 PM
Response to Reply #9
15. No, he doesn't -
Edited on Wed Jan-02-08 06:55 PM by waiting for hope
The top two stories are from August/September respectivley - the third story (from November) is actually pretty positive:

Edwards's work with the poor went beyond the campus center. In September 2005, he helped launch the College for Everyone pilot program, assisting graduating seniors at Greene Central High School in rural eastern North Carolina to pay for college. As a requirement for being in the program, students had to work 10 hours a week and remain out of trouble. The fund provided more than 80 scholarships totaling $300,000 for the class of 2006, and more than 60 percent of the senior class applied to college, compared with 50 percent the previous year.

and there are more examples of his poverty work if you took the time to read the whole article.

As for the first claim by you: he STILL has money invested in Fortress?

updated 2:45 p.m. ET Aug. 17, 2007
DES MOINES, Iowa - Democratic presidential candidate John Edwards, who has called homeownership "the foundation of the American dream," said Friday he will divest his holdings in funds linked to lenders that have foreclosed on Hurricane Katrina victims.

"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.

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


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Adelante Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 09:05 PM
Response to Reply #15
24. He has $24M invested in Fortress hedge fund
He moved funds that had been invested in the mortgage companies Fortress owned, but did not take his money out of Fortress.
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peacetheonlyway Donating Member (948 posts) Send PM | Profile | Ignore Wed Jan-02-08 06:31 PM
Response to Original message
10. I knew Edwards was ALL TALK and NO ACTION after the "I PROMISE TO COUNT EVERY VOTE"
Edited on Wed Jan-02-08 06:32 PM by peacetheonlyway
when Edwards spoke in front of a huge audience and promised to count every vote, and then NOTHING happened,
I knew he was too spineless to stand in front of America in any other capacity other than apologist.

When I saw Kerry (and by association Edwards) refuse to join the lawsuits demanding a full and honest recount in Ohio, I knew that Edwards was all talk and no action.


When I saw Edwards continue on with his campaign regardless of his wife's serious health issues, I knew this man was either totally power hungry or stupid or both.

But now with your post, I finally see the man's total schizophrenia. he pretends to be capable of fighting big business stranglehold on government while being beholding to big business at the same time.

wow... this post nails it for.

of the 3 candidates, i'm more afraid of Edwards winning than any other candidate...

thanks for the thoroughly researched and insightful post.
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whatdoyouthink Donating Member (295 posts) Send PM | Profile | Ignore Wed Jan-02-08 06:46 PM
Response to Reply #10
12. I read (about 20 post from you ago)
You were for someone else, Kerry was in charge! So your Complaint should go to him - Edwards Wanted to contest - but power to Bee's said know, What a VP to do?

Edwards 2008
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Triana Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 06:54 PM
Response to Reply #12
14. This is true and I remember it distinctly...
...Kerry wanted to just stop and Edwards wanted to continue to fight in 2004.

As for the rest of the crap in the OP - I'm concerned more with what information the OP left OUT of the post than what it says IN it.

WHAT'S THE REST OF THE STORY? Huh.
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peacetheonlyway Donating Member (948 posts) Send PM | Profile | Ignore Wed Jan-02-08 09:31 PM
Response to Reply #14
27. WHAT DID EDWARDS ACCOMPLISH IN OHIO
go ask Bob Fritrakis or anybody on the CASE OHIO team that were slammed with lawsuits
what they think of Edwards and Kerry.

they put their personal lives and their careers on the line and in the end, after fighting for 4 years
they have proved beyond a shadow of doubt not only FRAUD, not only DISENFRANCHISEMENT, now we are finding
VOTE CAGING, we are finding all the things alleged by CASE OHIO is not only true in Ohio, but part of a larger
vote rigging scheme by Rove, etc.

and to this day, Kerry and Edwards do not say a word about anything other than disenfranchisement when it's clear
the electronic voting and the corruption in Ohio was rampant from the Noe Coin scandal, to Bob Ney's participation in the Abramoff scandal and Taft's corruption, that whole state was corrupt and Kerry fought nothing.

It's so easy for you to say Edwards WANTED TO FIGHT but what could he do???

that's crap.

he could have done many many things.

truth is as a trial lawyer he fell silent at America's time of desperate need.

truth is Edwards is a coward.

i am quite sure he'll be lucky to still be in the race by state #3.

whereas kucinich, courageous as he is, will fight in all 50 states regardless of his winning or losing.
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karynnj Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 09:43 PM
Response to Reply #14
28. Edwards said nothing in 2005 on either election fraul or suppression
Kerry spoke out at least 10 times describing the problems known to have occurred . Teresa spoke of it as well. Kerry and Feingold wrote legislation to deal with providing paper ballots to be counted as regular votes in case of long lines or machine failure. They said it wouldn't pass, but states could use it as a model. He also gave a long detailed speech of problems when the Senate debated teh Rosa Parks voting rights extention.

Note that Edwards NEVER made this an issue in the MSM.
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peacetheonlyway Donating Member (948 posts) Send PM | Profile | Ignore Wed Jan-02-08 10:10 PM
Response to Reply #28
30. Thanks Karynnj you are correct that Edwards has been Silent on Election Riggin
which seems antithetical to any canddidate's run for office
in Ohio...

we pretty much know the rigging in Ohio and New Hampshire is underway as we speak , even if in some backroom deals where candidates behind the scenes do horse trading and this proving the caucus system is badly flawed and horribly unrepresentatitive of one citizen one vote which this country should move to entirely.

either way, here is a good article on what KERRY DID NOT DO back in 2004, the votes in Ohio remain still uncounted and I trust that we can easily lay the blame with BOTH KERRY and EDWARDS for disregarding a campaign promise to COUNT EVERY VOTE>

http://freepress.org/departments/display/19/2005/1556


What John Kerry definitely said about 2004’s stolen election and why it's killing American democracy
by Bob Fitrakis & Harvey Wasserman
November 10, 2005

The net is abuzz about what John Kerry may or may not be saying now about the stolen election of 2004.

But we can definitively report what he has said about New Mexico and electronic voting machines soon after his abrupt "abandon ship" with 250,000 Ohio votes still uncounted.

And we must also report that what he's not saying is having a catastrophic effect on what's left of American democracy, including what has just happened (again) in Ohio 2005.

In recent days Mark Crispin Miller has reported that he heard from Kerry personally that Kerry believes the election was stolen. The dialog has been widely reported on the internet. Kerry has since seemed to deny it.

We have every reason to believe Miller. His recent book FOOLED AGAIN, has been making headlines along with our own HOW THE GOP STOLE AMERICA'S 2004 ELECTION & IS RIGGING 2008.

As in his campaign for president, Kerry has been ambivalent and inconsistent about Ohio's stolen vote count. Soon after the presidential election, Kerry was involved in a conference call with Rev. Jesse Jackson and a number of attorneys, including co-author Bob Fitrakis. In the course of the conversation, Kerry said "You know, wherever they used those machines, I lost, regardless if the precinct was Democratic or Republican."

Kerry was referring to New Mexico. But he might just as well have been talking about Ohio, where the election was decided, as well as about Iowa and Nevada. All four of those "purple" states switched from Democratic "blue" in the exit polls as late as 12:20am to Republican "red" a few hours later, giving Bush the White House.

A scant few hours after that, Kerry left tens of thousands of volunteers and millions of voters hanging. With Bush apparently leading by some 130,000 votes in Ohio, but with a quarter-million votes still uncounted here, Kerry abruptly conceded. He was then heard from primarily through attorneys from Republican law firms attacking grassroots election protection activists who dared question the Ohio outcome.

In the year since that abrupt surrender, Theresa Heinz Kerry has made insinuations that she thought the election might have been stolen. But there has been no follow-up.

Now we have this report from M. C. Miller that Kerry said he knew the election was stolen, and then denied saying it. Coming from Kerry, the inconsistency would be entirely consistent.

But those committed to democracy and horrified by the on-going carnage of the Bush catastrophe still have no credible explanation as to why Kerry abandoned ship so abruptly. He had raised many millions specifically dedicated to "counting every vote," which clearly never happened in Ohio. More than a year after the election, more than 100,000 votes are STILL uncounted in the Buckeye state.

And now, tragically, we have had another set of stolen elections. Four statewide referenda aimed at reforming Ohio's electoral process have been defeated in a manner that is (again) totally inconsistent with polling data, One statewide referendum, aimed at handing the corrupt Taft Administration a $2 billion windfall, has allegedly passed, again in a manner totally inconsistent with polling data, or even a rudimentary assessment of Ohio politics.

We will write more about this tomorrow. But suffice it to say these latest "official" vote counts make sense only in the context of a powerful recent report issued by the Government Accounting Office confirming that electronic voting machines like those used in Ohio can be easily hacked by a very few players to deliver a vote count totally at odds with the will of the electorate.

We have seen it in the presidential elections of 2000 and 2004, in at least three Senatorial races in 2002, and now in the referenda in Ohio 2005, and possibly elsewhere.

How could this have happened?

By and large, the nation is in denial, including much of the left.

Miller recently debated Mark Hertsgaard over a Mother Jones review of both our books. The idea that the 2004 election could have been stolen has also been attacked by others on the left.

Some reporters have briefly visited here or made calls from the coasts and then taken as gospel anything that mainstream Democratic regulars utter, even if it’s totally implausible and counter-factual.

For example, they would have you believe that, in direct contradiction to how elections have gone in Ohio for decades, it’s now routine for boards of elections to record that 100% of the precincts are reporting, and then suddenly add 18,615 more votes at 1:43 a.m. after the polls have been closed since 7:30 p.m. and 100% of the precincts had been reporting since approximately 9 p.m.

Or that 18,615 Miami County votes could come in late with an impossibly consistent 33.92% for Kerry, as if somebody had pushed a button on a computer with a pre-set percentage---just as the GAO says it can be done.

Or that it's ok for a Democratic county election official, with a lucrative contract from the Republican-controlled Board of Elections (BOE), to admit he doesn't really know whether the vote count had been doctored.

Or it's fine for BOE officials take election data home to report on from their personal PCs. Or for central tabulators to run on corporate-owned proprietary software with no public access. Or for BOE officials to hold up vote counts late into the night that time and again miraculously provide sufficient margins for GOP victories, as with Paul Hackett's recent failed Congressional race in southwestern Ohio.

Or for one precinct to claim a 97.55% turnout when a Free Press/Pacifica canvass quickly found far too many people who didn't vote to make that possible.

There is clearly no end to this story, and there is no indication the dialog on the net will diminish, even though the mainstream media---like the mainstream Democratic Party---absolutely refuses to touch this issue.

But ultimately, whatever John Kerry or the bloviators or even the left press say about these stolen elections, America is very close to crossing the line that permanently defines the loss of our democracy.

As we will show tomorrow, this week's theft of five referendum issues in Ohio is yet another tragic by-product of the unwillingness of John Kerry and so many others to stand up for a fair and reliable electoral process in this country.

--
Bob Fitrakis and Harvey Wasserman are co-authors of HOW THE GOP STOLE AMERICA'S 2004 ELECTION & IS RIGGING 2008, available at www.freepress.org, and, with Steve Rosenfeld, of WHAT HAPPENED IN OHIO, to be published this spring by The New Press.


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Triana Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 10:18 PM
Response to Reply #28
31. Neither has Hillary or any of the other current candidates. SO what.
NONE of the current crop of candidates, Dem or Rep - have made any issue of election fraud anywhere.

Moot point.
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peacetheonlyway Donating Member (948 posts) Send PM | Profile | Ignore Wed Jan-02-08 09:26 PM
Response to Reply #12
26. EDWARDS PROMISED TO COUNT THE VOTES and he didn't
end of story.

we would all suffer if this man who promises big but cannot follow thru with the muscle to stand up to the thugs who have placed the most conservative judges in our courts, who has taken over the heart and soul of democrats in congress, making them like sheeep, and who with the patriot act and other very seriously bad legislation, has removed all forms of democracy in this country.

we need someone who says he will fight and then fights.

I am for KUCINICH now 100%

he's the only one with the follow thru and the history in congressional voting and Impeachment charges against cheney to put his friggin money where his mouth is..

edwards could learn a few things from Dennis.



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FrenchieCat Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 07:33 PM
Response to Reply #10
17. But, but, but...what about Iowa foreclosure victims?
Bad News For Edwards: Hedge Fund Foreclosed On Iowa Mortgages
By Eric Kleefeld - September 27, 2007, 3:01PM

John Edwards' associations with hedge fund Fortress Investment Group keep coming back to bite him. It now turns out that Fortress companies foreclosed on sub-prime mortgage borrowers in Iowa — 107 of them, to be exact — while Edwards worked with the firm.

This is on top of earlier reports that Fortress-owned companies were foreclosing on sub-prime borrowers in New Orleans, a place that Edwards has put at the center of his anti-poverty agenda. The publicity from that caused Edwards to divest himself of his Fortress holdings.

Edwards told the Des Moines Register that he did not know about the Iowa foreclosures until they told him about it.
http://tpmelectioncentral.com/2007/09/bad_news_for_edwards_hedge_fund_foreclosed_on_iowa_mortgages.php
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LittleClarkie Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 07:36 PM
Response to Reply #10
19. iirc, there was one lawsuit they joined in
I don't think it went anywhere, but they did join in.

But why should they count every vote when Kerry's a big ol' loser who couldn't beat the worst president ever?
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sandnsea Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 07:40 PM
Response to Reply #19
21. I think there was 3
but I'm really tired of repeating the info only to have some new poster show up and have to go through it all over again. You'd think such net savvy people would have ALL the facts.

Maybe you want to sift through it again, I sure don't. :)

http://www.google.com/search?hl=en&safe=off&q=kerry+joins+ohio+lawsuits
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Armstead Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 07:35 PM
Response to Original message
18. Why dont you look into the systemic destruction that otehr candidates support?
If you don't think the Clintons aren;t chummy, chummy with equally reprehensible financial interests, I've got a bridge to sell you.

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waiting for hope Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 08:45 PM
Response to Reply #18
23. This one always gets me:
http://econedge.org/08/chelsea-clinton-gets-job-at-new-york-city-hedge-fund/

According to an article published by The New York Daily News, Chelsea Clinton will begin working for Avenue Capital Group, a New York City hedge fund that has donated significantly to her mother's re-election campaign fund.

~Snip~

Former and perhaps, future First Daughter Chelsea Clinton is getting a new job - and probably a big raise. Clinton is taking a post at the Avenue Capital Group, a hedge fund run by supporters of her mother, according to a person familiar with the company's decision.

The 26-year-old Chelsea has been a consultant at McKinsey and Co., and the move to the hottest sector of finance would almost certainly mean a raise. Annual bonuses for junior hedge fund staffers can exceed the entire salaries of consultants of Clinton's vintage, which run in the $100,000 to $150,000 range.

Her move will also embed the Clintons' family fortunes even deeper in the booming, controversial and lightly regulated hedge fund industry. The funds, which pool the money of wealthy investors, are battling to maintain freedom from the government scrutiny attached to more pedestrian money managers. Bill Clinton reportedly stands to make tens of millions of dollars as an adviser to hedge funds managed by Ron Burkle's Yucaipa Cos.

Avenue Capital claims $12 billion under management. The firm specializes in buying the bonds and stock of troubled companies at a discount and selling them at a profit when the businesses recover. The fund's founders, Marc Lasry and Sonia Gardner, are major Democratic Party donors who have contributed the maximum to Hillary Clinton's reelection campaign.


There is some land in Florida too for sale I hear -

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Armstead Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 10:19 PM
Response to Reply #23
32. Yes, I'm surprised whenever Clinton supporters jump on Edwards for this
Glass houses, and all that.
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rinsd Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 07:37 PM
Response to Original message
20. Why would a hedge fund pay a consultant $500K a year when he is not involved in their biz?
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girl gone mad Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 08:00 PM
Response to Original message
22. Your post was inspirational.
I really mean it. Your criticisms, along with so many of the other recent attacks from Obama and Clinton supporters, have basically pushed me towards being 100% in the Edwards camp.
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ecstatic Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 09:10 PM
Response to Reply #22
25. What or who was Edwards referring to when he said "nobody ever gave me anything"
Was he referring to the foreclosure victims that he snubbed? It sounded like a RW slip.
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cali Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Jan-02-08 09:49 PM
Response to Reply #22
29. how lame to let posters on a political board have so much influence n/t
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