Any person who invest their monies has the responsibility to research any company they are thinking about investing in. Finding out after the fact that the company does some dirty dealing does not absolve anyone of their part in it.
EDWARDS HEDGE FUND $OAKS 'CANE VICTIMS
By ANDY SOLTIS
August 18, 2007 -- Embarrassed presidential hopeful John Edwards promised yesterday 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.
The populist candidate - who has denounced such lenders - invested $16 million of his $30 million in assets in Fortress Investment Group. The Wall Street Journal reported that 34 New Orleans homeowners struggling to overcome Katrina's aftermath faced foreclosure suits from subprime-lending units of Fortress.
Yesterday, the red-faced Democratic candidate vowed to remove from his portfolio any Fortress funds that have a stake in those lender units.
"I will not have my family's money involved in these firms that are foreclosing on people in New Orleans," he said while on the campaign trial in Des Moines, Iowa.
When Fortress' connections to subprime lenders were reported in May, Edwards said he was unaware of it and would ask the company to help Katrina victims faced with losing their homes.
While it is admirable that Edwards will be removing the funds from his portfolio, the damage done to unsuspecting people has been done and he has a part in this.
Funny how only AFTER someone digs and finds out this information that the guilty party claims to just now know about it. Bull - perhaps he was not aware of it, but that is his own fault for not doing his research.