Sometimes it is better to keep your mouth shut. John Edwards can’t seem to do that though. In an aricle in yesterday’s Washington Post, Edwards attempts to yet again explain away his job at the hedge fund Fortress Investment Group. This time it was against accusations that he should have known that the hedge fund owned a subprime lender, making money off the poor who had to pay higher interest rates because of bad credit. (Horrors – big bad companies charge more to a customer who has a higher risk of default.) Rather than just tell the Post that he learned in capital markets higher risk results in higher rates (and the lesson he learned is that all folks should learn to protect their credit by paying their bills on time), he hemmed and hawed about not knowing about the subsidiary.
Worse yet is the totally ridiculous excuse he made for taking the job in the first place (besides his first excuse that he was learning about markets and poverty):
Edwards, a highly successful trial lawyer before entering politics, said yesterday he went to work for Fortress to learn more about capital markets. He acknowledged the job provided a financial benefit at a time when his only other salary was $40,000 from the poverty center.
“I’m 53 years old and have worked my whole life since I was a teenager, and here I was unemployed except for a part-time job, and so I wanted to work and earn an income,” he said. “No question that was part of it.”
Man, he just was an older white male (hard to find a job over 50), working only part time for wages only about $16,000 above the federal poverty level for a family of four. No wonder he had to take a job with the big bad hedge fund. Poor soul.