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John Edwards & His Fortress Pay Day

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John Edwards has disclosed what he was paid for part time work at Fortress last year. In a filing with the Federal Election Commission required by election laws, Edwards said he was paid $479,512 by the hedge fund. He also disposed of several million dollars worth of assets in order to invest in funds managed by Fortress. Those investments are now said to be worth $11.2 million to $24.7 million.
But it wasn’t all take, take, take for John Edwards. He also claims to have donated $350,000 to charity. If you are wondering how someone who was paid $479,512 gave away that much in charity, it’s because you aren’t paying attention. He’s not exactly giving away three-quarters of his income. Edwards’ work for Fortress was part time. He had other sources of income, including book royalties. Most the money he donated came from the royalties.
The New York Times story has this entertaining quote from a spokesman for Mr. Edwards: “The bottom line is, if you look at where John Edwards comes from and his record, it’s clear what makes him tick: helping those who haven’t been as blessed as he has been. John Edwards is running for president to give every American the opportunities that he’s had.”
That’s right. If John Edwards gets elected president, we’ll all have the opportunity to pull down half a million a year from a hedge fund, and our work there won’t involve messy things such as getting and making money. We’ll just spend out time studying ways to help the poor—when we’re not getting $400 haircuts.
Wealth Is a Common Factor Among 2008 Hopefuls [New York Times]