Sunday, January 06, 2008
Edwards and the Upper Class
I think it quite horrifying that Americans are so utterly clueless about presidential candidate John Edwards. He is like the personification of Dr. Jekyll and Mr. Hyde - not someone I would want for President. He talks about the two-Americas: one very rich and one at a standstill and getting poorer. He claims to be on the side of the poor and middle class as a candidate. But in real life he worked for a hedge fund named Fortress Investments Group.
Hedge funds are very lucrative for those multi-billionaires who want their assets invested with a bit more secrecy than for normal investors. Fortress also benefits from being incorporated in the Cayman Islands, reducing possibilities for paying US taxes.
Edwards was paid 500K for a few meeting with Fortress, to the benefit of the ultra-wealthy he claims to be opposed to. If he were truly committed to change, would he not be working for organizations that invest in Fair Trade, Organic foods, and renewable energy. I understand that this may not be instantaneously profitable, but it is the energy put into something that can make it more effective long-term. I also understand that many talented individuals lament the possibility to do this yet make less money. Why not do it part-time until it takes off? And any true leader would do so more than he does for unsustainable firms.
If John Edwards is indeed working for more sustainable firms, then I would like to know about it. We need a president fully involved in the Socially Responsible Investments market, not the profit-at-all-costs market of the previous centuries.