Edwards joins Wall Street firm

[whometense]

From the Hill e-News

First former Sen. John Breaux (D-La.) took a prominent position advising hedge fund managers. Now another, less centrist Democrat has made a strategic alliance on Wall Street. Former Sen. John Edwards (D-N.C.) has joined the capital management firm Fortress Investment Group as a part-time counselor, BusinessWeek reported today. If Edwards was looking for sterling Democratic credentials in his new money-moving partners, he couldn't have chosen better. Of more than $180,000 in contributions made by Fortress employees since 2002, only $4,000 went to Republicans, according to the Center for Responsive Politics, a nonprofit watchdog. Even though Fortress is not a GOP stronghold, Edwards is bound to cross paths with ex-Republican luminaries during his time on Wall Street. After Conseco went bankrupt in 2002, Fortress bought part of its holdings through a joint venture with Cerberus Capital Management, a hedge fund that employs former Vice President Dan Quayle.

[LittleClarkie]

1. So is he also still working for the university?

Fighting for the poor? I hope so.

[Mass]

2. Of course. This is his trademark.

My only problem is to know how this fits with the fight about poverty. Even if this firm gives more money to Dems than Repugs, I do not see how this fits with what Edwards described as his personal quest.

Hopefully, he will be able to stir the investments toward socially conscious firms, but I am a little bit skeptical.

[whometense]

3. More info

http://triangle.bizjournals.com/triangle/stories/2005/10/10/daily27.html

Former vice presidential candidate and ex-U.S. Sen. John Edwards has taken a part-time job with a New York-based private equity firm, BusinessWeek magazine reports.

As a senior advisor for Fortress Investment Group, Edwards will be "providing support in developing investment opportunities worldwide and strategic advice on global economic issues," Edwards spokesperson Kim Rubey told the magazine.

In February, Edwards was named the director of the University of North Carolina at Chapel Hill's new Center on Poverty, Work and Opportunity. Elected to the senate from North Carolina in 1998, he was the running mate to Democratic presidential candidate John Kerry, who lost to President Bush in the November 2004 election. FIG has nearly $15 billion in equity under management, nearly half of which is tied up in hedge funds, BusinessWeek reports.

Edwards is a 1977 graduate of UNC's School of Law. His wife, Elizabeth Edwards, earned her bachelor's degree in English and a law degree from UNC-Chapel Hill.

[karynnj]

4. Does Edwards have any background on international economics

or entrepenurial matters? I'm embarrassed to admit that I don't know what committees he was on. Is "providing support in developing investment opportunities worldwide and strategic advice on global economic issues," a euphamism for using his contacts to get business? It would seem they could get any recent PHD mentored by Paul Krugman (or other leading Profs) full time for less money, who actually have more insight into the global economy. (I take this back in advance if this was an area Edwards was strong in for some committee. Senators can become expert in areas like this - as Kerry seemed to be)

[Mass]

5. Here are his Senate Committees.

http://www.answers.com/topic/john-edwards

Committees: Health, Education, Labor, and Pensions
Select Intelligence
Judiciary
Small Business and Entrepreneurship

I dont think he has any particular background in these subjects. In addition, ex-senators are rarely hired to these positions for their expertise in a given subject (though there are some exceptions), but for access or public relations.

To my knowledge, Edwards has not given a statement stating what he expected to achieve with this new position, but I will wait for it with a lot of interest.

[karynnj]

6. Thanks

His statement should be interesting.

[Island Blue]

8. I agree, his statement should be interesting

I like Edwards okay, but to me this seems too much like an attempt to win friends (and gain influence) in the business world. Not that there's anything wrong with that of course, but in light of the fact that he more than likely plans to run for president again, this just seems very opportunistic. Maybe he's just being smart, I don't know.

[jillan]

7. Does this mean he is not looking towards '08?

Personally, I like Edwards, but don't see him as Prez.

I am glad that he is working for a "blue" investment firm.

The publications I get are always advertising where to invest $, with companies that care about progressive values. It's important for taking our country back.

[TayTay]

9. Ahm, this is where the money is.

He did wait a year before joining a firm, which is more than Rethugs do and the recommended time. He is a higly trained attorney and has developed contacts that would be valuable to any firm. And, from his point of view, he can walk through a lot of doors controlled by a lot of people who can write big, big checks. So, from his point of view, it is a win. And he does need to be doing something, I see nothing wrong with this per se. Good luck to him.

[JI7]

10. can you imagine if this was Kerry

there would have been multiple threads with hundreds of post trashing him. of course they do that even in articles of Kerry doing things like helping people in New Orleans.