Stephen Bové - Art, Technology, Right Action

Sunday, July 08, 2007

John Edwards Pay-Ola Fer Nuthin?

Political advice department:

Mr. Edwards, you are already a multi-millionaire. Your campaign theme is "Two Americas", yet you take a $479,512 consulting fee in 2006 from a hedge fund (Fortress Investment Fund III that invests in businesses in the United States and Western Europe) where you have over $1M invested and say that your work for the fund was "designed to educate [you] about the way financial markets operate"?

How can your advice to a hedge fund be worth $479,000 if you don't know how the financial markets operate? Shouldn't you be paying them? And how can a super-smart 50+ year-old guy who is worth >$30M not know how the financial markets work? How many hours did you work for that hedge fund while you were ALSO being a US Senator and running a Presidential Campaign? How can whatever advice you gave that hedge fund be worth more that 2x your annual salary as a Senator?

Well, there really are two Americas...the one you live in and the one where a $479K consulting fee looks like PAY-OLA. In any case, this kind of "advisory fee" for what probably amounted to a few hours of work, is an unwarranted political risk for you -- you don't need the money.

Wise up and stop acting like a Texas Republican.

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