The media jumped on two incidents last week that they thought showed the hypocrisy of the candidates involved. The first was the discovery that Republican Presidential primary candidate Mitt Romney... well, I'll let the headline speak for itself: Mitt owns stock in stem cell research.
Despite his "pro-life" campaign pitch, former Gov. Mitt Romney owns stock in two companies involved in embryonic stem cell research, a controversial field of study he previously cited as the reason for his rightward shift on abortion.The second incident was the discovery that Democratic presidential primary candidate John Edwards has a significant investment in a company that... well, I'll let this headline speak for itself as well: Edwards, Foreclosure Critic, Has Investing Tie to Subprime Lenders.
As a presidential candidate, Democrat John Edwards has regularly attacked subprime lenders, particularly those that have filed foreclosure suits against victims of Hurricane Katrina. But as an investor, Mr. Edwards has ties to lenders foreclosing on Katrina victims. The Wall Street Journal has identified 34 New Orleans homes whose owners have faced foreclosure suits from subprime-lending units of Fortress Investment Group LLC. Mr. Edwards has about $16 million invested in Fortress funds, according to a campaign aide who confirmed a more general Federal Election Commission report. Mr. Edwards worked for Fortress, a publicly held private-equity fund, from late 2005 through 2006.The first supposed "scandal" is just a liberal journalistic hack job on a Republican. The $250 million or so that Romney has in personal wealth is held in a blind trust, and has been in that trust since he was elected governor of Massachusetts. The very definition of a blind trust is that by statute the owner of the funds involved has no idea, nor can they influence, where the money is invested after the trust is established. Hopefully, the trustee involved in the trust will put the money in investments that don't run contrary to the public office holder's or candidate's views or policies. But the point is that Romney has nothing to do with it.The Edwards case is much different. I assume he had a blind trust when he was in office as a Senator, but he doesn't have one now. He invests and divests like any other investor not holding public office. In his case, having $16 million in a company that is involved with sub-prime lending, and is presently foreclosing on Katrina victims, is something that would be known to him. Especially since he also worked for them after his Senate term expired.
My verdict: Romney acquitted, Edwards guilty of hypocrisy as charged.
Reader Comments ( Page 1 of 2)
1. The political climate appears to me, as far as the character of all the candidates, that they do as the old fashioned plains people did about the climate. They wet their finger and hold it up to see which way the wind is blowing and that's the diraction they take. How can any American citizen make a responsible decision with all their rhetoric being sprayed into the airwaves. The only thing I have seen out of any of them, in office, is that they are responsible for voting to benefit the people who funded their campaign, Not the grassroots population whom they cater to for votes, only when they need them. I see our so-called freedoms as either a comedy or tradgedy, depending on where one is on the money level. "All the world is a stage, and the people are merely players."
P. Bell at 1:34PM on Aug 20th 2007
2. You've got to understand citizens right to choose,it doesn't have anything to do with their belief.You don't mix things up or you end up leading us all down towards hell Patrick Casey.
Jor at 2:02PM on Aug 20th 2007
3. Is Romney's $250 million his own or directly from the Mormon Church? I hope he keeps his Holy Undergarments on so he doesn't catch anything.
Lee at 9:01AM on Aug 21st 2007
4. How disingenous, to suppose that a person not only knows the thousands of minor holdings in a fund, but that they then know of the actions of each minor holding within that fund.
The right thing to do in a situation like this is to divest as soon as it is brought to your attention - has either man done so?
Robert P. at 9:08AM on Aug 21st 2007
5. Wow, Lee, that is quite a statement. It goes without saying that you are a moron. Then again, I said it: you are a moron.
Travis at 11:26AM on Aug 21st 2007
6. VOTE FOR FRED THOMPSON
NOTPC4U at 1:07PM on Aug 21st 2007
7. VOTE FOR FRED THOMPSON
NOTPC4U at 1:08PM on Aug 21st 2007
8. I like Mitt Romney to be PRESIDENT of this country no one else.He is a good role model to Americas childrens and he can turn this country towards a better direction and destination.
Penny at 2:28PM on Aug 21st 2007
9. Winner of the Straw Poll MITT ROMNEY is the right and strong candidate for the Republican Party and he surely will keep the White House away from the ailing Democrack nominee whoever that maybe.He is GODS chosen PRESIDENT to lead this nation that is not very far from the SODOM and CUMORRO situation.It's time for a really FAITHFUL and GODS CHOSEN to put an end to the many corruption this nation is becoming of it.Students in High School and Colleges of this country are failing in a very large portion due mainly to lack of moral values and proper teachings at home with proper parents consist of a mother and a father.The devil is associating with Politician that allow immorality such as gays and lesbians,pornography, illegal immigration,all manners of weaked behaviors Satan is influencing.And it is very very sad that some Politicians and political Party are courting these evil groups with evil agendas.The time will come when these Politician and Party representatives that courted evil will wipe out of the face of the eartrh.Therefore the only hope for America is Mitt Romney the real Presidential Candidate and Savior of America from chaos of every type.
Image at 3:44PM on Aug 21st 2007
10. FRED THOMSON IS SPEECHLESS
True Truth at 4:07PM on Aug 21st 2007
11. I don't see any light come from any of the Democratic candidates.They are not very bright and are not ready to be real leader especially being a President of this great nation.To many American Mitt Romney is the candidate they've been waiting for.He is everything a leader can be.He is first of all a real faithful and true Christian person,he is very intelligent,courageous,strong leader,honest,caring,family man,successful CEO and talented individual.He manage big international companies,rescue the Winter Olympics from scandals,rescue Massechussets budget crisis four years in a row and now winning most GOP debates and Straw Polls because of his hard work and endless committment.Now Americans,I ask you all what other candidate that better lead and preside over the affairs of our Sovereign Nation with dignity and honesty than Governor Mitt Romney.He is the answer to our prayers for a wise and caring leader like King Solomon of old.I look at both Parties and the candidates they put forward and I conclude no one is equal to Mitt Romneys ability and strength to lead America forward and bring real prosperity and blessing from our God above.In God We Trust Amen.
Jor at 3:36AM on Aug 22nd 2007
12. Lets just hope our courts and voters don't use the lame methods you do to determine guilt or innocence.
I'm guessing those same methods have determined that Bill Clinton was guilty of extra-marital sex while Guiliani was not.
Sir, your hypocrisy is showing.
chauncy gardener at 10:38AM on Aug 22nd 2007
13. Patrick Casey convicts John Edwards of making loans, and foreclosing on them in New Orleans, and P.C. does so as some self appointed judge, jury, and hangman routine via cyber WWW, and then issues his own sentence on the WWW
However, he forgot any evidence or facts, and was led astray by the dishonest Wall Street Journal piece.
First, Edwards was not a loan officer, made no loans foreclosed on no loans in New Orleans, Edwards was not a chief investment officer of Fortress Investments Group, did not made any decision on anything for IG for any of the so called loans. Subprime loans have been tied in with debt obligations invested in by 1,000's of banks and financial institutions, and further tied in with priming higher interest rates on money market funds, invested in by vast millions of Americans. That too would make millions of Americans guilty under the Casey indictments or merely putting money in a money market fund or a savings account.
However, it shows how the Wall Street Journal can prey on people like Casey to exploit his utter economic ignorance, where he ignores facts, and does his mindless swiftboat rants. It is just plain moronic what the Wall Street Journal(WSJ) did, seeming to use some ruse and concoctions to become a political hit operation.
The WSJ does that while its coverage of the syndicators of subprime debt obligations have been kept in the dark(crappy reporting), as those large banks, now go begging to the Federal Reserve for vast billions, as the true abusers had connections to Bush administration and vast PAC $$$ flowed into the political system.
Given Casey's state of total delusion, will we next see him as an appointment to the Bush Supreme Court ?
Lets hope Casey can pull his head out to look at reality, as he checks his own savings account, in some place in the USA.
Jim at 8:39PM on Aug 23rd 2007
14. Mitt Romney is the only qualified Presidential Candidate in the field today, (both Republican and Democratic)...you only need study his background and success in life to understand he is a results driven individual who lives for his commitments.
I knew very little, if anything, about Mitt Romney prior to April of this year. I decided to become passionate about the 2008 election because I fear the future and the direction of this country. Mitt Romney has a history of success; building Bain Capital into a multi billion dollar company, funding companies such as Dominos Pizza, Sports Authority, Brookstone and Staples Office Supplies...creating 000's of jobs for Americans.
In four years as Governor of Mass., he signed into law universal healthcare without government oversight or increasing taxes; Romney balanced a $3B budget deficit in the first year of office. Mitt Romney also past legislation allowing State Troopers to assist in enforcing illegal immigration laws and supporting the efforts of INS.
For the first time in history, the Winter Olympics in Salt Lake City was facing cancellation as a result of corruption; Mitt Romney was hired to save the Olympics, turning the Olympics into a windfall profit of $130M.
I liked what I was hearing about Romney, however, what finally sold me on Mitt Romney was his compassion for his fellow man. While a partner at Bain Capital, Mitt Romney's partner had a teenage daughter who disappeared in NYC. Romney chartered a plane for all Bain employees, set up a command center at the Marriott Hotel LaGuardia, a toll free number, and asked clients and employees to volunteer to canvas the city putting up posters and handing out mailers while searching for the lost teenager; they found her overdosed on ecstasy in a basement, hours from death...and he did this at his own expense.
This is not the only story of humanity about Mitt Romney...but you will never hear him talk, brag or boast about his humanity during this difficult time. I found out about the story by researching news articles about Mitt Romney.
This is the man I want to be my President and Commander In Chief.
Rob
Rob at 12:44AM on Aug 24th 2007
15. I agree with you Rob #14 100% about the candidate that is well qualify and prepared to lead this nation forward in Mitt Romney.Very interesting Edward and Romneys pictures on this piece and it seems to me that this is about something meaningful that will about to happen.I believe that it will be Mitt Romney representing the GOP and John Edwards for the Democratic Party in the 2008 general election.Noone is even thinking about this but the way John Edwards is setting himself lately is to win the Democratic nomination and he will be the nominee.Hilliary and Obama are not electable if you really look at how these three democratic fronrunners position themselves of lately especially John Edwards.I didn't think John Edwards is electable earlier this year until lately I started to notice something very interesting about the candidate that make me believe he will win the Democratic nomination.He is on the right spot of the Democratic Party and he will stay there till the Primaries.
Realistic at 3:20AM on Aug 25th 2007