quasi in rem

Thursday, July 08, 2004

John Edwards...Benedict Arnold?

As we pointed out this spring..(in John Kerry Benedict Arnold?, John Kerry has made a point in every stump speech and every debate to lay part of the blame of America's economic woes on companies that outsource part or all of their operations to foreign countries. Just last night in the South Carolina debate John Kerry stated that we must seek a " prosperity where we create jobs here at home -- and where we shut down every tax loophole, every benefit, and every reward for any Benedict Arnold CEO or company that sends jobs and profits overseas.'"

As it turned out John Kerry did not put his money where his mouth was.

And neither does John Edwards.

As reported in Newsday:
"On page five of the paper is a list of Edwards' assets, including a holding worth between $1 and $5 million - that's the deliberately obscuring style of "full-disclosure" forms - in "American EuroPacific Growth Fund." Actually, once we look at the prospectus, we learn that it's really the "EuroPacific Growth Fund." And that's honest billing; on page eight, the prospectus tells readers, "Normally, the fund will invest at least 80 percent of its assets in securities of issuers located in Europe and the Pacific Basin."

That's the truth. On page 10, we see a list of the fund's holdings by country: Japan accounts for 21.5 percent of its assets, followed by the United Kingdom at 13.4 percent. And in a breakdown by industry, as opposed to country, we see "commercial banks," 9.40 percent, and pharmaceuticals, 8.67 percent. And specifically what companies are involved? The top five listed are AstraZeneca, Vodafone, KPN, Mitsui Sumitomo Insurance, and Nestlé - foreign companies all. "

Nice job Senator Edwards. It is a good speech you give though. It would be even nicer if you meant it....


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