Candidates Disclose 2006 Income
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Mayor Giuliani earned $17 million last year from speeches, his law and consulting firms, and book royalties, according to his financial disclosure form.
Mr. Giuliani, 62, a former New York mayor who has led in polls for the Republican presidential nomination, earned $11.4 million in speaking fees, according to his disclosure filed with the Federal Election Commission. He received $4.1 million from his New York- based company, Giuliani & Co. LLC, $1.2 million from his Houston law firm, Bracewell & Giuliani LLP, and $146,092 in book royalties.
When Mr. Giuliani left the mayor’s office in 2002, he reported assets of between $1.2 million and $1.9 million. According to his disclosure to the FEC, his assets had grown to at least $17 million last year. His share of his consulting firm was worth between $5 million and $25 million.
A Democratic presidential candidate, John Edwards, last year had more than $1 million invested in funds managed by his former employer, New York-based Fortress Investment Group LLC, according to a federal regulatory filing.
Mr. Edwards also earned a salary of $479,512 as a senior adviser to the firm. He provided strategic advice on global economic issues and “support in developing investment opportunities,” according to an October 2005 Fortress press release announcing his hiring. The company, founded in 1998, had about $35.1 billion in assets under management as of December 31.
Mr. Edwards has faced questions about his role at Fortress, which has investments in private equity funds and hedge funds, among others. The former North Carolina senator, who has criticized some subprime mortgage lenders for predatory practices, said he did not realize that Fortress has extensive holdings in subprime portfolios, the Washington Post reported.
“When he began at Fortress, he asked if any of their companies exercised these practices and was assured that they were not predatory,” his spokeswoman, Kate Bedingfield, said yesterday.
One Fortress investment fund was worth between $1 million and $5 million to Mr. Edwards and his wife, Elizabeth, at the end of last year, according to the filing. Mr. Edwards’s campaign also benefited from the company, as its employees gave more than $150,000 in political donations to his presidential committee. Mr. Edwards left the firm in December.
Mr. Edwards made most of his fortune during a 20-year career as a lawyer. He served one term in the Senate representing North Carolina and did not seek re-election in 2004, when he was the Democrats’ vice presidential nominee.
All told, Mr. Edwards and his wife had assets worth between $21.7 million and $62.9 million including retirement accounts, the filing shows. Mr. Edwards, 53, also reported $415,000 in speaking fees and a $40,000 salary from the Center on Poverty, Work, and Opportunity at the University of North Carolina.