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Giuliani Reports $16.1M, Edwards $29.5M
Republican presidential candidate Rudy Giuliani reported a whopping $16.1 million in earned income over the past 16 months, most of it in speaking fees, according to financial documents filed Wednesday. Democratic hopeful John Edwards and his wife, Elizabeth, in their own filings, reported $29.5 million in assets, including millions in a hedge fund Edwards worked for part-time. Edwards' biggest single source of earned income was his $479,512 salary from Fortress Investment Group for consulting work last year. Giuliani's report is the first detailed glimpse of his vast holding and income since his term as mayor of New York ended. Since then, Giuliani parlayed his image as an in-charge mayor during the Sept. 11, 2001, terrorist attacks into lucrative speaking fees and business enterprises. Giuliani reported $13 million to $45 million in assets, including his share in Giuliani & Co., a partnership that provides an array of consulting services. He also listed income from dividends and interest on many of those investments of at least $411,332 and as much as $3.3 million.
Story Continues Below The disclosure forms do not provide a precise accounting of the candidates' assets and investment income but only require filers to list those amounts in ranges. However, the Edwards campaign supplemented its reports with more detail, including the value of the couple's total assets. Giuliani's biggest single source of income between January 2006 and February 2007 was from speaking engagements that took him around the world. He grossed $11.4 million in speeches, an amount that includes fees retained by the Washington Speakers Bureau. He typically charged $100,000 per speaking engagement and as much as $200,000 on occasion. After speaking at an event in Louisiana for the PGA Tour, Giuliani donated $80,000 to New Orleans charities working on the aftermath of Hurricane Katrina. Giuliani reported income of $4.1 million from Giuliani & Co., and $1.2 million from Bracewell & Giuliani, a law firm that also provides lobbying services for its clients. Giuliani also received $146,092 in royalties for "Leadership," a book about his experiences during and after the terrorist attack on New York. His assets include a personal loan of $250,000 to $500,000 to Kenneth Caruso, a senior lawyer at Bracewell & Giuliani, and a decades-long aide to Giuliani. Edwards, who has made fighting poverty a signature element of his campaign, said his work for a fund that generally caters to the wealthiest of investors was designed to educate him about the way financial markets operate. Edwards received about $395,000 in paid speeches _ including one for $44,000 _ and was paid $40,000 salary for work at the University of North Carolina Center on Poverty, Work and Opportunity. The Edwards family donated more than $350,000 to charity, including the International Rescue Committee and Habitat for Humanity. Edwards' largest holding was a conservative investment: $5 million to $25 million in a money market fund, Columbia Cash Reserves. The candidate and his wife had between $1 million to $5 million in the Fortress Investment Fund III, a private equity fund that invests in businesses in the United States and Western Europe. He had lesser amounts in other investment funds. Edwards also received $333,334 in royalties for his book, "Home:The Blueprints of Our Lives." The money was donated to charity. The former North Carolina senator owned several properties in his native state, including buildings in Raleigh that each were worth $500,000 to $1 million. He also owned land in Raleigh valued at $50,001 and $1 million. Edwards listed only two liabilities: a variable line of credit from Bank of America of $500,001 to $1 million and a mortgage on one of his Raleigh buildings, worth $15,001 to $50,000. He held the position of senior adviser to the Fortress Investment Group and was director of the University of North Carolina anti-poverty center in Chapel Hill. He also was active in charitable foundations in the name of his son, Wade, who was killed at the age of 16 in an auto accident. © 2007 Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed. Editor's note:
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