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The Nation

Giuliani, Edwards report millions in earnings for 2006

Three top White House contenders -- including Romney, the richest -- have yet to submit their financial statements.

May 17, 2007|Dan Morain | Times Staff Writer

Republican presidential candidate Rudolph W. Giuliani earned $16 million last year -- including $11.4 million in speaking fees -- and Democratic contender John Edwards' income topped $7 million, the candidates' financial disclosure statements released Wednesday show.

Sen. Barack Obama (D-Ill.) disclosed that he received $572,000 in advances for two nonfiction books and one children's book, and had a total income that approached $1 million in 2006.

All presidential candidates are required to file personal public financial disclosure reports by mid-May showing their earnings, investments and speaking honoraria. Obama filed his disclosure statement and took the extra step of releasing his 2006 income tax returns.

Three top-tier candidates -- Sen. Hillary Rodham Clinton (D-N.Y.), Sen. John McCain (R-Ariz.) and former Massachusetts Gov. Mitt Romney -- missed the filing deadline and were granted 45-day extensions by the Federal Election Commission.

Romney is the wealthiest candidate, having made his fortune as a venture capitalist.

Edwards, who has campaigned on the need to help poor people and keep jobs from going overseas, earned $480,000 working as a part-time senior advisor to Fortress Investment Group, a New York-based hedge fund that caters to select high-income investors and invests globally.

In addition, Edwards sold millions of dollars worth of such blue-chip stocks as General Electric, Intel, Apple Computer, Microsoft, Citigroup and Schlumberger Ltd., and transferred his gains to various Fortress funds.

According to its annual financial statement filed this year, Fortress manages $35.1 billion in other people's money, and has grown from $1.2 billion in five years. The funds invest in the U.S., Europe and various emerging markets.

The reports do not disclose the exact value of the candidates' investments or earnings but a range of worth.

However, Edwards campaign spokesman Eric Schultz disclosed that John and Elizabeth Edwards had $29 million in investment assets, not counting their home.

They earned $5.9 million from their investments, and an additional $1.27 million mostly from Fortress and from Edwards' speeches, primarily at universities. Edwards' speaking fees ranged from $12,000 for an appearance at Gonzaga University School of Law to $44,000 for appearing at UC Davis.

Edwards earned $333,000 in royalties for a book, but donated it to charity, according to his campaign aides.

Giuliani's speaking fees were far bigger. His biggest single fee was $300,000, paid by Sage Capital Growth, a private equity fund.

He received a combined $350,000 for two separate appearances before Forval Corp., a communications firm based in Japan, and numerous $100,000 payments, including ones from the financial firms Lehman Brothers, Merrill Lynch, JP Morgan and LaSalle Bank Corp.

Altogether, the former New York city mayor billed $11.39 million for speeches given between January 2006 and February 2007. About 20% went to the agency that booked his appearances. Giuliani netted $9.2 million, his report showed.

Additionally, the former New York mayor earned $4.1 million from his investment and consulting firm, Giuliani & Co., and $1.2 million from Bracewell & Giuliani, a law and lobbying firm. He received $140,000 in book royalties and $496 in residuals for appearing in a movie, "The Out-of-Towners," and on "Saturday Night Live."

"We worked very hard at being thorough and transparent and revealing every single interest in exactly the format required by the government," Giuliani spokeswoman Maria Comella said.

Obama disclosed that he and his wife, Michelle, had an adjusted gross income of $983,800, including her earnings of $273,000 for her job at University of Chicago Hospitals. They paid $277,431 in federal income taxes, plus $48,300 in state, local and real estate taxes.

The Obamas' tax returns said they donated $60,000 to charity. They included in that category $13,000 to the Congressional Black Caucus, as well as $22,500 to Trinity United Church of Christ in Chicago.

Obama spokesman Bill Burton said the senator released his tax returns "so that voters can get a more clear picture of who he is."

Obama earned no money for speaking appearances in 2006.

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dan.morain@latimes.com

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