The income race for 2006: Rudy Giuliani, $17 million. John Edwards, $7 million. Barack Obama, about $1 million.
Edwards earned $480,000 working as a part-time senior advisor to Fortress Investment Group, a New York-based hedge fund. This would be the massive financial institution that he said he joined “to learn about financial markets and their relationship to poverty.”
First lesson: If you work for a hedge fund, even part-time, you’re probably not in poverty.
UPDATE: Hillary Spot reader Steve asks why this isn’t considered a “bribe,” as most people pay enormous sums to learn about financial markets in business school, while Edwards gets nearly a half-million dollars.
Seems to me the Federal Election Commission hasn’t figured out a way to regulate this yet; candidates are free to seek outside income, and there aren’t many restrictions on where they can get that income, or how much. But at least Edwards had the good sense to stop working before he declared his candidacy. Tom Vilsack signed on for additional consulting jobs during his short-lived campaign.