Once upon a time you dressed so fine
You threw the bums a dime in your prime,
Edie Sedgwick (20 April 1943 – 16 November 1971) was an American heiress, socialite, and actress. She is best known for being one of Andy Warhol's superstars, and starred in many of his films.
These lyrics are a possible reference to Sedgwick's career as a popular celebrity of the time.
(Left to right) Bob Dylan, Edie Sedgwick and Andy Worhol (1964)