Lyric discussion by aunaturale 

Cover art for Femme Fatale lyrics by Velvet Underground, The

andy warhol asked lou reed to write a song about edie and her enchanting looks and where it gets her, then lou gave it to nico, deciding it would sound better with a female voice

but andy was a bitch to edie

Andy loved Edie; she was his muse. He got bored with her because HE got her into drugs, she became a junkie, carelessly spent all her money, and was seen as an "outcast" in the Warhol crowd. He did love Edie. He eventually just couldn't deal with her anymore but they did have a very special relationship.

@LamentingHarloton "He got bored with her because HE got her into drugs, she became a junkie, carelessly spent all her money, and was seen as an "outcast" in the Warhol crowd."

So, like aunaturale said, "andy was a bitch to edie."