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Wednesday, July 18, 2018

Obama assets valued at $8 mn,has $1 mn in J P Morgan Chase

FBI investigation into J P Morgan Chase started after bank revealed loss of $2 bn in a risky hedge.

Written by Agencies | Washington | Published: May 16, 2012 10:25:24 am

US President Barack Obama’s estimated assets for the last year are valued at $8 million,his latest annual financial disclosure forms show and he has up to $1 million in the JP Morgan Chase,the bank which is under FBI investigation.

The FBI investigation into J P Morgan Chase started after the bank last week revealed that it lost some $2 billion in a risky hedge.

In an interview which was telecast yesterday,Obama identified it as one of the best managed banks.

The annual financial disclosure also revealed that Obama has a 30-year housing loan of more than $500,000 on his Chicago home at an interest rate of 5.625 per cent,which is considered to be a bit high given the current rates.

He can easily refinance his home mortgage to a rate as low as 4 per cent.

It is understood that Obama has repaid a large chunk of his housing loan.

‘The Chicago Tribune’ reported in 2009 the mortgage originally was for $1.32 million,but the disclosure form reports the mortgage as between $500,000 and $1 million.

According to ‘Politico’,in the last year’s disclosure form,Obama had no more than $250,000 in J P Morgan Chase account.

The Obamas in 2011 held total assets ranging from $2,566,000 to $8,265,000.

Obama also earns a substantial income from the sale of his books,the disclosures reveal.

The forms also show that the Obamas made from $250,000 to $2.1 million in book royalties in 2011.

‘Dreams from My Father’ and the children’s book ‘Of Thee I Sing’ each accounted for $100,000 to $1 million and ‘The Audacity of Hope’ accounted for $50,000 to $100,000.

This year Obama reported no gifts.

In the previous year’s forms,Obama had disclosed receiving several gifts such as Bo — the $1,600 Portuguese water dog given to the first family by the late Senator Ted Kennedy — and the $1.4 million cash prize that accompanied Obama’s 2009 Nobel Peace Prize.

The money was donated to charity.

As compared to Obama,the US Vice-President Joe Biden appears to be relative pauper.

Biden in his financial disclosure form reported assets of at least $239,000 and at least $175,000 in liabilities,excluding his mortgage.

Biden’s mortgage also exceeds $500,000,but has a lower interest rate of 4.625 per cent.

According to his financial disclosure form,Biden has from $2,000 to $30,000 in two savings accounts and $2,000 to $32,000 in four checking accounts.

He also had income of from $15,000 to $50,000 from a residential rental property in Wilmington,Delaware.

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