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Obama assets valued between US$2.6M and US$8.3M
Source: Agencies |
May 16, 2012, Wednesday
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US President Barack Obama and first lady Michelle Obama hold assets worth between nearly US$2.6 million and nearly US$8.3 million, according to financial disclosure reports released yesterday by the White House.
The documents show the couple's assets for last year. The first family's assets were valued between US$1.8 million and nearly US$12 million in 2010.
Obama released the annual report in the middle of a presidential campaign that has brought attention to the wealth of his Republican opponent, Mitt Romney. The former Massachusetts governor is worth US$190 million to US$250 million, with much of his money coming from investments.
Obama's disclosure forms show he holds between US$500,000 and US$1 million in a JPMorgan Chase checking account. The Wall Street firm has faced scrutiny this week after it reported losing more than US$2 billion on bad trading bets, prompting renewed calls for more stringent oversight of the nation's top financial institutions.
Obama said Monday that JPMorgan Chase's loss showed the need for Wall Street rules passed by Congress two years ago, many of which are still being written and have not yet gone into effect. He said in an interview with ABC's "The View" that JPMorgan is "one of the best managed banks there is" and CEO Jamie Dimon is "one of the smartest bankers," but even the best-run banks can make mistakes, underscoring the importance of the regulations.
The documents show the couple's assets for last year. The first family's assets were valued between US$1.8 million and nearly US$12 million in 2010.
Obama released the annual report in the middle of a presidential campaign that has brought attention to the wealth of his Republican opponent, Mitt Romney. The former Massachusetts governor is worth US$190 million to US$250 million, with much of his money coming from investments.
Obama's disclosure forms show he holds between US$500,000 and US$1 million in a JPMorgan Chase checking account. The Wall Street firm has faced scrutiny this week after it reported losing more than US$2 billion on bad trading bets, prompting renewed calls for more stringent oversight of the nation's top financial institutions.
Obama said Monday that JPMorgan Chase's loss showed the need for Wall Street rules passed by Congress two years ago, many of which are still being written and have not yet gone into effect. He said in an interview with ABC's "The View" that JPMorgan is "one of the best managed banks there is" and CEO Jamie Dimon is "one of the smartest bankers," but even the best-run banks can make mistakes, underscoring the importance of the regulations.
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