Obamas worth up to US$8 million
Source: Agencies |
May 17, 2012, Thursday
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US President Barack Obama and first lady Michelle Obama hold assets worth between US$2.6 million and US$8.3 million, according to financial disclosure reports released on Tuesday 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.
Romney has amended his 2010 financial disclosures during this primary season, and also caved in to pressure to release his tax returns. The returns showed a series of offshore holdings that weren't in the former Massachusetts governor's 2010 financial disclosure, including a Swiss bank account that has been criticized by the Obama campaign.
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 on 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 called 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 disclosure form requires public officials to list assets in broad ranges, making it difficult to determine a precise net worth.
The president and first lady's asset mix includes Treasury notes valued at between US$1 million and US$5 million, Treasury bills worth US$500,000 and US$1 million, along with retirement and checking accounts.
Royalties from Obama's books, "Dreams From My Father," "The Audacity of Hope" and "Of Thee I Sing," totaled between US$250,000 and US$2.1 million.
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.
Romney has amended his 2010 financial disclosures during this primary season, and also caved in to pressure to release his tax returns. The returns showed a series of offshore holdings that weren't in the former Massachusetts governor's 2010 financial disclosure, including a Swiss bank account that has been criticized by the Obama campaign.
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 on 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 called 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 disclosure form requires public officials to list assets in broad ranges, making it difficult to determine a precise net worth.
The president and first lady's asset mix includes Treasury notes valued at between US$1 million and US$5 million, Treasury bills worth US$500,000 and US$1 million, along with retirement and checking accounts.
Royalties from Obama's books, "Dreams From My Father," "The Audacity of Hope" and "Of Thee I Sing," totaled between US$250,000 and US$2.1 million.
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