The Obamas have up to $1 million in a JPMorgan account... and could be worth as as much as $8.3million
President Barack Obama and his wife Michelle are worth up to nearly $8.3million, up to $1million of which is invested in JP Morgan Chase, the Wall Street bank under FBI investigation.
Details of the First Couple’s assets were disclosed in financial reports released by the White House this week.
They show that although Mr Obama’s book sales have slowed considerably, becoming President has turned him into a very wealthy man.
Mr and Mrs Obama hold assets worth between nearly $2.6million and nearly $8.3million, according to financial disclosure reports released by the White House.
Bringing in cash: As part of the re-election campaign, the Obamas had to release their financial earnings and it was revealed that their net worth is between $2.6-$8.3million
But their wealth pales in comparison to that of Mitt Romney, the presumptive republican nominee. He is worth between $190million to $250million with much of his money coming from investments.
The most controversial element of Mr Obama’s disclosure forms is that he holds between $500,000 and $1million in a JP Morgan Chase checking account.
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The Wall Street titan is under intense scrutiny after it reported losing more than $2billion on bad trading bets, triggering calls for much closer oversight.
This week, Mr Obama said that JPMorgan Chase’s eye-watering loss showed the need for Wall Street rules passed by Congress two years ago.
In trouble: Though Mr Obama has previously called Chase CEO Jamie Dimon (pictured) 'one of the smartest bankers', he can't explain where $2billion of the banks' money went
Though the bills may have been passed years ago, much of the legislation is still being written and is not yet in effect.
Mr Obama told ABC television that JP Morgan Chase was is ‘one of the best managed banks there is’ and that Jamie Dimon, its CEO, was ‘one of the smartest bankers’ in America, but it was important for banks to be regulated because even the top ones made mistakes. The FBI is investigating the circumstances of the loss.
The President and First Lady’s mix of assets includes Treasury notes valued at between $1million and $5million, Treasury bills worth $500,000 and $1million and retirement and checking accounts.
Royalties from Mr Obama’s books ‘Dreams From My Father’, ‘The Audacity of Hope’ and ‘Of Thee I Sing’ totalled between $250,000 and $2.1million, a significant reduction from previous years.
The main liability the Obamas have is a 30-year mortgage on their Chicago home: it is worth between $500,000 and $1million with an interest rate of 5.625 per cent.
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