Obama assets valued at $8 million, has $1 million in JP Morgan Chase

May 16, 2012 |

Washington

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US President Barack Obama's estimated assets for the last year are valued at USD eight million, his latest annual financial disclosure forms show and he has up to USD 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 USD 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 USD 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 four 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 USD 1.32 million, but the disclosure form reports the mortgage as between USD 500,000 and USD 1 million. According to Politico, in the last year's disclosure form, Obama had no more than UD 250,000 in J P Morgan Chase account.

The Obamas in 2011 held total assets ranging from USD 2,566,000 to USD 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 USD 250,000 to USD 2.1 million in book royalties in 2011.

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

This year Obama reported no gifts. In the previous year's forms, Obama had disclosed receiving several gifts such as Bo -- the USD 1,600 Portuguese water dog given to the first family by the late Senator Ted Kennedy -- and the USD 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 USD 239,000 and at least USD 175,000 in liabilities, excluding his mortgage.

Biden's mortgage also exceeds USD 500,000, but has a lower interest rate of 4.625 per cent. According to his financial disclosure form, Biden has from USD 2,000 to USD 30,000 in two savings accounts and USD 2,000 to USD 32,000 in four checking accounts.

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

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