Obama Assets Valued Between $2.6 Million and $8.3 Million

Barack ObamaWASHINGTON (AP) - President Barack Obama and first lady Michelle Obama hold assets worth between nearly $2.6 million and nearly $8.3 million, according to financial disclosure reports released Tuesday by the White House.

The documents show the couple's assets for last year. The first family's assets were valued between $1.8 million and nearly $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 $190 million to $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 received criticism from the Obama campaign.

Obama's disclosure forms show he holds between $500,000 and $1 million in a JPMorgan Chase (JPM) checking account. The Wall Street firm has faced scrutiny this week after it reported losing more than $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 disclosure form requires public officials to list their assets in broad ranges, for example, between $1 million and $5 million, making it difficult to determine a precise net worth.

The president and first lady's asset mix includes Treasury notes valued at between $1 million and $5 million, Treasury bills worth $500,000 and $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 $250,000 and $2.1 million.



The Obamas have a 30-year mortgage on their Chicago home worth between $500,000 and $1 million with an interest rate of 5.625 percent.

Vice President Joe Biden listed assets of between nearly $230,000 to $860,000, many of them in investment accounts and insurance policies. The vice president disclosed in his 2011 tax returns receiving $20,900 in rental income on a guest house in Wilmington, Del.

Biden also disclosed receiving an $800 Vulcain Cricket watch as a gift from a Helsinki, Finland, jewelry store owner who has given watches in the past to U.S. presidents who have visited Finland.

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Associated Press writers Jim Kuhnhenn and Kasie Hunt contributed to this report.


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jmtlfix

Well I guess he's part of the 1%, shame on him! A litle out of touch with the common folk.

May 17 2012 at 2:21 PM Report abuse +1 rate up rate down Reply
Setanta

after globull warming this presidency is the biggest hoax perpetuated upon people-
and note well that globuLL warmng afflicts those outside the USA so OF COURSE it's a bigger one !

May 17 2012 at 1:10 PM Report abuse +2 rate up rate down Reply
pipetsa

2.6 AND 8.3 MILLION WHY SUCH A LARGE GAP? ALSO WHAT WAS HIS WORTH BEFORE BEING PRESIDENT?

May 17 2012 at 11:13 AM Report abuse +3 rate up rate down Reply
vondeck

I think Obama should apply for food stamps. He so much like the working poor. Obama must at least be in the top 5%.Does that make him a common working stiff like me. I have no multi- millionare friends. He may not be as rich as Romney but he's still rich with alot more wealth coming in for years. Speeches,books and TV.

May 17 2012 at 9:54 AM Report abuse rate up rate down Reply
1 reply to vondeck's comment
Setanta

he claims him and the white gannny made do with food stamps while attending PREP SCHOOL over in hawaiii---so the QUESTION WAS ALREADY RAISED but of course never answered---WHO PAID for his schooling ????

May 17 2012 at 1:12 PM Report abuse +3 rate up rate down Reply
Somey

imalibnow2

Some get rich by hard work.

Like Obama

May 16 2012 at 7:51 PM Report abuse -5 rate up rate down Reply
3 replies to Somey's comment
Somey

Mitt Romney is worth $190 million to $250 million, compared to Obama’s $2.6 million to $8.3 million. Also Mitt has got offshore holdings and Swiss bank, in view of that, exactly who side is Mitt on?


MITT THE CANDIDATE OF THE 1%

May 16 2012 at 7:36 PM Report abuse -4 rate up rate down Reply
3 replies to Somey's comment
ha6ai

Obama chooses not to come clean on his wealth, the specifics of which must be embarrassing. He has the actual specific information, but chooses to continue to hide the actual number.

But the real point is ... Obama's minions think Americans are "stupid, stupid, stupid!"

All we see are distractions, lies, more distractions and more lies.

And this fellow's unbounded narcissism is beyond bizarre.

His cynical misuse and abuse of presidential power is dangerous.

Americans (who think and pay attention) know that Obama has been an unfolding disaster, and that we need to VOTE in Romney in order to dig out from this horrendous OBAMA ECONOMY..

May 16 2012 at 4:02 PM Report abuse +2 rate up rate down Reply
1 reply to ha6ai's comment
Somey

What about Romney's wealth?

May 16 2012 at 6:56 PM Report abuse -3 rate up rate down Reply
1 reply to Somey's comment
democracks0

Somehole what about it?

May 16 2012 at 11:36 PM Report abuse +1 rate up rate down
Hardy

ok. both guys are rich...who cares?

May 16 2012 at 3:57 PM Report abuse rate up rate down Reply
tallonplumb

What about the money in his homeland ?

May 16 2012 at 3:04 PM Report abuse +4 rate up rate down Reply
.kowalski440mag

Can't trust them 1%-ers.

May 16 2012 at 2:37 PM Report abuse +2 rate up rate down Reply