On Tuesday, the White House released financial reports for President Barack Obama and the first lady, Michelle Obama. The couple is in possession of assets that are worthy anywhere from $2.6 million and $8.3 million. In 2010, the assets for the first family were valued between $1.8 million and $12 million. Obama decided to release the report in the midst of his presidential campaign that is focused on the wealth of Mitt Romney. Romney is worthy anywhere from $190 million to $250 million. The majority of that money came from investing.
The financial statements from Romney for 2010 have been edited and he has also decided to release his tax returns. Offshore holdings not in Romney’s 2010 financial disclosure were listed in the tax returns. One of those included a Swiss bank account that has been the subject of heavy criticism from the Obama campaign team.
There is approximately $500,000 to $1 million in a checking account with JPMorgan Chase in the name of the Obamas. The bank has come under major scrutiny over the past week after it lost $2 billion, prompting Obama to say that the bank’s loss proves that there needs to be rules passed by Congress governing Wall Street. During an interview with hosts on ‘The View,’ Obama said that JPMorgan Chase is “one of the best managed banks there is and CEO Jamie Dimon is one of the smartest bankers.” Obama went on to say that sometimes even the banks operated the best will make mistakes, which is why they need to be regulated. Public officials are required to fill out the disclosure forms, which has them list their assets in a broad scope. For instance, they can list their assets as being from $1 million to $3 million if they are worth $2 million. It makes it more difficult for the public to determine their net worth.
The assets of the first family include checking accounts, retirement accounts, Treasury notes worth anywhere from $1 million to $5 million and Treasury bills worthy anywhere from $500,000 to $1 million. Obama has published three books and the royalties from those books range from $250,000 to $2.1 million. There is a mortgage for 30 years on the Obama home in Chicago that is worth anywhere from $500,000 to $1 million. It has an interest rate of 5.625 percent.
The vice president, Joe Biden, listed his assets from $230,000 to $860,000, with the majority of them held in insurance policies and investment accounts. Biden also revealed that he received $20,900 in rental income from a property in Wilmington, Delaware.