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Obama assets valued at $8 mn, has $1 mn in JPMorgan Chase

The annual financial disclosure also revealed that Obama has a 30-year housing loan of more than $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.

twitter-logo PTI   Washington     Last Updated: May 16, 2012  | 11:27 IST

US President Barack Obama's estimated assets for the last year are valued at $8 million, his latest annual financial disclosure forms show and he has up to $1 million in the JPMorgan Chase, the bank which is under FBI investigation.

The FBI investigation into JPMorgan Chase started after the bank last week revealed that it lost some $billion in a risky hedge.

In an interview which was telecast on Tuesday, 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 $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 $1.32 million, but the disclosure form reports the mortgage as between $500,000 and $1 million.

According to Politico, in the last year's disclosure form, Obama had no more than $250,000 in JPMorgan Chase account.

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

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

This year Obama reported no gifts.

In the previous year's forms, Obama had disclosed receiving several gifts such as Bo, the $1,600 Portuguese water dog given to the first family by the late Senator Ted Kennedy  and the $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 $239,000 and at least $175,000 in liabilities, excluding his mortgage.

Biden's mortgage also exceeds $500,000, but has a lower interest rate of 4.625 per cent.

According to his financial disclosure form, Biden has from $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 $15,000 to $50,000 from a residential rental property in Wilmington, Delaware.

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