Wednesday, May 15, 2013

 

Obamas say they are worth between $1.8M and $6.8M


President Barack Obama and first lady Michelle Obama are worth as much as $6.8 million, according to federal financial disclosure forms released Wednesday.




WASHINGTON — President Barack Obama and first lady Michelle Obama held assets last year that were worth between $1.8 million and nearly $7 million, according to federal financial disclosure forms the White House released Wednesday.

Required by law, the forms allow public officials to list their assets in broad ranges, such as between $1 million and $5 million, which makes it difficult to determine a precise net worth.

Obama signed the eight-page report Tuesday and the White House released it Wednesday.

The disclosure forms show the largest jointly owned asset was Treasury notes worth $1 million-$5 million. The Obamas also had $250,001-$500,000 in a JPMorgan Chase checking account, and $100,001-$250,000 in Treasury bills.
The president and first lady also each had $100,001-$250,000 in individual Vanguard retirement funds.

The only liability listed was $500,001-$1 million on a 30-year mortgage on their Chicago home, at an interest rate of 5.625 percent.

The president also collected a total of between $250,000 and $2.1 million in royalties on his three best-selling books, "Dreams From My Father" and "The Audacity of Hope," plus a children's book, "Of Thee I Sing: A Letter to My Daughters."

Vice President Joe Biden reported holding assets last year worth between $120,000 and $550,000, mostly in investment accounts and life insurance policies. Among them were a United States Senate Federal Credit Union savings account held jointly with his wife, Jill, valued at $1,001-$15,000.

Biden represented Delaware in the Senate for 36 years before he was elected vice president.

Biden also listed as an asset a Wilmington, Del., rental property owned with his wife valued at $100,001-$250,000.

Biden's liabilities included the mortgage of $500,001-$1 million, and several home equity lines of credit.

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