Obamas’ Assets Total $2.6 Million to $8.3 Million in 2011
President Barack Obama and his first lady Michelle Obama have total assets of $2.6 million to $8.2 million in 2011. As much as $1 million of their assets were placed in a JP Morgan Chase & Co. asset management account.
$1 million to $5 million of the first couple’s assets are placed in US Treasury notes and $600,000 to $1.25 million in Treasury bills. The Treasury notes have maturities of one to ten years while the Treasury bills have maturities of one year or less.
The president’s assets as well as that of Vice President Joe Biden were listed in disclosure forms that were released by the White House today. It covered the period ending December 31. The president pushed for financial relief for homeowners via refinancing at low interest rates. But it looks like the Obamas haven’t obtained lower-cost loans. They still have a 30 year mortgage on their Chicago residence obtained in 2005 with a rate of 5.625 percent. The average national interest rate on a 30 year mortgage was 3.75 percent.
The disclosure also showed that the first couple doesn’t have a hard time saving for their daughters’ college education. The form lists tax advantaged college savings accounts for both with balances between $100,000 and $200,000. Their daughters are ages 10 and 13.
The disclosure forms showed that the Obamas have two JP Morgan checking accounts with $500,000 to $1 million in a joint account and another one in the name of the first lady with a balance between $1,000 and $15,000. In 2011, the couple has between $250,000 and $500,000 in asset management account.
President Obama said that JP Morgan’s $2 billion trading loss showed the need for more government supervision on the financial industry. The loss was disclosed May 10 by Chief Executive Officer Jamie Dimon.