Wednesday, May 16, 2012 at 9:13 AM
Last week JPMorgan announced that it had lost $2 billion. President Obama said that the loss validates his administration's policies, but he has also praised the bank's head, Jamie Dimon. Daniel Halper of The Weekly Standard knows of one reason that Obama might not be quick to criticize the bank.
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Daniel Halper is online editor for The Weekly Standard.
According to just released disclosure forms, President Barack Obama has between $500,000-1,000,000 in assets in a JPMorgan Chase account. The full title of the account, as it's written on the disclosures, is "JPMorgan Chase Private Client Asset Mgmt Checking Account." It is a jointly held account, presumably with First Lady Michelle Obama.
Additionally, according to the disclosure forms, President Obama has between $1,001-$15,000 in a JPMorgan Chase checking account.
Disclosures are made in estimated numbers; precise dollar amounts need not be revealed.
These assets perhaps help explain President Obama's recent praise of the bank. "JPMorgan is one of the best-managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we got and they still lost $2 billion and counting," President Obama said on the View yesterday.
The president's praise of JPMorgan came in response to a controversial $2 billion trading loss. In fact, the FBI is currently looking into that massive loss.
"The Federal Bureau of Investigation is examining potential wrongdoing surrounding JPMorgan Chase's $2 billion trading loss, people briefed on the matter said Tuesday," the New York Times reports. "The investigation, which is at an early stage, will focus on several possible lines of inquiry, the people briefed on the matter said. Among other things, investigators will examine JPMorgan's accounting practices and public disclosures about the trades that prompted the loss."
President Obama's assets with JPMorgan only constitute a percentage of his total holdings, which appear to be diversified across several financial institutions and holdings.
But in an accompanying statement with the disclosures, White House spokesman Jay Carney said that there are no conflicts of interests. "[F]inances are set forth in annual disclosures which are reviewed and certified by ethics officials. Neither the President nor the Vice President have any conflicts of interest, and their reports have been reviewed and certified by the independent Office of Government Ethics," said Carney.
Vice President Joe Biden, according to his own disclosures, does not have any assets with JPMorgan. [Copyright 2012 The Weekly Standard]
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