STOCK MARKET WATCH -- Friday, 16 May 2014

[Demeter]

15. Obamas Had Up to $7 Million in Assets in ’13, Records Show

http://www.nytimes.com/2014/05/16/us/politics/obamas-had-up-to-7-million-in-assets-in-13-records-show.html?_r=0

The assets of President Obama and his wife, Michelle, were valued as high as $7 million last year, according to a financial disclosure form released by the White House on Thursday. Most of the president’s income came from royalties on his three books and investments made possible by the proceeds. His memoir, “Dreams From My Father,” published in 1995, continued to make the most money for Mr. Obama, generating between $50,001 and $100,000 in royalties, according to the disclosure form. “The Audacity of Hope,” from 2006, earned between $15,001 and $50,000, and “Of Thee I Sing: A Letter to My Daughters,” released in 2010, earned between $5,001 and $15,000. Sales from Mr. Obama’s books have decreased steadily every year since he took office as president, according to the disclosure forms the White House has released.

Treasury notes held jointly by the president and Mrs. Obama are their most valuable assets, worth between $1 million and $5 million. The forms only require the Obamas to list their assets and income in wide ranges, leaving it difficult to discern the exact amount of the couple’s worth in 2013...The Obamas’ 2013 tax returns, released in April, showed they paid $98,169 in federal taxes on $481,098 in adjusted gross income. The Bidens paid $96,378 in taxes on an adjusted gross income of $407,009.

The Obama administration was the first to publish financial disclosure reports online. High-ranking government officials have been have been required to release their financial information since passage of the Ethics in Government Act of 1978...Vice President Joseph R. Biden Jr.’s publishing career earned him considerably less than the president’s totals. “Promises to Keep,” released in 2007, earned less than $201 in royalties last year, according to Mr. Biden’s financial disclosure form, also released on Thursday.

“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,” Jay Carney, the White House press secretary, said in a statement. “We are continuing this administration’s practice of posting these forms online here in the interests of transparency.”

COME TO THINK OF IT....TANSY, WOULDN'T BOOK PUBLISHING ROYALTIES BE AN EXCELLENT WAY OF MONEY-LAUNDERING? BUY A TRUCKOAD AND HAVE ENOUGH FUEL FOR THE FIRE ALL WINTER LONG...WHILE THE AUTHOR GETS THE DOUGH...