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Obama has two JPMorgan accounts, financial disclosures show

May 16, 2012|By Jim Puzzanghera
  • President Barack Obama, shown at the White House on Tuesday, has two accounts with JPMorgan Chase.
President Barack Obama, shown at the White House on Tuesday, has two accounts… (Carolyn Kaster / Associated…)

When it comes to JPMorgan Chase & Co., President Obama puts his money where his mouth is.

Despite the bank's $2-billion trading loss, Obama this week said JPMorgan is "one of the best-managed banks there is" and called Chief Executive Jamie Dimon "one of the smartest bankers."

Obama's 2011 financial disclosure form backed up that view.

Obama parks a sizable chunk of his money in two JPMorgan accounts. He has a Private Client Asset Management checking account valued from $500,001 to $1 million, and a regular checking account with between $1,001 and $15,000, according to the form, which was released by the White House on Tuesday.

Overall, Obama's assets were valued at between $2.6 million and $8.3 million.

He cited the bank's stellar reputation when he asserted that the huge trading loss showed the need for tough implementation of the 2010 financial reform law.

"Think about it -- this is one of the best-managed banks," Obama said Tuesday on ABC's  "The View." "You could have a bank that isn’t as strong, isn’t as profitable making those same bets and we might have had to step in, and that’s exactly why Wall Street reform is so important."

RELATED:

JPMorgan Chase discloses $2-billion trading loss

White House: JPMorgan loss shows need for tough regulations

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