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Incoming Chief Of Staff Has Millions Invested In JPMorgan

January 13, 2011 by  

Incoming chief of staff has millions invested in JPMorganSome politicians and economists are concerned that the next chief of staff, William Daley, has too many connections to Wall Street and corporate America to objectively fulfill his mandate.

Those doubts intensified this week as regulatory filings revealed that Daley holds more than $7.6 million worth of stock in JPMorgan Chase, the bank in which he currently serves as Midwest chairman. According to The Huffington Post, records from the Securities and Exchange Commission reveal that Daley acquired 201,913 shares of JPMorgan stock — to raise his total to 316,327 — on Jan. 6, the same day Obama announced his appointment. Daley then sold 140,649 of his shares to cover tax liabilities, the news provider reported.

According to The Financial Times, Daley received $7.6 million worth of shares in exchange for his stake in the company — 101,914 shares of restricted stock and 100,000 options. He is required to sell all of his holdings in the bank before he officially becomes the chief of staff.

However, some experts are still wary of Daley's background in big business, including Simon Johnson, a former chief economist at the International Monetary Fund.

"The idea that the President needed to bring a top banker into his inner circle in order to build bridges with business is beyond ludicrous," Johnson wrote on BaselineScenario.com. "Bill Daley now controls how information is presented to and decisions are made by the President."

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  • s c

    Geepers, it sounds as though Obummer has made a pact with a group he claimed to hate in his campaign. I thought the rich were supposed to be whipped and taxed into compliance with this enlightened administration. Or, does it make a difference if one’s political beliefs make being rich OK?
    Could it be that Obummer is just another prez who knows how and where his bread is buttered? How will Obummer’s progressive strumpets and wacko leftwingnuts explain this to the common folks? Is this how a prez straddles a fence and becomes just another fence-sitter? Yee haw, cowboy. Ride that bronco!
    It took a long time, but Orwell’s pigs are coming out of their wealthy, privileged closets. It sure must be rough balancing a love of wealth and making sure that the dumbed-down masses think the prez is on their side. Will Obummer sell tickets to this circus?

    • Carole Howell

      S C

      Just as I said his strings are pulled by the same people as pulled Bush’s. No difference. Our last real President was JFK, the rest have been puppets. Nixon was not as easy to manipulate and so they set him up and then got rid of him.

      We have the best politicians in this country that money can buy.

      • Jules59

        Evidently you didn’t do your research or you would know that JFK was not what he seemed either.

    • eddie47d

      I doubt if Wm. Daley will take on Wall Street or even Corporate America so this could be another useless position. Maybe someday I might be able to admire him but for now I’m leery.

  • Doc Sarvis

    Capitalism is alive and well in the White House-as it has been all along. So many here accuse President Obama of being a socialist – HA – that’s a good one.

    • Jules59

      This is an act. He is attempting to change the image that he presents to the American people to fool us into believing he has become a centrist. I’m not buying it.

      • Doc Sarvis

        He has been a centrist all along. A liberal president would have bolted out of Afghanistan in the first month in office, would not have caved in to the insurance companies on health care, would not have invested more in border security than any president in recent history, would not have bailed out the auto companies, would not have bailed out the Wall St. firms, etc.

        • s c

          DS, how long have you been a member of the Utopian Clueless Society? If Obummer is a centrist, I am a supercomputer technician and part-time world teacher (hint: I don’t fix supercomputers, and I wouldn’t stoop to seeing myself as a world teacher).
          DS, you’re consistent, but you’re also consistently
          years behind the learning curve. Sad, sad, sad.

          • Doc Sarvis

            s c
            You insult me and tell me I am wrong yet you don’t seem to be able to express why I am wrong. I guess you don’t have an argument to counter what I posted above. Your insult to me I can only attribute to the old saying; the truth hurts.

        • eddie47d

          Very good Doc and for those very reasons the left doesn’t care much for Obama. You can always tell a right winger when they scream about something that isn’t very true. Obama has angered both sides so maybe that’s a sign that he is doing his job. The extreme left and extreme right are all about Me,Me,Me and are out to win their point of view and the Nation be damned.

  • fa

    Corporate fascist government. Has been for a while. Not just since January of 2009.
    Socialist, communist, fascist, whatever. All are collectivist.

  • AkTom

    Sorry Doc. There is way too much evidence proving otherwise. Why are there so many members of his cabinent known communists? Some of them resigned after they were found out (Van Jones,Anita Dunn). Why is he always mentioning the redristribution of wealth? One of his mentors growing up Frank Marshal Davis was a communist and had a large impact on him. I could go on and on. Oh and by the way, what exactly are you a doctor of?

    • s c

      AkTom, people like ‘Doc’ have few or no standards for their “leaders,” they confuse the status quo with progress, and they have no qualms about accepting everyone and everything – as long as the glorious party is protected and seen as infallible.
      This defines the ‘big tent’ approach to political and moral reality. You could call it ‘all for one, and one for himself’ (if he’s elected, i. e.). This is how we get screwed with textbook oddities like Reid, Pelosi, Frank, Biden, Dodd, Kennedy, Byrd, Boxer and scores of smiling geekoids who are addicted to power, money, privilege and pensions they didn’t earn and will never deserve.
      Without people like ‘Doc’ and the usual space cadets who maintain a presence on this website, scuzzies couldn’t exist (no matter what party is mentioned). See, it’s not that hard to be “civil,” and it was done without a single expletive.

    • http://?? Joe H.

      AK Tom,
      He’s a proctologist!! He’s always got his head up his……..

  • tracycolorado

    Can Anyone Say Insider Trading ?

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