Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

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."

Special To Personal Liberty

You Sound Off! is written by our readers and appears the last Wednesday of each month. If you would like to submit an article or letter to the editor for consideration for You Sound Off!, send it to yousoundoff@personalliberty.com by the Friday before the last Wednesday of the month. To be considered, a submission should be 750 words or less and must include the writer's name, address and a telephone number. Only the writer's name will be published. Anonymous submissions will not be considered.

Facebook Conversations

Join the Discussion:
View Comments to “Incoming Chief Of Staff Has Millions Invested In JPMorgan”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.