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May 16, 2012

ANNALS OF THE ONE PERCENT: Obama Disclosures Reveal Account at JPMorgan.

President Barack Obama has a fat account at JPMorgan Chase & Co. and a mortgage on his Chicago home that he should probably refinance.

Obama’s financial disclosure forms, released today, show assets of at least $2.5 million, including a JPMorgan account worth at least $500,000. . . .

Obama’s disclosures also show he has a more than $500,000 mortgage on his Illinois home with a 5.625 percent interest rate he took out in 2005. That’s much higher than current rates, which can run below 4 percent. Ironically, Obama has pushed refinancing as a part of his Congressional “to-do list,” saying the average family would be able to save thousands of dollars a year.

That would certainly be true for Obama if he took his own advice.

No one’s ever accused Obama of being good at handling debt.

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