Study: Obama Could Take Financial Tips From Hillary

Monday, 05 Dec 2011 01:09 PM

By Greg McDonald

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President Barack Obama may be in charge, but when it comes to personal finances he could take management lessons from Secretary of State Hillary Clinton who happens to be the richest member of the Cabinet.
 
According to the Center for Responsive Politics, Clinton’s estimated net worth in 2010 was at least $31 million compared to Obama’s $7.3 million, which also trailed White House Chief of Staff Bill Daley’s estimated net worth last year of at least $28.7 million.
 
The estimates were compiled by the center based on the most recent financial disclosure reports that all elected federal and executive branch officials are required to file each year. Officials are not required to disclose their true worth, but average estimates can be determined from a broad range of asset and liability figures they must report. 
 
While both Clinton and Obama have written books, much of their estimated wealth was in the form of investments and asset holdings. Both seemed to prefer JP Morgan Chase accounts as their preferred investment vehicle. 
 
Clinton, for example, listed two accounts with the firm ranging in value form a low of $10 million to a high of $50 million. Aside from much smaller JP Morgan Chase accounts, Obama also listed holdings in U.S. Treasury notes worth somewhere between $2.1 million and $10 million.
 
Daley, on the other hand, appeared to be more of risk taker, according to the center analysis. His investments in individual stocks were all over the park, ranging from Apple and Goldman Sachs to Starbucks.
 
While Clinton and Daley were listed by the center as the wealthiest executive branch officials, Vice President Joseph Biden and Interior Secretary Ken Salazar were listed as being among the poorest.
 
Biden’s estimated net worth was put at just under $719,000, while Salazar’s was listed at nearly $921,000.
 

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