No wonder President Obama is defending JPMorgan Chase. He said,
“JPMorgan is one of the best-managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we got..."
President Obama has between $500,001 and $1 million dollars in a JPMorgan Chase account, according to financial disclosure forms released Tuesday by the White House.
The bank — that’s now being looked at by the Department of Justice after posting a massive $2 billion trading loss last week — is the home of a joint checking account the Obamas have with its Private Client Asset Management division. The Obamas have a second checking account with JPMorgan with assets between $1,001 and $15,000.
That’s a big increase from his 2011 disclosure form, where the JP Morgan Chase account showed no more than $250,000 in assets.
This is a checking account used by the President and the First Lady. It is the equivalent of an interest-bearing checking account available at many other financial institutions. As is reported, the account held between $500,001–$1,000,000 and only generated less than $201 in interest income in 2011,” White House spokeswoman Amy Brundage said.