ABC News' Jon Garcia reports: The 2010 yearly financial disclosure forms for President Barack Obama and Vice President Joe Biden were released today and show that, at least for President Obama, it pays to write books.
The president’s disclosure lists royalties from his book “Dreams from My Father” in the $1 million to $5 million range, the single greatest item of income listed. Royalties from his book “Audacity of Hope” fell in the $100,001 to $1 million range (The forms require officials only to show ranges, not exact amounts).
Obama’s other major assets are in U.S. Treasury notes and bills that each fall in the $1 million to $5 million range. Most of the rest of Obama’s assets are tied up in retirement funds, checking accounts and college savings plans for his daughters, Sasha and Malia. His forms list no liabilities.
An addendum to his documents show President Obama stands to make more money off an abridged version of “Dreams of My Father,” adapted for “middle grade or young adult readers.”
Vice President Biden’s forms are a bit more modest, with his main asset listed as his rental property in Wilmington, DE, valued between $100,001 and $250,000. Most of his other assets are in investment funds, checking accounts and savings. None individually worth more than $15,000. But Biden does list a series of liabilities, including a home equity line of credit valued between $100,001 and $250,000.
The forms are required by the Ethics in Government Act of 1978 and have been reviewed and certified by the Office of Government Ethics.
White House counsel Bob Bauer writes on the White House blog site that the forms have been posted online “in the interests of transparency.”
-- Jon Garcia