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Ear to the Ground

Obama’s New Chief of Staff Makes $8.3 Million From Wall Street Gig

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Posted on Jan 20, 2011
Flickr / John Lewis (CC-BY)

In preparation for his new White House job, William Daley sold $8.3 million of JPMorgan Chase stock. Thanks to government regulations, Daley can postpone paying the capital gains on that haul until he leaves public life, which, given how fast the door between Obama’s White House and Wall Street spins, shouldn’t be too long.

Bloomberg:

Daley filed a notice with the Securities and Exchange Commission yesterday on the sale of 186,190 shares of JPMorgan, where he was vice chairman. As Daley divests his holdings to work at the White House, he is eligible to take advantage of a law that allows people forced to sell assets when they accept government jobs to reinvest the proceeds and delay capital gains liability until the new investments are sold.

Daley likely will still face a steep income tax bill this year, said Robert Willens, founder and president of Robert Willens LLC, a consulting firm that advises investors on tax and accounting rules. On Jan. 6, Daley acquired restricted shares and stock appreciation rights for almost 202,000 shares for an average of about $17.23 apiece, according to an SEC filing.

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drbhelthi's avatar

By drbhelthi, January 22, 2011 at 5:44 pm Link to this comment

Knopfler, do you think it is easier for a propagandist
to fly a computer keyboard when wearing a pilot shirt?

And besides, how date you blog your personal ideas in a
similar manner to that of comrade rico - .

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rico, suave's avatar

By rico, suave, January 21, 2011 at 2:45 pm Link to this comment

Knopfler:

Was that post a speed typing exercise? You get a “C”. What the hell are you talking about? I did get the part about GE and JP Morgan helping Mao kill 60 million though. You’re such a hoot! Where do you find shit like that?

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By robertbeal, January 21, 2011 at 2:19 pm Link to this comment

I spoke with the think tank Third Way communications director, Sean, about Daley’s resigning from their board when he went to the White House.

Sean tossed off that he thought Daley had worked for JPMorgan Chase, or something.

Daley and Emmanuel were key architects of NAFTA’s passage.

Below is from Sam Stein at the Huffington Post, 11/02/2010 (midterm election day):

[When Democrats reconvene following Tuesday’s elections, there is going to be a fairly contentious debate over what went wrong—both on policy and political grounds. On Monday, the moderate wing of the party made a pitch for greater post-election relevance, with the group Third Way explaining that it “is crucial for Democrats to return to the center with bold and bipartisan policy solutions that are realistic in the next Congress and resonate with moderates and Independents.”]


From Russ Baker at AlterNet http://www.alternet.org/story/40482/?page=1
The Top 10 Corporate Democrats-For-Hire
They claim to be ‘centrists,’ but these D.C. Dems—whose corporate agendas aren’t too different from Bush administration policies—are living proof that the system needs fixing.

“How big a problem is the growing influence of the bipartisan Beltway Party? Details on this can be found in a report from the Real News Project, a new nonprofit noncommercial investigative reporting outfit I founded. RealNews examined the track records of prominent Washington Democrats, consultants, advertising and public relations executives, lobbyists, attorneys and the like who have close connections to the top circles of their party. Many of them served in the Clinton-Gore White House, and many of them will likely be tapped should a Democrat be elected in 2008 and have considerable influence in a future Democratic-controlled Congress.
“We scrutinized scores of Washington Dems and found many ensconced in firms working to advance corporate agendas that don’t look that different from policy we see emanating from the Bush administration. To be sure, many of these people have redeeming qualities, represent some admirable causes as well, and may personally harbor inclinations for the greater good. Yet, in trying to earn a handsome living in Washington, they apparently do what a person’s gotta do. Can political success and influence be attained without working for The Man? Let’s defer that debate for another time and start with a few facts.”

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Peter Knopfler's avatar

By Peter Knopfler, January 21, 2011 at 2:17 pm Link to this comment

NONE OF US ARE AS DUMB AS ALL OF US.
More Corporate Banksters selling the nation down the
Communist Chinese river, Like General Electric JP
Morgan these criminals have been in Communist China
and helped Mao kill 60,000,000 people they put him in
power the Corporate world dictatorship. Another Big
bStep to SLAVERY BY CORPORATE MASTERS, next they will
sell Federal Reserve to Communist China but you will
never know just like you don´t know where TRILLIONS
WENT,American tax payer stuck on stupid and
consistently put up with this corporate bullshit
people Wake Up or Die. Corporate Communist Take OVER!

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Go Right Young Man's avatar

By Go Right Young Man, January 21, 2011 at 9:37 am Link to this comment

None of this can possibly be true.  Democrats/liberals/progressives don’t work for banks, don’t make large sums of money, and always pay more taxes than the law mandates.  All from the goodness of their hearts.

I’m certain Mr. Daley donated his time to Chase, gladly pays an overabundance of taxes and, just to prove his liberal bona fides, gives all remaining income to little brown children.

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rico, suave's avatar

By rico, suave, January 21, 2011 at 8:42 am Link to this comment

skimo:

No. I’m pretty sure the point of the article was that Daley got some money from JP Morgan Chase and won’t have to pay tax on it for a while. No mention of Goldman, or who runs the country. Of course, feel free to dream up unrelated cause and effect conspiracies. Porgressives are good at that.

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godistwaddle's avatar

By godistwaddle, January 21, 2011 at 7:47 am Link to this comment

Bend over, America, Daley’s bumboy is president.

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skimohawk's avatar

By skimohawk, January 21, 2011 at 1:15 am Link to this comment

This “typical Truthdig progressive” thinks perhaps you are missing the point, which is that our Government is controlled by Goldman-Sachs.

Who gives a shit how much tax he pays or doesn’t pay?

He’s still a fucking big bank muckity-muck and he’s in the fucking White House pulling the strings!
Wake up!

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rico, suave's avatar

By rico, suave, January 20, 2011 at 10:15 pm Link to this comment

The typical truthdig progressive, who knows nothing about investments, will assume that Daley made $8.3 million in tax free profit. Nowhere does the article say how much the basis of the stock was, so people who understand these things are left to speculate, if they even care, about what his real taxable gain might be, while progressives will wail and moan that he stole $8.3 million out of the mouths of the homeless, sick and destitute.

But, please, dear envious ones, continue to wail and moan, and ignore the end of the article, which says that Daley will, indeed, face a stiff tax liability this year.

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By DGBJPN, January 20, 2011 at 10:01 pm Link to this comment
(Unregistered commenter)

So…? Did he break any laws? Good on him. What is the point of this story?

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skulz fontaine's avatar

By skulz fontaine, January 20, 2011 at 9:03 pm Link to this comment

A Mark, a Yen, a Buck by the pound. They’re in it for the money. How are the
Obamanites ANY different than Bushco?

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