18 Stories

Obama's Net Worth Revealed —Kind Of

It's somewhere between $1.8M and $7M

(Newser) - President Obama's net worth could stand at a hair under $7 million ... or just $1.8 million. That range comes via his financial disclosure reports released yesterday, and USA Today sums it up perfectly: The Obamas "are wealthy, but it's uncertain just how wealthy." Their assets... More »

Obamas' Assets: Up to $8.3M

Presidential books still paying off

(Newser) - Barack and Michelle Obama's personal finances are in sound shape: The first couple today reported total assets of between $2.6 million and $8.3 million last year, reports the Washington Post . (The imprecision is because of the broad ranges on reporting forms.) President Obama is still collecting... More »

Got a $15K Car in Michigan? No Food Stamps for You

State's decision to check assets bucks national trend

(Newser) - If you’re not making much money but are driving a nice car, don’t expect any help buying groceries in Michigan. The state this month began checking the assets of would-be food stamp recipients, USA Today reports; anyone with more than $5,000 in liquid assets or a car... More »

US to Freeze Syrian Assets, Impose Sanctions

Europe also considering action

(Newser) - With the bloodshed mounting in the streets of Daraa , the Obama administration is preparing sanctions against Syria, including freezing the assets of top Syrian officials, the LA Times reports. That may not have a ton of impact, since Syrian officials don’t own all that many US assets to begin... More »

Freeze Gadhafi's Assets? It's Tough With Name Like That

Arabic names prove tricky for banks

(Newser) - It's hard for an international bank to freeze Moammar Gadhafi's assets when no one's quite sure how to spell his name. The US Treasury Department offers up 12 different options, but language experts say there are actually more than 100 variations for "Gadhafi" alone. It's... More »

Allies to Hand Gadhafi's Assets to Rebels

Rebels also say countries will sell them weapons

(Newser) - Moammar Gadhafi’s frozen assets will be lining the pockets of his rebel enemies, under an agreement struck yesterday by NATO, Arab, and African officials at a closed door meeting in Qatar, the New York Times reports. The agreement comes even as divisions arose about how far to take their... More »

Secret Scads of Cash Bankroll Gadhafi's Fight

Libyan leader likely has access to 'tens of billions'

(Newser) - The US alone has frozen nearly $32 billion of Libya’s assets, so how can Moammar Gadhafi afford to keep fighting? Easy: piles of cash amounting to “tens of billions,” officials tell the New York Times . Gadhafi has been hoarding cash in Tripoli, keeping it out of the... More »

Egypt Freezes Mubarak's Assets

Ex-leader's foreign assets now off-limits

(Newser) - If Hosni Mubarak really has a death wish, this won't be cheering him up: Egypt today moved to freeze all of Mubarak's foreign assets, reports the AP. The move encompasses any assets of Mubarak's wife, two sons, or their wives; Mubarak's domestic assets were frozen in the days following his... More »

Mubarak Used Final 18 Days to Hide His Fortune

Intelligence sources say he moved money around

(Newser) - It took protesters 18 days to oust Hosni Mubarak, and he used that time wisely, funneling his fortune into untraceable overseas accounts, according to Western intelligence sources. During his 30 years in power, Mubarak is said to have amassed anywhere between $4.8 billion and $64 billion, and demand is... More »

Report: BP Looks to Unload Assets

'Sunday Times' says it's shopping stake in Alaska, elsewhere

(Newser) - BP is talking with Apache Corp. about possibly selling $18 billion worth of assets including a stake in Alaska's Prudhoe Bay oil field, the Sunday Times reports. BP spokesman Robert Wine and Apache spokesman Bill Mintz both said their companies would not comment on "speculation." The Sunday Times... More »

How Much Money You Got? Sites Broach Taboo Topic

It's easier than ever to see how we stack up with others

(Newser) - You probably don't know Joey Kincer of San Juan Capistrano, California, but if you read the New York Times Magazine this weekend, you'll learn he makes $65,000 a year as a web developer and has a net worth of $201,000 (above the national median but about even with... More »

15K Yanks Turn Selves in for Offshore Tax Cheating

Asia joins Switzerland as hotspot for hidden assets

(Newser) - Prodded by the stick of a looming crackdown on offshore tax cheats and the carrot of an IRS amnesty program, some 14,700 rich Americans have turned themselves in, disclosing billions in hidden foreign assets. The "unprecedented" participation in the amnesty program surprised the IRS and advisers to the... More »

Sorry, FDIC Can't Guarantee Interest on That CD

When selling failed banks, Feds allow buyers to slash expected payout

(Newser) - There’s a little-publicized part of your bank deposit the FDIC doesn’t insure, and it’s driving scrupulous savers up the wall. The logic is simple enough: When the FDIC takes over a failed bank and resells its assets, it allows buyers to alter interest rates, particularly on CDs.... More »

Bubbles Reinflating, World Bank Warns

Asian asset prices soaring as recovery takes hold

(Newser) - Efforts to boost economic recovery are having the dangerous side effect of creating new bubbles in property, stock, and currency markets, the World Bank warned yesterday. Commodity prices are also surging, with gold hitting a record price yesterday. The effect is most pronounced in Asia, where recovery has come soonest,... More »

Desperate for Cash, People Sell Grave Sites

Final resting place is just another asset for the down-and-out

(Newser) - When she got sick, Debbie Jenkins lost her job, both her houses, and burned through her savings. Living in an unheated garage and still unable to pay rent, she discovered her last remaining asset: two cemetery plots. She posted them on Craigslist, declaring they “MUST SELL!!!” It’s... More »

In '07, Jackson Worth $237M, But Cash-Poor, in Debt

(Newser) - As recently as 2007, Michael Jackson had a net worth of $236.6 million, the AP reports. But his finances weren’t that simple. Most of his $567.6 million in assets were tied up in property and rights—he had just $668,215 in cash—and his debt totaled... More »

Jacko Leaves Pile of Debt

Could have recouped losses with comeback

(Newser) - Michael Jackson died deep in debt, Reuters reports: Wall Street Journal sources put the figure at $500 million earlier this month. The entertainer and his managers had hoped a planned concert series this summer would refill his coffers. Still, Jackson’s copyrights to his songs and his stake in the... More »

Judge Holds Madoff Assets for Feds

Holdings may go to government through criminal forfeiture

(Newser) - A federal judge stopped Bernard Madoff's assets from moving into bankruptcy today, saying the government may claim them through criminal forfeiture because of Madoff's Ponzi scheme, Bloomberg reports. US District Judge Denny Chin blocked more than $100 million from being moved, a setback to investors who had won the right... More »

18 Stories