William Daley discloses JPMorgan salary, investments
William Daley, President Barack Obama's chief of staff and brother of Chicago Mayor Richard M. Daley, received $8.7 million in salary and stock and cash bonuses in 2010 and the first week of 2011 while working at JPMorgan Chase & Co., according to a 43-page financial disclosure document released by the White House today.
The forms also show Daley, 62, held investments, including stocks and cash accounts valued between $7.3 million and $49.7 million. Shares of Apple Inc., Google Inc. and Abbott Laboratories are among the assets listed by Daley.
Some of the assets are in trusts, including one under his name and one under that of his second wife, Bernadette Keller. The disclosure gives values only in broad ranges, making it impossible to determine exact figures for some holdings.
Daley cashed out a non-qualified pension plan at JPMorgan as a lump sum, valued at $6.6 million, the disclosure shows.
The totals paid by the bank in 2010 and 2011 includes $675,000 in salary for 2010 and $3.1 million in cash and stock bonuses for 2009, as well as $6,761 for one week of service in 2011 and $4.8 million in cash bonus for 2010, paid in 2011.
Daley is the youngest son of the late Richard J. Daley who served more than 21 years as Chicago's mayor, and the brother of the current mayor, Richard M. Daley. The former Midwest chairman and head of corporate responsibility at JPMorgan left the bank to become Obama's top aide in January.
Like all top federal executives, judges and members of Congress, Daley must disclose assets, liabilities and memberships on boards to comply with conflict-of-interest rules created by a 1974 ethics law.
Daley already has begun divesting JPMorgan shares he accumulated while at the bank under the rules, which prohibit him from holding a specific equity unless he seeks a waiver. He filed a notice with the Securities and Exchange Commission in January on the sale of 186,190 shares of JPMorgan.
Daley can defer the payment of capital gains taxes on his sale of almost $8.3 million in shares under the law, which 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's last day at JPMorgan was Jan. 7. He resigned from the boards of Boeing Co. and Abbott Laboratories the same day.
His background in business and finance -- he joined New York-based JPMorgan, the second-biggest U.S. bank by assets, in 2004 -- was among the reasons Obama picked him for the job as the president seeks to reach out to the business community in the second half of his term.
Daley was President Bill Clinton's commerce secretary from January 1997 to June 2000. He served as president of SBC Communications Inc., now AT&T Inc., for more than two years before moving to JPMorgan.