The news is full of notes and snide comments about Mitt Romney’s upsizing to a new summer home four times the size of his previous home. But it doesn’t really open up any questions. We know Romney is rich, super-rich. He has never kept his sources of wealth a secret. We know he has made a business of acquiring businesses, firing their workers and selling off assets. Mitt like many of the SuperRich make their millions by intentionally selling off, and selling out, America. Mitt’s Daddy, George, unlike son, actually built things in America and made money doing so, and left Mitt a pile. So we know how Mitt became a millionaire.
We do know that Barack Obama and wife have a tidy 12 million dollar estate. Not anything in comparison with Mitt but it makes one wonder how did the Obamas become millionaires?
Mr. Obama makes $ 200,000 a year as President and Mrs. Obama has not worked since 2007. How did they become millionaires?
Prior to becoming a candidate for President, he was a U.S. Senator making about $ 160,000 and she was legal counsel for a NONPROFIT hospital at about the same income as her husband. Say, they made $ 300,000 annually between them, how did they become millionaires?
Before joining the U.S. Senate, he was a State Senator at $ 65,000 a year. He also taught part-time in a law school for $ 60,000 – 80,000.
And before being facilitated into state office over virtually token opposition, Barack Obama was a community organizer. Community organizing is not a profitable profession.
Although well-paid, the Obamas never moved their annual income above that of a typical middle income professional couple. There are thousands of similarly situated couples who do not have estates of $ 12 million. How did they translate comfortable incomes into black ink on an assets sheet?
It may be claimed that Barack Obama, unlike most upwardly mobile forty-somethings wrote two autobiographies before the age of 50. Setting aside the obvious hubris of a man who writes an autobiography in his forties, much less two, these enterprises could accrue a nice nest egg but still nothing like 12 million.
Husband and wife, both of whom worked in the nonprofit, public service sectors, made enough to purchase a $ 2 million home while he was but a part-time worker. How does one do this? The Dissenting Democrat has listened to the plight of members of the Minnesota Legislature whose devotion to public service, with corresponding lower incomes and limited prospects, has rendered them unable to get a mortgage on a 300,000 dollar home. How did this couple of part-time and nonprofit employment swing a 2 million dollar mortgage?
How did the President and First Lady without known sources of income capable of accruing millions become millionaires?
[NOTE: As noted in the Comments, the President’s salary is $ 400,000 a year, not $ 200,000. However, it still does not explain the acquisition of a $ 12 MILLION estate]
The Dissenting Democrat 
Why are you assuming he didn’t make his millions from his best sellers? I know several authors that have made millions and live in multi million dollar homes from books, Terry McMillan being one of them, I have been to her 10 million dollar home. And the President is much more popular than Terri, you might not even know who she is..
No assuming.
Mr Obama made $ 73,000 a year on his first book over 8 years. And $ 1.5 million in total from 2006 to 2008 on his second (or $ 500,000 a year). He may have saved every cent but odds are that he didn’t.
He didn’t become a millionaire from writing.
Terry McMillan is a pro writer with 9 books to her credit out of which 2 movies were made. She makes a heckuva lot more!
Bill Ayers has claimed he wrote Obama’s auto biography first book and everybody who familair with Ayer’s writing ability says Obama’s book is written in Ayer’s style and Obama claims credit. It appears Obama is avery lazy man with everything being done for him since chlidhood. Community Organizer is not a real job, but a racial position for socialist like Obama to make a name for himself as champion of the poor, but he makes money. Obama rags on the rich to appear for the poor, but the rich lefties give him plenty of money.
You my friend, are an idiot. Maybe you should try using something called FACTS and not what you heard down at the watering hole from your cousin Jim-Bob.
This is stupid. First of all, Obama makes $400,000 a year, and this whole article is just speculative garbage that separates us as Americans as opposed to joining us together.
Whoops! You are correct the President’s salary IS $ 400,000 annually. It was raised from $ 200,000 in 2001.
However, updating this does not answer the question, “How did Obama become a MILLIONAIRE?”.
The question arose from the report in 2011 that revealed Obama’s networth. So even if he saved half his income from the time he took office in 2009, it does not explain as to how Obama became a millionaire.
It would be stupid not to ask the question.
Here is a link to his 2000-2006 tax returns. For most of those years, they earned around $250k rising to $1.6 million due to his activities as an “author.”
STILL…where did he amass a $12 million fortune???
http://taxprof.typepad.com/taxprof_blog/2008/03/obama-releases.html
I don’t get this dissenting dem thing? I don’t see my original post?!. Obama made a lot of his money, before 2000-2006. Like I said, he was filing class action lawsuits, under the Community Reinvestment Act. He had a real estate developer friend, that was showing him how to do it! You just file suits on white owned mortgage banks!… Nobody really wanted a different home, or mortgage. It was just a way to game the system.
Now Jim in Boise, Mitt Romney and Newt Gingrich, are crooks too! Romney with Bain would take over and get control of the Board of corps. They’d then bleed or suck out money, by declaring themselves exorbitant shareholder dividends, even when the corp was not making a profit! They’d then sell off or out, right before the corp had to declare bankruptcy. All the while too, they only paid a max of 15% on all that money?! If you think Mitt has private business experience, and knows how to create jobs and production; I think you’re sadly mistaken!? Yes, Mitt knows how to make money, but that’s just for himself and cronies! Jim V – San Antonio Tx
This man’s been riding on someone else’ dime all his life. It’s all he knows …….. other people’s money. Worst mistake I ever made was voting for this bum. Won’t be making that mistake twice.
Jim V, yeah we’ve all seen that Michael Douglas movie. Nice try.
Latasha, I’m an older guy that’s a bit naive on stuff like this “wordpress”? I commented on Pres Obama about a month ago!?
I said Obama made his initial fortune by gaming the system, using the Community Reinvestment Act. I never said however, that Mitt Romney was any better!? Romney used the preferential tax treatment of “investment income”, to game the system too! Mitt was bleeding older corporations with dividends declarations, yet only paying 15% max??!
Latasha, you said “nice try”, and Michael Douglas???! When and where did I ever condone any of the GOP candidates???
That was my whole point, I won’t vote in November, cause neither Dem or Repub, are fit for my vote! “Nice try”? What are you talking about?
Jim V.
Why is Romney demonized for paying 15% taxes? Any smart business man has a good accounting team to maximize tax deductions. I don’t understand your argument; are you saying Romney and other business men should not look for legal tax deductions in the tax law?
Nobody mentioned his the cost of his college education. that has to be a bunch for tution, books, housing, food, transportation, dining, dating, etc. who paid for that, there is no mention of paying a student loan off. you can find more about Joe Blow than you can Mr. O. Why is that?
Harold, there’s a lot of things not known about the Prez. Before Harvard, he graduated from Columbia U in New York. There’s no pictures or any alumnus, that remembers him in class?! I think he took tests and homework in his professors’ offices, or by the web. He spent very little time on campus or the classroom. I believe he had grants and student loans, but he’s never released any details.
The sad thing is, both Romney and Obama, both learned how to game the system, at Harvard. The pundits keep saying 2012 is a dramatic election year, with very distinct choices?! I don’t really think so.
Obama went to school before the web, so scratch online classes from your list.
(heehee) Good point Mike S.! I guess he just used the old fashion method, from my day, and had a surrogate? Nobody remembers him at Occidental either?!
I think he was born in Hawaii, cause of the newspaper notices; but I don’t think he was born in the Honolulu Met Hospital. I think he was home birthed, with grandma as a wet nurse. He had a Cert of Birth; but why’d it take him over a year to produce the hospital and doctor Birth Cert??!! Why the delay? Maybe cause there wasn’t a Birth Cert!? There ain’t nothing wrong with being home birthed either; but why not just fess up to it?
Being based in Chicago nowadays, all kinds of certification and vetting can just come out of nowhere!?
“Mr. Obama makes $ 200,000 a year as President ”
Incorrect. Its $400k
If you check the earlier comments you will find that this error has already been corrected
Why is it so hard to find the truth about Obama? Could it be that he is bought and paid for by big labor Unions(which are the progeny of organized crime)?
The first is a good question. The second is an unsupported assumption: Of ALL the Democrats elected to the Presidency since FDR in 1932, Obama is the LEAST influenced by organized Labor and the MOST influenced by Corporate interests. Altho there was considerable organized Crime involved in labor racketeering in the 1950s (I am honored with a father who got his start in Union Organizing by organizing to expel the crooks from his Local). Criminal activities are far more prevalent in Corporations than Unions.
Closed shop labor unions have lost favor with most Americans. In Texas you can’t have a “closed shop”. Like Dissenting Dem (DD) said, labor unions don’t have their previous power. In WI and CA they losing even more power in their public unions. Probably, rightfully so!?
The big deception on the common citizen is this one of “corporate interests”. Corruption and greed are the product of “individuals”, not corporations! Dave, if we set corporate tax down to 4%; and then got rid of all “individual” preferential investment taxation, we’d solve a lot of our problems! At 4% corp tax, your lobbyists would drastically diminish. Why spend millions lobbying when you’re only paying 4% tax?! All the corp opulence, vacation junkets and sports stadium suites, would decline too. There’d be no reason for those things. A corp would just pay quarterly dividends, instead of trying to avoid taxes and covertly transfer money to their large shareholders.
Dave, shareholders don’t pay corporate tax! You, the common customer do! This basic duping of the public, has been around for many years.
If $300,000 is middle class then I must be unemployed. Do Democrats really make that much more money than Libertarians to think that $300,000 is middle class? Perhaps everyone is middle class or what?
Did you know LutherMartin1517, the original corpulent Martin Luther didn’t believe in a hell fire? You loving Lutherans had to shut that notion down quickly and forthwith. Way to go Lutheran man! Ya’ll really helped out sweet Jesus’ ministry!
Waxing biblical, I don’t know how long I must be with ya’ll?? The answer is quite simple… Don’t raise marginal tax brackets for individuals, but get rid of all preferential individual tax treatment on investment income! At the same time, set all corporate tax down to 4%! You’d have all the stimulus you need. America would become the shiny city on the hill. Rev Martin Luther, that’s really the simple answer to our problems. Of course, neither Dem or Repub will ever employ it, but that’s the simple solution, that’s right in front of us.
That’s odd because Obama keeps insisting people making over $250,000 a year are millionares and billionares.
Oh come on! You guys know he made it legitimately and with no color of suspicion. Just like all of the other politicians, right?
No, we don’t know. If you do, please share. How does a couple with about $ 300,000 in joint income, at their highest income-producing period (prior to the White House) accrue an estate of $ 12 MILLION in their mid-forties? And as to other politicians, tell us who has accumulated a multi-million dollar estate without reported income sufficient to do so.
Charlie, like DD said, you don’t go from $300K to 12 Million, without something being gerry rigged. That ain’t class envy either. Barack and Michelle gamed the system using that Community Reinvestment Act.
Romney gamed the system by getting control of the boards of corps, and then declaring themselves unwarranted dividends. That’s okay, but why did Bain Cap get a 20% and then a 15% limit on their taxation? Why? That can’t be justified!
Chas. everyone is saying 2012 is the pivotal year of choice!?… No it ain’t!… It don’t matter if you vote Obama or Romney, nothing is really going to change! The middle class will continue to hollow out, and America will continue to decline. That’s just the logical truth.
Hmmmm, that’s a very interesting post. Since Democrats are demanding to see more of Romney’s financial records, it would be interesting to see Obama reacts with his own.
Jim V He may have been home birthed but I very much doubt it was in Hawaii. And Grandma couldn’t have been a wet nurse… A wet nurse has a baby of her own and breast feeds both her own and the child she is hired to feed. I think you meant Midwife… midwives are traditionally other women that come in to assist a mother having a baby. If all goes well a dr. is not needed.
Thanks for the correction on wet nurse vs midwife.
Why do you doubt Hawaii? They posted the announcement in two separate Hawaiian newspapers. Maybe the birth cert was forged, but the Hawaiian cert of birth has been around a long time.
I cannot understand the need to take sides like a football game and declare one person all bad and the other a saint. Neither is either. Truth is Obama did not create the mess our country is in. He is just taking the heat. I do not belong to a political party but I Am aware of what has happened. Dems need some reigns. Quit going overboard on everything. Reps are rich fat cats and the other end of spectrum who they can manipulate because these people are always anxious to hate and blame.
So BUSH is for blame on the current 1.2 TRILLION a year debt for the last 3 years too? oh and when BUSH was in office who ran both HOUSE’S? I don’t get how they still want to keep blaming BUSH for everything.. and this story has nothing to do with that..it ask HOW DOES HE HAVE OVER 12 Million in assets?
I don’t see where Belle blamed Bush. Which just goes to prove Belle’s comment about too many people see only black and white, good and evil. Life is complex to break everything down into two neat little categories. Please turn off the propaganda and ratings generators known as news channels and try to think objectively.
As far as where Obama got his fortune, it’s an interesting topic, but we can all only speculate unless we partnered with him or work for the IRS. So I’m going say lottery scratch off tickets.
I honestly don’t get why it’s only the republicans who are considered rich… Look at Manhattan. Who is living in the million dollar lofts and condos on central park? Manhattan is being taken over by Liberal yuppies. And yes I agree with Mark.. you can’t keep blaming Bush. If you want to blame someone why not blame the one who promised hope and change.
I’m confused. “We do know that Barack Obama and wife have a tidy 12 million dollar estate. Not anything in comparison with Mitt but it makes one wonder how did the Obamas become millionaires?” Ahhh… perhaps it’s mortgaged??? I know my home is worth more than I have in savings and what I make annually. These dots do NOT connect. Which is why it isn’t a story.
Good point, if indeed the estate was only the real property BUT the $ 12 MILLION estate
includes $ 2 MILLION in real estate which was financed with a sweetheart mortgage
courtesy of one of Chicago’s real estate tycoons. So, arguendo, knock-off what may be
“owed” and you still have $ 10 MILLION. How does a couple making what they made
accumulate a multi-million dollar estate? It is only NOT a story because the media
neglect to pursue it.
Curious minds want to know.
I’d like to know what is this $12 million estate you are talking about. Their Kentwood, Chicago home was bought for $1.6 million, not 12. $1.3 million was mortgaged from Northern Trust, a Chicago-based high-end financial institution. http://www.americanthinker.com/2011/04/are_obamas_mortgages_underwate.html And yes, you betcha that upper middle class homeowners were getting mortgages for buildings that expensive at that period of time (2005). (Why do you think the housing bubble burst?)
“Estate” does not mean the value of real estate owned (and mortgaged). Estate means the total value of all assets, less liabilities, as reported on tax returns. In the Obamas’ case it means residential property, stocks, investments-other-than-stocks, 401ks, IRAs and so forth. The $ 12 million figure has been widely reported, and no I won’t do your research for you, it is the sum total of EVERYTHING the Obamas own (a.k.a “Net Worth” if you’re a Bean-counter type)
Well, maybe I’ll do some research for you: Here’s one source: “I am middle class. Neither Barack Obama’s net worth of eleven million dollars nor Mitt Romney’s worth of two hundred and fifty million dollars relates to me.”
— Where did I get that quote? http://www.americanthinker.com Then again they-re not that reliable
So take a look at info on Obama at http://www.opensecrets.org which includes Financial Disclosure forms filed with the FEC
and http://www.therichest.org
and http://www.bankrate.org
Sheesh! People. The right to express an opinion is relative to the duty to do a minimal amount of research so as to determine what the facts are. Do your research!
You end this one with, “Do your research!” But when we do, you won’t show it if it contradicts your predetermined outcome. That is the essence of a closed mind.
David, Scroll up from the post you are fixated on and you will be able to read the article which you recommended,
See, “Obama’s Millions” posted October 20, 2012. You will need to open your eyes before even pretending to
have a superior open mind.
Want to correct a misstatement on a much earlier post…Romney’s father did not “leave him a pile”. Mitt did NOT take any money from his father’s estate, he did NOT take a salary as president of the Olympics, and he did NOT take a salary as Governor of Massachusetts. Furthermore, he DID give 19% of income to charity compared to 1% for Obama and 0.003% for Biden. Also, Obama did NOT help his own half-brother in Africa who needed a measley $1000 for a medical procedure where Romney has repeatedly gone to extreme (and well-documented) lengths to help people not even in his family. Seems pretty clear what the character differences between the candidates is to me.
No! So? So?
No! I will not alter the post to fit your ideological predilections. George left Mitt a pile. It wasn’t a Rockefeller-sized pile but it was a pile.
So? Never said anything about Mitt’s take as Boss on the Olympics deal, He could have made it pimping Russian prostitutes to Mormon shut-ins, I don’t know, and haven’t commented.
So? Never said anything about his take as Mass Guber, so? He didn’t make MULTI-millions as a Guber.
The key thing I said about Mitt-man was that unlike his Dad who actually built things, Mitty broke things into pieces and made money doing so. If we would have a criminal offense for destroying the economy, Mitt could be prosecuted for economic treason and that’s how he made his money.
You can rant all you’d like about Obama, if you’d pay attention this is not a Pro-O Zone, this is a No-Obama zone. Indeed the gist of the post is this: why gripe about Romney’s millions, we know he is one of our 1% Money Lords (I’ll tug my forelock when I see him), let’s find out instead how Obama made his money — we don’t just know.
Yeah, neither Obama or Romney, made their money with what we traditionally call “honest work”.
Before Barack even passed the Bar, he was a community organizer in south Chicago. Under the super liberal Community Reinvestment Act, Barack would ‘solicit’ these older established minorities, with mortgage applications, on the southside. It was totally understood that if these mortg apps were approved, these people were never going to act on them, and take on new debt! Once there were enough apps that were disapproved, some law firm would file a huge class action law suit.
Barack was given some kind of lucrative finder’s fee, for getting all the bogus mortg applicants. That’s how he made his money. He had connections and knew the new “game”, or how to game the system!
Now Romney, another Harvard boy, set out as a venture capitalist or private equity man. Venture capital is part and parcel of a capitalist economic system. It’s a natural way to prune back old forest or dying corps. Now what is sad, is the poor reporting companies like Moody’s and S&P etc. Banks make loans to failing corporations, based on obsolete data from Moody’s and S&P etc.
Most Americans don’t realize this. Once you control the Board of a corp, you can pay yourself excessive quarterly dividends, even if the corp ain’t making any money! If you can find a stupid banker, using obsolete data, to make a loan to the corp; that’s even more easy dividends you can declare yourself!
Then in the late 90’s Bain along with others, lobbied the stupid Congress, to reduce tax from 28% to 20%, on corp dividends. Then with GW that went down to 15%!!?
Additionally, after Bain was sucking money out of these old corps, for two or three years; they’d then sell their stock at a “capital loss”. Another tax write-off against other holdings!?? It was “win win”!
Again, not exactly what traditionally was considered “an honest living”!??
When you go from a 1 bedroom apartment, to over $100 Million, in fifteen years; you’re probably “gaming the system”! I don’t think that’s really class warfare, or being too judgmental!?
Just think for a moment. Currently, for individuals, the top marginal tax bracket is 35%. A married couple reaches that bracket with $300K in income. Even if you just barely reached that 35% marginal bracket, your “effective tax rate” should easily be around 26%!
Barack only paid 17%, and Mitt only 14%. If you cain’t smell “fish”; I don’t know what to say for you?!
After reading the article I still have no clear idea how he became a millionaire.
Ronald, let me give you an idea of venture capital… Mitt and Bain researched looking for old corporations, with lots of assets; land, office space, machinery, equipment, etc etc. They’d look for corps that weren’t doing well, or making any money.
Now let’s say Mitt found an old weak XYZ corp who’s stock was selling at $10 bucks a share, okay? Mitt and Bain would buy up controlling interest of this XYZ corp, okay? Bain now controlled the Board, and could declare quarterly dividends, as they saw fit… Let’s say they declared $2 bucks quarterly dividend on every share. Doing that $2 buck dividend, quarterly, for 2 years; would amount to $16 dollars in dividends!!!
Now, making $16 bucks return, in two yrs, on a $10 buck investment; can be rather lucrative, if you get my drift!?
The XYZ corp might have to sell off assets, borrow money, fire people and pensions, to pay the quarterly $2 buck dividend; but it could be done.
When my stupid Governor from Texas, Rick Perry, said Bain was “sucking money” out of corps; he was right on that score!
In addition, when Mitt and Bain first started, they could only be taxed at 28%, on the dividends. Mitt and Bain got that lobbied down to a max of 20% tax. After Mitt left the CEO position, GW lowered the tax down to a max of 15%???! Mitt wasn’t CEO anymore, but he still had tons of holdings at Bain.
Then, to add insult to injury, after the bleeding of this XYZ corp, their original $10 buck share, was down to $1.50 a share. Mitt and Bain, after two years, would sell XYZ on the market, or maybe buy it up with another corp they owned?! Bain could then claim an $8.50 “long term capital loss”, to offset taxwise, against other “gains” they made!?
Ronald, I’m a capitalist! Venture capitalism or private equity or hedge funding; are all part of the capitalistic model. They’re sort of like a “necessary (evil?)”??!
What bunches my shorts is, having a lobbied and rigged tax code, that the average American wage, salaried, and commissioned worker; doesn’t enjoy!!!? That’s just wrong!
Mitt never likes to talk about Bain, because deep in the recesses of his Mormon conscious; he knows dang well, he was “gaming the system”!
Ronald, I hope this little example, gives you a little better, “clear idea”, of how Mitt Romney made his multimillion’s!?
Obama paid 2 million to hide his personal records, where did that money come from? He also had a 2 million dollar home and now he just bought a 32 million dolllar retirement home in hawaii, where did that money come from? Back door deals…
Have seen no documentation supporting the thesis that Obama has paid $ 2 million to hide personal records nor are we aware of any $ 32 million retirement home. We are posting the comment solely as a contribution to free speech. The DISSENTING DEMOCRAT does not believe that Mr Obama is foreign-born: he is an American, born to an American mother. We do wonder how he was able to accumulate a substantial estate of about $ 12 million when his and his wife’s incomes do not suggest that capability of wealth accumulation.
Wanted to cast support for Dissenting…. DD, who started this blog, is just talking about “reasonable” questions and conjecture. Just wanton licentiousness is not appreciated.
The purpose of this blog is apolitical, right? It was never intended just to besmirch or slander Obama… The whole premise was quite simple, How did Obama become a multimillionaire?
Like DD simply asks, where did Obama get his millions? That is a preposterous statement that Prez Barack paid $2 Million to suppress records!!! For starters, where’d he get the $2Million from????
Like I’ve mentioned before, I believe or surmise that Barack solicited lots of minority applicants for mortgage loans. There must have been some big law firm in Chicago, that paid him for all his efforts!? As a community organizer, and under the Community Reinvestment Act, there were all kinds of multi-million dollar class action law suits.
I then suspect that even as a state senator, Barack had access to all kinds of insider information and investment advisers. Additionally, investment income was only taxed at 20% max and then 15%. After the first million, things just kind of snowballed!? (lol).
I ain’t advocating for Mitt Romney either. Barack and Mitt, both “gamed” the system! That’s why we’re in the fine mess we’re in! (Oliver Hardy).
You’re not a moderator, you’re a cherrypicker. I know you’re full of shit and blatantly misleading about this topic and so do you. I don’t really care that you don’t post my comments, but make no mistake. You’re cowardly, deceptive, and the entire reason political discourse has taken a nosedive in this country. YOU are the problem. And you have no fucking balls whatsoever. Hahaha!
As noted in a prior post, David, the DISSENTING DEMOCRAT has already posted the ENTIRE ARTICLE
you recommended. You just have to scroll up to the front page to read it. We have not published
your numerous comments because (1) they’re repetitive, (2) they’re nasty, and, (3) we don’t have to.
This is a Blog, we invite comments but we have no obligation turn it over to whosoever starts
whining and griping about our opinion. If you want to carry on, start your own blog.
Curious, did Obama make his first million ( if you can narrow it down) before or after he became a politician? Obviously, Romney made his first million before he became a politician. Thanks a head of time.
http://finance.yahoo.com/news/how-barack-obama-made-his-fortune.html?page=all Don’t know if this group considers yahoo to be a credible source, but all it takes is a quick google to get the answer. You might also note the patriotism of so many investments in U.S. T-bills.
If I am not mistaken, once becoming a senator, student loans are forgiven.