SEARCH

Entries in Bermuda (1)

Tuesday
Jul102012

On Obama Adviser’s Disclosure Form: ‘Bermuda’

Official White House Photo by Pete Souza(WASHINGTON) -- A lot of attention has been focused lately on Mitt Romney’s offshore finances in places like the Cayman Islands and Bermuda. But the word Bermuda pops up on the financial disclosure forms of one of President Obama’s top advisers, as well.

Valerie Jarrett’s financial disclosure form filed May 4 lists a line of credit from a Bermuda insurance company valued between $100,000 and $250,000.

ABC News asked the White House what exactly this mark is, and is waiting to hear back.

Tax experts have said that the filing could be innocuous. It appears that Jarrett borrowed money from JPMorgan Chase, which has a subsidiary in Bermuda — not unusual for insurance companies that want to lay off some of their risks. It doesn’t mean that Jarrett sought any sort of transaction from Bermuda, but rather that the bank could be using its Bermuda subsidiary on credit forms.

Routine credit card statements can include references to Bermuda simply because insurance companies have subsidiaries there.

Jarrett’s filing is available here — the part in question is in Schedule C.

Jarrett is one of Obama’s closest advisers and has been with him since he was sworn in.

Copyright 2012 ABC News Radio







ABC News Radio