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Daley Has $7.7 Million in JPMorgan Stock to
Divest on Way to White House
By Roger Runningen and Miles Weiss - Wed Jan 12 05:01:00 GMT 2011
William Daley, a JPMorgan Chase & Co.
executive and former commerce secretary,
listens as U.S. President Barack Obama
introduces him as his new chief of staff in
the East Room of the White House in
Washington, D.C., U.S. Photographer:
Brendan Smialowski/Bloomberg
  Play Video
Jan. 11 (Bloomberg) -- U.S. Chamber of
Commerce President Tom Donohue talks
with Bloomberg's Peter Cook about U.S.
business regulation and taxation.
Donohue also discusses the Chamber's
relations with the Obama administration,
the president's selection of William Daley
as White House chief of staff and corporate
taxes. (Source: Bloomberg)
  Play Video
Jan. 6 (Bloomberg) -- U.S. Commerce
Secretary Gary Locke talks about President
Barack Obama's appointment of William
Daley, a JPMorgan Chase & Co. executive
and former commerce secretary, as his
new chief of staff. Locke also discusses the
possibility that Gene Sperling will be
chosen to replace Lawrence Summers as
head of the National Economic Council.
He talks with Pimm Fox from the
Consumer Electronics Show in Las Vegas
on Bloomberg Television's "Taking
Stock." (Source: Bloomberg)
“Few Americans can boast the breadth of experience that Bill brings to this job,” Obama said in
announcing Daley’s appointment. “He possesses a deep understanding of how jobs are created
and how to grow our economy.” 
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.
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William Daley has about $7.7 million worth of JPMorgan
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White House lawyers also are reviewing whether Daley will Advertisement
have to recuse himself from some White House discussions to
Market Snapshot  
avoid potential conflicts stemming from his work as vice
U.S. Europe Asia
chairman of JPMorgan and his memberships on the boards of
Abbott Laboratories and Boeing Co., according to an DOW 11730.90 +59.04 (0.51%)
administration official. S&P 500 1280.89 +6.41 (0.50%)
Daley held 114,414 JPMorgan shares when his selection as chief NASDAQ 2724.38 +7.55 (0.28%)
of staff was announced by Obama on Jan. 6, according to a Stocks on the Move
filing with the Securities and Exchange Commission. On that
day, New York-based JPMorgan also said he could retain Most Popular Stories  
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entitled him to buy an additional 100,000 shares at $34.78 Shootings    
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The SEC filing shows that to cover the costs of exercising the
options and taxes, Daley surrendered $6.3 million in shares in Airbus Wins Record Order From India, Boosting
connection with the vesting and exercise of his restricted stock A320 Upgrade      
and stock appreciation rights.
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The net effect was to increase his holdings by 61,264 shares to a
total of 175,678, with a current market value of $7.66 million. More Most Popular Stories »
JPMorgan rose 20 cents yesterday to $43.60 in New York Stock
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Exchange composite trading.
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Daley’s last day at JPMorgan was Jan. 7, said company
spokesman Joseph Evangelisti, and he resigned from the boards
of Boeing and Abbott the same day. He may formally begin his
duties as chief of staff as early as this week, White House
spokesman Bill Burton said. Sponsored Links
Business Background
Daley’s 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.
 To join the White House, Daley can’t hold a specific equity, such as the JPMorgan shares, unless
he seeks a waiver. Like all top federal executives, judges and members of Congress, Daley also
must disclose assets, liabilities and memberships on boards to comply with conflict-of-interest
rules under a 1974 ethics law. Those documents, due within 30 days of assuming the job, will
give a fuller picture of Daley’s wealth.

Daley’s appointment is part of a retooling of the administration as Obama prepares an agenda

for the second half of his term and gears up for a re-election campaign in 2012.

He will replace Pete Rouse, whom Obama named on Oct. 1 to fill the role on an interim basis
after Rahm Emanuel resigned to run for mayor of Chicago. Daley is the brother of the city’s
current mayor, Richard M. Daley, who is retiring.

To contact the reporters on this story: Roger Runningen in Washington at

rrunningen@bloomberg.net; Miles Weiss in Washington at mweiss@bloomberg.net

To contact the editor responsible for this story: Mark Silva in Washington at
msilva34@bloomberg.net.

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