July 23rd, 2012 1:13 am EST
Joe Biden Is An "Everyman" In More Ways Than One
President Barack Obama, Vice President Joe Biden and all members of Congress are required to submit financial disclosures each and every year that they are in office.
Information such as assets, liabilities, transactions and even gifts must be disclosed to the public.
In mid May, President Obama and Vice President Biden released their 2011 financial disclosures. President Obama has a healthy net worth of between $1.5 million and $7.76 million, while his 2011 gross income was at least $658,610 (exact asset and income values are not given on the disclosure statements - instead, ranges are given, so exact numbers are not known).
Joe Biden, on the other hand? The man who touts himself as being "just a normal guy" has an unspectacular financial situation, especially when compared to the likes of Mitt Romney, John Kerry and others.
According to his 2011 financial disclosure statement, Joe Biden has a net worth of between -$1,260,972 and $190,993.
Now, Joe Biden isn't required to list his primary residence on his financial disclosure, so this is misleading, but still - his financial standing is far worse than many others in Washington.
Joe Biden's biggest asset that is listed on his statement? A rental property in Wilmington, DE, that is valued at between $100,001 and $250,000. The Biden family also has two Certificates of Deposit that are worth between $50,001 and $100,000.
Now let's look at Biden's liabilities.
According to the disclosure statement, the Biden family owes between $500,000 and $1,000,000 for "Mortgage on Principal Residence (including Rental Property).
The interesting thing is that the Biden's also have numerous Lines of Credit, including:
Home Equity LOC, $100,001 - $250,000
Line of Credit, $15,001 - $50,000
Co-Signed LOC With Son, $15,001 - $50,000
Home Equity LOC, $15,001 - $50,000
The last Home Equity LOC was taken out in 2011. The dollar amounts are the highest amounts that were owed on each instrument during the latest reporting period.
Now, the report is a bit misleading, as it doesn't take into account the golden pension that Biden will be receiving once he exits office, plus it doesn't list his primary residence.
But still - what's with all of the lines of credit?
Source: Joe Biden Net Worth