Obama has a $500K+ JPMorgan checking account

When someone has a net worth of around $10 million, it's no surprise that they have an account with one of the largest banks in the country. In Obama's case, he has a small percentage of his overall assets with the troubled JPMorgan. There are countless reports out today about Obama having this account though it's not clear why it's a big deal. JPMorgan is not running a risk of failing from this $2 billion failed trading position so it's unclear why this matters.

Any president or presidential candidate is likely going to have a similar situation. Hank Paulson had hundreds of millions tied up in Goldman Sachs before joining the Bush administration and when he bailed out Wall Street, he was helping friends and close associates that he worked with for decades.

Mitt Romney probably also has his own money stashed away at multiple US banks as well as his accounts offshore in the Cayman Islands and Switzerland. We're still waiting on Romney's financial history but to date he's stonewalled the process, so we really don't know very much about Romney's holdings.