On Obama Adviser’s Disclosure Form: ‘Bermuda’

Posted by on Jul 11, 2012 at 9:56 am

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 too.

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.

“This is a letter of credit disclosed in the liability section of the personal financial disclosure form, meaning it is a potential obligation, not an asset,” White House spokesman Eric Schultz said in a statement. “In fact, a letter of credit is something that you pay for – as you can see from the form there is a fee associated with it. A letter of credit is issued by a financial institution as a guarantee to cover a potential liability, and in this case was obtained by real estate developers in Chicago for properties located in the United States.”

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