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Joe Biden poised to ride out the stock market swoon with nearly $2 million in cash

Joe Biden is ready to ride out the stock market crash with nearly $2 million in cash and some mutual fund trades, financial disclosures reveal

  • The White House released annual financial disclosures Friday afternoon.
  • Biden has holdings in multiple bank accounts
  • He earns $400,000 a year as president.
  • Engaged in the sale and purchase of mutual fund holdings
  • The S&P 500 fell more than 2% this week
  • But the S&P 500 index is down 16% since the beginning of the year.

President Joe Biden has been able to weather the recent stock market crash, with much of his wealth still sitting in bank accounts, White House financial disclosure forms reveal.

The White House released the information Friday afternoon as Biden prepared to leave town for the Friday weekend.

Like last year, Biden has hidden funds from his long career in politics in traditional bank accounts, but without much interest to show it.

He disclosed holdings only in broad ranges as required, but has between $700,000 and $1.8 million in six bank accounts, allowing many of the funds to be federally insured.

Joe Biden poised to ride out the stock market swoon

It also prevented him from experiencing many of the stock market gains of 2021. His mutual fund holdings ranged from $150,000 to $500,000.

But the S&P 500 Index is down 16 percent since the start of the year, though it did make gains on Friday.

1652488730 761 Joe Biden poised to ride out the stock market swoon

Biden has hidden much of his savings in bank accounts

Biden has hidden much of his savings in bank accounts

The president or his financial advisers did carry out some operations, with 5 sales and 8 purchases, all executed on May 24, 2021.

The biggest was the sale of BNY Mellon IP Tech Growth, between $15,000 and $50,000.

Biden, 79, regularly talks about how he was the poorest person in the Senate, where he served for 36 years, an institution that has since become a millionaires’ club.

His salary increased when he became vice president in 2009.

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