What if President Obama got his $7.5 billion pension from a bank he owned?
By Mark MazzettiPosted February 16, 2018 05:30PMPresident Barack Obama got a $7 billion check in the mail in March 2009.
Now, the president is seeking a second $7 million check from the Bank of America, as part of his transition from a private pension to the government pension.
As a presidential candidate, Obama touted his ability to make a retirement payment, saying he would not have to pay any interest or penalties if he didn’t.
His first pension check was worth about $5.3 million.
That second check will be worth about twice as much, according to an official in the Obama transition team.
“The President expects the Treasury Department to make the right financial decisions for the American people, including the President’s future pension,” Treasury Secretary Steven Mnuchin said in a statement.
The bank is currently a major recipient of government funding, with $9.5 trillion in total federal aid, according the Treasury.
The Treasury Department does not disclose the size of the bank’s holdings.BAC has a history of backing presidents’ political campaigns, and it helped elect President Donald Trump.
It also donated $10,000 to his inauguration in January.
The Obama transition official told CNNMoney the president will get the $7,500 check.
The official spoke on condition of anonymity because the decision was not made public.
The White House did not immediately respond to a request for comment.
A spokesman for the U.S. Treasury Department did not respond to CNNMoney’s request for a comment.