Daley Has $7.7 Million in JPMorgan Stock on Way to White House

01-12-2010 • Miles Weiss, Bloomberg.com

William Daley has about $7.7 million worth of JPMorgan Chase & Co. shares that he will need to divest to take over as President Barack Obama’s chief of staff, according to administration officials and regulatory filings. White House lawyers also are reviewing whether Daley will have to recuse himself from some White House discussions to avoid potential conflicts stemming from his work as vice chairman of JPMorgan and his memberships on the boards of Abbott Laboratories and Boeing Co., according to an administration official. Daley held 114,414 JPMorgan shares when his selection as chief of staff was announced by Obama on Jan. 6, according to a filing with the Securities and Exchange Commission. On that day, New York-based JPMorgan also said he could retain 101,913 restricted shares and stock appreciation rights that entitled him to buy an additional 100,000 shares at $34.78 each.