The Obamas' best financial year came in 2005, when their total combined income was $1.6 million. That included $1.2 million in author fees for Obama's best-selling books. Michelle Obama's salary that year [as vice president for community and external affairs at the University of Chicago Hospitals] was $316,962 plus another $45,000 from TreeHouse Foods [for whom she served a member of the board of directors].
The copies of the Obamas' federal tax returns made available on the Internet show that the couple had an adjusted gross income of $207,647 in 2004, $1,655,106 in 2005, and $983,826 in 2006.During the summer of 1981, Barack Obama traveled to Indonesia to see his mother and half-sister and went on to visit Pakistan with a college friend. (There is no evidence that, as claimed above, he also went "off to Africa to visit his father's family" on that same trip.) Since Obama had relatives and friends to stay with during that time, his only major expense would have been airplane fare, and it's not much of a stretch to believe that cost could have been covered by contributions from relatives and earnings from various summer jobs he held before and during his time at Occidental College.
As for why Barack Obama went to work as a community organizer in Chicago rather than New York (where he was currently living), he stated quite plainly in Dreams from My Father that he had made multiple efforts to find employment in that field without success and "had all but given up on organizing" when he received a job offer from Chicago-based social activist Jerry Kellman after responding to a help wanted ad in the New York Times.
It is true that Tony Rezko's wife, Rita Rezko, bought an undeveloped lot adjacent to the Obamas' home (at a time when Tony Rezko was under investigation by U.S. attorneys) and subsequently sold the Obamas a small portion of that lot, but (as noted above) the house was well within the Obamas' price range given their current income level and they would have required no help from the Rezkos (or anyone else) to afford it:
In June 2005, Obama and Rezko purchased adjoining parcels in Kenwood. The state's junior senator paid $1.65 million for a Georgian revival mansion, while Rezko paid $625,000 for the adjacent, undeveloped lot. Both closed on their properties on the same day.
In January [2006], aiming to increase the size of his sideyard, Obama paid Rezko $104,500 for a strip of his land.
Q: Have you or your wife ever done any legal work ever for Rezko or his companies?
A: No.
Q: How do you explain the fact your family purchased your home the same day as Rita Rezko bought the property adjacent to yours? Was this a coordinated purchase?
A: The sellers required the closing of both properties at the same time. As they were moving out of town, they wished to conclude the sale of both properties simultaneously. The lot was purchased first; with the purchase of the house on the adjacent lot, the closings could proceed and did, on the same day, pursuant to the condition set by the sellers.
Q: Why is it that you were able to buy your parcel for $300,000 less than the asking price, and Rita Rezko paid full price? Who negotiated this end of the deal? Did whoever negotiated it have any contact with Rita and Tony Rezko or their Realtor or lawyer?
A: Our agent negotiated only with the seller's agent. As we understood it, the house had been listed for some time, for months, and our offer was one of two and, as we understood it, it was the best offer. The original listed price was too high for the market at the time, and we understood that the sellers, who were anxious to move, were prepared to sell the house for what they paid for it, which is what they did.
We were not involved in the Rezko negotiation of the price for the adjacent lot. It was our understanding that the owners had received, from another buyer, an offer for $625,000 and that therefore the Rezkos could not have offered or purchased that lot for less.
Urban Legends Reference Pages © 1995-2012 by Barbara and David P. Mikkelson.
This material may not be reproduced without permission.
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