Obama's $500,000 book bonanza

[GG]

http://www.washingtontimes.com/news/2009/mar/19/obamas-500000-book-bonanza/

Deal reached 5 days before he took office

As he empathized with recession-weary Americans, President Obama arranged in the days just before he took office to secure a $500,000 advance for a children's book project, a disclosure report shows.

The terms of the book deal were disclosed in a Senate financial disclosure report filed Tuesday.

Analysts say there don't appear to be any rules that would bar such transactions after a president takes office, but it's unclear whether an incoming or sitting president has ever signed a book deal upon entering the White House.

"I don't recall any sitting president entering into a book deal," said campaign finance lawyer Jan Baran, former general counsel to the Republican National Committee. "They all have historically done that after they leave office.

"I recall the only ones who did sign book deals while living there were first ladies, and my recollection is they gave it to charity."

Mr. Obama approved the $500,000 advance on Jan. 15. The advance is against royalties under a deal with Crown Publishing, a division of Random House. The project calls for an abridged version of his book "Dreams From My Father" for middle-school-aged children, according to the disclosure.

A White House aide said that the deal had been in the works for weeks and that the publisher will abridge the book. The aide, speaking on a condition of anonymity, said the publisher will get half of the money while Mr. Obama will sign off on the final version.

In addition, the financial disclosure showed Mr. Obama brokered an amendment to an existing book deal with Crown Publishing to put off writing a nonfiction book until after he leaves office.

The book deal came on top of nearly $2.5 million in book royalties paid to Mr. Obama last year for "Dreams From My Father" and "The Audacity of Hope," according to the Senate report, which was filed by Robert F. Bauer, who served general counsel to Mr. Obama's presidential campaign.

[cannon_fodder]

As long as it does not detract from his duties or form a potential conflict of interests, he can do as he pleases.  The biggest risk will be to him politically - looking like a CEO in Chief of Obama Inc, instead of President.  But it appears all he really did was sell rights to an asset he created a while back.

Politics says he should donate that money to someone, but I don't think he has an ethical obligation to do so.

[Gaspar]

I admire him for this. 

I like capitalists.

Smart guy!

[joiei]

And we breathlessly await gueedoughs up or down vote on this one.

[USRufnex]

Obama demanded the advance before his inauguration............ for tax avoidance purposes.   

[Nik]

Obama demanded the advance before his inauguration............ for tax avoidance purposes.  

Sounds like good tax preparation to me. And where did you read this? I didn't see it in the article?

[Cats Cats Cats]

Obama demanded the advance before his inauguration............ for tax avoidance purposes.   

Get that money before his next year tax increase!