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President, vice president release financial statements

May 15, 2000
Web posted at: 7:04 p.m. EDT (2304 GMT)

WASHINGTON (CNN) - As required by law, President Bill Clinton and Vice President Al Gore on Monday filed their 1999 financial disclosure forms with the federal Office of Government Ethics.

The forms are not reliable in terms of pinpointing specific values of investments or net worth because respondents report the value of assets and incomes in broad ranges. A bank account, for example, can be reported as holding cash in the range of $15,001 and $50,000 -- so the tax returns filed by the president and vice president in April are a far more reliable barometer on issues like income and tax liability. The Clintons on their tax returns reported federal adjusted gross income of $416,000 for 1999.

But these forms do offer some insight into assets and liabilities, and any major investment/retirement holdings. Highlights:

The president:

--A joint bank account with first lady Hillary Rodham Clinton at the Bank of America in Little Rock valued at between $1,001 and $15,000.

--The president holds a blind trust valued between $100,001 and $250,000.

--Mrs. Clinton holds a blind trust valued at more than $1 million.

--Chelsea Clinton holds a blind trust valued at between $50,001 and $100,000.

--Mr. Clinton's reported as a gift the $2.25 million his legal defense fund paid to the president's lawyers in 1999.

--The president's liabilities listed unpaid legal fees in the range of $2 million to $10 million. At a news conference in February, Clinton's legal defense fund estimated the president's outstanding legal bills at $4.3 million

Mr. Clinton listed an array of gifts, including:

--J.P. Tod Bags from Diego Della Valle of Milan, Italy valued at $2,750.

--Three golf drivers from professional golfer Greg Norman valued at $897.

--A golf club valued at $379 from Tim Mings of Carlsbad, California.

--A $450 Mont Blanc pen from Mr and Mrs Haim Saban of Beverly Hills.

--Cuff links and a book valued at $1,515 from Erskine Bowles, the former White House chief of staff.

The vice president:

--Owns an Arlington, Virginia, home valued between $250,001 and $500,000. The listed appraised value is $497,900.

--Owns a Carthage, Tennessee, home valued between $250,001 and $500,000. The listed appraised value as $266,200.

--Earned $16,457 in royalties on his book, "Earth in the Balance."

--Lists Gore as executor of his late father's estate, and says that estate holds Occidental Petroleum Stock valued between $500,001 and $1 million. A spokeswoman for the vice president said Gore's mother is the sole beneficiary of the estate and that its assets were in the process of being transferred into a blind trust.

--Listed as a gift $1,550 in legal time donated by Tennessee attorney and longtime Gore friend James Neal.

--Listed only liabilities as bank loans and lines of credit secured by his homes in Tennessee and Virginia. One of the loans was in the range of $50,001 to $100,000; the other in the $100,001 to $250,000. The value of the personal line of credit was listed as between $100,001 and $250,000.

 
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Monday, May 15, 2000


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