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BLK Blackrock CDR

21.60
-0.22 (-1.01%)
21 May 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type
Blackrock CDR NEO:BLK NEO Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.22 -1.01% 21.60 20.25 21.65 21.60 21.44 21.51 7,913 22:30:01

2ND UPDATE: Bernanke's Wealth Drops Amid 2008 Market Plunge

28/07/2009 10:41pm

Dow Jones News


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The bloodbath on Wall Street last year appears to have claimed one more high-profile victim: Ben Bernanke.

The Federal Reserve chairman's wealth took a hit last year, according to financial disclosure forms released Tuesday by the central bank. As of the end of 2008, Bernanke's asset holdings were between $850,000 and $1.9 million. That compares to a range of $1.2 million to $2.5 million the year before.

The disclosure forms, used by officials across the executive branch, report asset valuations and income in broad dollar ranges.

Much of Bernanke's decline came from a large-cap stock variable annuity he holds, whose value dropped from between $500,000 and $1 million at the end of 2007 to between $250,000 and $500,000. Bernanke's Vanguard International Growth Fund also lost value.

Bernanke sold most of his Canadian government bond holdings in two transactions last July and November, his latest disclosure form said.

He listed two new accounts with SunTrust - a checking account worth $15,000 to $50,000 and a money-market account worth $50,000 to $100,000. In 2007, he had checking and money-market accounts with Wachovia, which was bought by Wells Fargo Corp. (WFC) last year. His 2008 disclosure did list a saving account with Wachovia valued at less than $1,000.

Bernanke also listed two funds for 2008 managed by Blackrock Inc. (BLK) - a large cap fund worth $1,000 to $15,000 and a high yield fund valued at $15,000 to $50,000. In 2007, his high yield and large cap funds - in similar amounts - were managed by Merrill Lynch.

The other two Fed governors who were in office before last year also showed declines from their 2007 reports. Fed Vice Chairman Donald Kohn listed assets of $570,000 to $1.3 million, down from a range of $700,000 to $1.6 million. He sold two T. Rowe Price Balanced funds - valued between $15,000 and $50,000 each - on April 18 and Sept. 15 - following a similar transaction in the fall of 2007.

Fed Governor Kevin Warsh listed assets under his own name of $670,000 to $1.4 million at the end of last year, down from $900,000 to $2 million. Warsh also reported hundreds of individual bonds and other securities held by his wife, Estee Lauder Cos. (EL) executive Jane Lauder, that amount to at least tens of millions of dollars.

Fed Governor Elizabeth Duke, who took office in early August before the worst of the financial crisis, showed assets worth at least several million dollars. The former community bank executive disclosed individual stock holdings in more than two dozen companies, from Altria Group Inc. (MO) to Exxon Mobil Corp. (XOM) to Verizon Communications Inc. (VZ).

Fed Governor Daniel Tarullo filed his disclosure form on Jan. 2, more than three weeks before he took office. Tarullo, who reported a 2008 salary of $218,250 as a Georgetown University law professor, listed assets that topped the $1 million mark including some stock in General Electric Co. (GE) and Sherwin-Williams Co. (SHW).

-By Brian Blackstone, Dow Jones Newswires; 202-828-3397

-By Sudeep Reddy, The Wall Street Journal; 202-862-6693

 
 

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