So, about that $13 billion mortgage settlement. It's not personal, it's business.
Eight months after JPMorgan Chase (JPM) agreed to a multibillion-dollar deal with the government to settle claims over the sale of mortgage securities during the financial crisis, President Obama remains a loyal customer, according to recent news reports.
Loyal enough, in fact, to use a JPMorgan credit card at a photo op. The president used his card last week to pay for lunch at Franklin Barbecue, one of the most popular barbecue joints in Austin, Texas, shortly after finishing a speech on the economy.
Flashing a JPMorgan card wasn't necessarily part of the script for the outing. The president first tried to pay with "a wad of 20s," according to the White House pool report.
But when the total bill topped $300 (he bought lunch for the people he cut ahead of in line and for his travel party), he confirmed with a staff member that his charge card would work.
JPMorgan declined to comment on the event. The bank also declined to confirm whether the president is a customer, citing privacy concerns.
The president's most recent financial disclosure indicates that he is, in fact, a JPMorgan customer, although the report does not contain information about credit card usage. The president also has an account at Northern Trust (NTRS) in his hometown of Chicago.
The White House did not respond to a request for comment.
No word on whether the president earned dining rewards for his purchase.