Ka Ching

Daley to Sell $8.3M in Stock

To comply with regulations for White House staff.

Incoming White House chief of staff William Daley is a big payday before moving into the Obama administration. Daley has filed a motion with the Securities and Exchange Commission to sell the 186,190 shares of JPMorgan stock he owns, valued at $8.3 million. White House employees can't hold specific equity, such as stock, unless they seek a waiver. Daley's last day as a vice chairman at JPMorgan was Jan. 7, and he also resigned from the boards of Boeing and Abbot Laboratories. Daley will replace Pete Rouse in the White House, who Obama appointed as interim chief of staff when Rahm Emanuel resigned to run for mayor of Chicago. Daley is the brother of outgoing Chicago mayor Richard M. Daley.