Obama Signs Book Deal For Post-Presidency Book

WASHINGTON — President Barack Obama, a best-selling author who received royalties of $2.5 million last year, will get hundreds of thousands more for a youth-oriented version of his published memoir and will write a nonfiction book after he leaves the White House.

Obama agreed in early January to deliver the new book after he leaves office. The White House said he already had a deal with Crown Publishing Group to write another book, and agreed Jan. 9 that he would produce the book after his term ends.

About a week later, shortly before his inauguration, Obama agreed to a $500,000 advance for an abridged version of "Dreams From My Father" that would be suitable for middle school or young adult readers, according to a new personal financial disclosure report released this week.

Obama will get $250,000 of the advance and the publisher will get the other half, a White House spokesman said Thursday, speaking on condition of anonymity because he was not authorized to be quoted by name.

Obama didn't indicate how much he might get for writing the new nonfiction book, whose subject is yet to be determined. Terms likely would be negotiated at the end of his time in office. Former President Bill Clinton got $15 million for his book, "My Life."

Obama received nearly $2.5 million in book royalties last year for his two best-selling works _ "Dreams From My Father," which was written before he was elected to the Senate from Illinois, and "The Audacity of Hope."

Obama's financial disclosure report released this week covers January through Nov. 16, 2008, when he left the Senate. It shows that he and his wife, Michelle, have $1.3 million to $5.7 million in assets, which does not include their Chicago home. In addition, they have up to $550,000 in college savings plans for their two daughters.

The Obamas' holdings include $1 million to $5 million in Treasury bills purchased in October. They sold $500,000 to $1 million in Treasury notes last April, according to the report.

The book deal was first reported Wednesday by Congressional Quarterly.

Comments

[petera63]

Smart move.
He figured out that his presidency will not last long.

[VOTER]

More like completing business by contracting to write an
abridged version of his best-selling book for middle school students.

Good News: then you can read it! Or we hope you will be ready
by then. Keep studying.

[conniedogs]

So he only plans to be a one term POTUS. It makes no sense to strike a book deal with seven yrs to go.

[VOTER]

Did you read the article?
Apparently you didn't so please ask someone to read it to you.

[serindipity803]

HE thinks ahead and wisely-- and who wouldn't want to wrap him up as soon as possible. This is only the beginning. Are you a writer?

[Marilynleigh34]

I guess he wants to get a jump start on his four years as President.

[vandegrasse]

Padding his nest and he's only 4 months into the job! Gee whiz! He's got the future of this country in his hands!

[serindipity803]

At least his padding is printable.

[USA2Sense]

Good for him!

I'm sure Obama's book/books will probably be several volumes -

much more than the five pages that Bush's book is going to be!

[texaslib82]

Why does the president hate people with disabilities?

[jade7243]

He loves them....

he just doesn't like you, texastroll82

[Altruth]

It is obvious that you are just fishing for some attention, well you got it! Now go take your meds!

[serindipity803]

Hate? you may want to re-think that!

[mlaiuppa]

Poor Bush. No one wants his "book". Perhaps he should limit it to 32 pages and get a really good illustrator.

[Altruth]

lol

[RenoSage]

I think it is commendable to plan for the future.
I have an idea that he was wooed by the publisher of his other books, who would want to have him signed up before the other publishers raise the ante. Beating the competition is the name of the
game with publishers as with any other corporation.

[naschkatze]

I don't think Obama should be concerning himself with something like this at this point in time or our economic woes.

[CosmicSpaceTurtle]

What's the big deal? All he's doing is saying "Yeah, I'll write a book in 8 years."

So what?

[Altruth]

President Obama keep telling you people: " I can do more than one thing at a time". Believe me he can.

[serindipity803]

I feel better knowing your wisdom is so near.

[Naisi]

This is unbelievable!!! Talk about cashing in on being president of the United States. Didn't the Democrats run Newt out of town for a similar deal. How come its OK for Obama and not for anyone else, especially, if they happen to be a Republican.

On the other hand, he's going to need all of the money he can get when the hyperinflation he is causing hits us in 2010 and beyond. The $2 million he has already earned in royalties, will be worth only $2,000. See how he feels then about spending all this stimulus money.

[bubbuh]

Newt resigned because of of political incompetence. http://en.wikipedia.org/wiki/Newt_Gingrich

[TomTheAlmostUgly]

"On the other hand, he's going to need all of the money he can get when the hyperinflation he is causing hits us in 2010 and beyond. The $2 million he has already earned in royalties, will be worth only $2,000. See how he feels then about spending all this stimulus money."

Another modern Herbert Hoover, saying, "Listen, Franklin, spending government money won't work. Letting the business boys fix this themselves, that's the best way to handle it."

I think it's funny that publishers are fighting each other to lock Barack Obama into a contract, while at the same time telling Bushie, "Don't call us, we'll call you."

[CosmicSpaceTurtle]

George Bush is writing a book. Although, his will probably be ghost written, since he's an incompetent hillbilly. Obama is an intellectual and can actually write on his own.

It's actually fairly common for politicians to write books about their careers, so stop pretending like this is somehow exclusive to President Obama or is somehow a negative thing.

[Eidolas]

Uh, yeah, there's some question about how much of those books Obama actually wrote. But so what, every politician uses a ghost writer.

[Havnagudtim]

Why do you hate hillbillies?

[mendelcrosses]

ooy!

He has writen two best sellers Autobiographies before becoming a senator.

It isnt his fault that people enjoy reading his memoires because he knows how to write.

Yes.His books sells on merit and not just the publisher paying off someone. The Clinton's "my life "did not gross the amount he was paid for meanwhile "Dreams from my fathers" and "Audacity of hope" have both gross more than he was paid for.

Now if every business was like that,America would not be in this mess. The reason America finds itself where it is today is because some publisher is going to pay Bush $20 million for his book that wont gross $30k.

[OMAguy]

I think its cool he owns $1-5 million in US Treasuries, its like owning stock in the company. He also has enough faith in the nation that he'd put that much of his personal wealth into it.

[wonketteRAWKS]

Uhhh, back in October when Bush was in charge of the "company."

[OMAguy]

I guess he figured Bush was pretty much over and that he'd win and turn things around.

[APsays]

A book deal before he's been in office even 100 days, filling out his bracket on ESPN, wanting to drive a limo on the stage of the Jay Leno Show...thi­s dude should have tried out for a reality show, tried to make it big in the movie industry, or tried out for American Idol instead of running for President. Obama's election is a prime reason tax payers should be the only people allowed to vote.

[LillianB]

Seriously, did you read the article? The book deal was from before he was elected - the publisher had already bought the rights for his next (third) book. The new deal is simply that he won't have to deliver before his presidency has ended. So I don't think you should fear he'll spend the next eight years taking notes...

[centerdem06]

There are plenty of politicians who have gone on the Jay Leno show. Absolutely nothing wrong with it. Do you expect our President to be in a bubble and not be out with the people? It is actually quite refreshing that we have a President not afraid to face the public, media. Unlike Bush, I think I saw him only when he was dragged out by his ears and feet. Most of the time he was at camp david or hunting with cheney. At least President Obama is working and facing the american people!

[mendelcrosses]

These are the folks who dont think the president is Human and ordinary.

Well,i've got news for them. Obama once lived on food stamps,has a wife,2 daugthers,had to go to college earn a degree to get work. He is just like me so he does the things I can do and some of which i do.

Unlike Bush,who doesnt know what food stamps are,doesnt know that one need good grades to get a place in college,doesnt know that one has to earn a job. So I understand why the likes of W and mcCain dont see themselves as ordinary folks.

[DougChristian]

That's crazy. What do you want him to do? There's a record level of activity coming from the White House. I've never seen a president pursue all the themes of his campaign as quickly and ambitiously as Obama. I hope he keeps it up. You, as an Obama hater, surely do not feel that way so why are you even complaining? But I digress...­After 8 years of rare and poor communication from an otherwise secrete administration, a President that wants to talk to the people in all possible forums during a time of unease is a breath of fresh air. Bush, who you've probably forgotten started the bailout method that we're now stuck with, would have ignored the people's concern and gone ranchin' for a month.

[mlaiuppa]

A book deal before he took office.

Get some reading glasses and some tin foil.

[kdlaiusa]

Bush can write a business book since he has an MBA. He should stay away from political topics unless he wants to chronicle his 8 years of failed presidency.

[Mikeeee]

ROTFLMAO!!! bush writing a book on business.

[DougChristian]

I don't know. A member of a cabal of energy and defense corporations taking the White House by suing the rightful winner and unabashedly implementing radical policy to directly help those corporations at the expense of every person in the world (and completely getting away with it) is a pretty advanced and impressive business tactic.

[CheekySpoon]

I hope that when this book is released its not over 1,000 pages like Bill Clinton's.

[bubbuh]

Bill Clinton is long winded. On the other hand, his book is an international bestseller that has handsomely repaid his publisher several times over. I'm certain than Obama's publisher is looking similar heft and good fortune.

[mheister]

I've got a GOP talking point for ya: Obama is President. If he does his job well, those millions in treasury bills he owns will be safe. So isn't this a conflict of interest???

[centerdem06]

I don't know about you, but I would think if he has his own money invested in treasury bills he is more likely to make sure the economy is successful. That actually gives me more confidence. Where do you expect him to invest his money? Stock market? Savings account? Or... under his mattress? I mean really... give me a break.

[RenoSage]

Or is it putting his money where his mouth is?