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

[raop]

Its not the book deals that will be the goldmine. it will be his speeches and talks where the real m oney is. Can you imagine what he will be paid for his speeches post presidency? If clinton reportedly got 20000 for a speech and even Bush was worth 350$ a ticket for his speech, what will Obama get? And at least in giving speeches he is leagues ahead of both of them. Too soon to judge his performance against Clinton's as a President. Will take at least 3 years to judge his performance given his agenda from hell that he has to tackle.

[roshni]

I would certainly go to hear him speak. I really miss the rallies we used to have. Not only was it great listening to him, the people at these rallies were really cool and diverse.

[ladyv]

He will make sick cash.

I will be pleased and proud. =)

[marthlois]

Super - he's a beautiful writer and I'll look forward to it
in 2016:)

[KeysDan]

Seems a little unseemly--book deals should occur after his presidency.

[hortonhearsawho2]

So, how is rushs new book, do tell...

[KeysDan]

Why are you comparing Rush with President Obama? Or don't you see any difference? do tell...

[roshni]

Why? He probably keeps a journal and will be formalizing it.

[dontomas]

This is disappointing. I would have thought Obama would have passed on these future earning in light of the pain so many Americans are going through right now. I get so tired of all the opportinism within the American culture, everyone is always grabbing all they can. Last week that pilot who landed on the Hudson River signed for a book deal which means that one day you can be a nobody and the next day a respected author as long as you have some celebrity status.

[hortonhearsawho2]

Who got peanut butter in ur boonesfarm...

[LiberTLover]

Or maybe it means that there are publishers who believe that people will want to know about your character and actions and be inspired and uplifted by your story and example.

[eddoreandarisia]

In the final analysis it's all about who decides to buy these books and support their authors, right? (Hint, hint)

[ToniaB]

Do I detect a hint of jealousy on your part...?

[sheikwil4]

are you stupid, the man has a family that he will have to support after he is out of office and 2 daughters to put through college. you people find anything and everything to complain about. Go make yourself happy instead of trying to bring someone down to your level.

[roshni]

I don't even think that is the reason why he is doing this. It would be fine if it were, but I think he wants to communicate with people and feels cooped up in the White House.

[ToniaB]

Your comment is utter rubbish!! If it were not for opportunistic authors, no book would ever be written. We learn from the experiences of others past and present. Can't you imagine that there are people out there than would like to hear what these people have to say...? Maybe you have no interest in what Captain Sully the pilot that landed on the Hudson River has to say, but he was a very accomplished pilot prior to the Hudson River incident; and he did have celebrity status among his peers. He was a fighter pilot in the Air Force and I am sure that there is someone out there that is eager to listen to what he has to say to the world... If he wants to use his miraculous experience to make a difference in someone's life while benifitting himself, I don't see what is so morally wrong with that... This has nothing whatsoever to do with the financial crises. Are you starving yourself because there are Americans' out there that are starving...? If not; maybe you should think about doing so... I mean it's only fair right...?

[Islandtime]

"In addition, they have up to $550,000 in college savings plans for their two daughters."

Wise parents.

[judyc]

Which means that they aren't expecting a free ride--as many would accuse them of.

[judiNJ]

I was impressed with that, too. I like the idea that they have a special fund for their girls' college education. It is a nice example for everyone to think ahead and plan on higher education for their
children.

[PippiLongstocking]

He looks s.e.x.y in this picture. *shivers*

[killerBush]

Really, in office only 59 days, and already thinking about a book??

[KISHAGREEN]

Attention to detail. The deal was reached BEFORE he took office.

[joewalters]

Well, the publishers probably came to Obama and asked him. Did you ever consider that?

[LiberTLover]

No, already pursued and asked by publishers to pen two books, unlike Georgie whose Daddy will probably have to buy him a publishing company to get his printed.

[hortonhearsawho2]

as opposed to ur hero sarah, never in office and now, whats that about book deals...

[Bitsko]

Not really. Read the article.

[dems08]

Good!

Next?

[filo]

So we won't see this book until about 2017 at the earliest.

[LiberTLover]

That would be my hope as well!

[zenwhenicanbe2]

I think Obama's great but that's kind of weird.. right?
Kind of like paying for the honeymoon before you propose

maybe it's just me.....

[Eyeswideopen1]

It is smart. His value will never be higher than now.

[hortonhearsawho2]

thats just wrong, i mean, your folks saying that when u were born...just wrong dude.

[Deparis]

I think it would be if he does a few things right. He has the potentials and opportunities of becoming the greatest President post Civil War. In my opinion, of course!

[quixoto]

No, it's pretty much expected that he would write a book after his presidency is over, considering that he's already written two books before it even began. I guess he's thinking really far ahead and assuming that nothing's going to happen in the next 4-8 years that might cause him to change his mind about writing a post-presidency book.

Either way, my first thought was "does this mean he's expecting not to get reelected?"

I dunno, it's silly to even speculate about this kinda thing when it really doesn't affect any of us, at least not while he's still president.

[oscartucker]

The $500,000 advance was for an abridged version of "Dream From My Father" . No payment has yet been made for the nonfiction book after he leaves office. Agreeing to a book deal is not "paying for the honeymoon before yo propose". Maybe it's just YOU.

[hortonhearsawho2]

nope, sarah and levi are with u aswell...

[roshni]

I can't wait to read this.