Dreams of a Lucrative Book Licensing Deal
Americans may be losing their jobs at the worst rate in decades, with banks failing and the Gross Domestic Product shrinking, but 2009 is not a time of poverty for everyone.
On Jan. 15, five days before his inauguration, then-President-elect Obama inked a $500,000 licensing deal for an abridged middle-school version of his best-selling book "Dreams From My Father."
Sources say the deal was in the works since last summer. The deal was first reported in the Washington Times, based on a Senate financial disclosure report filed Tuesday.
This isn’t a book deal, per se, but rather a license, allowing the Random House Children’s division to abridge "Dreams" for middle school and young adults.
President Obama will split the $500,000 licensing fee 50/50 with Crown, the original publisher of "Dreams." Both Random House Children’s and Crown are divisions of parent company Random House.
Since Obama long since made back for Random House his advance for the book, he will get a payment of $250,000.
The president will approve the abridgement, a White House aide said.
In other book news, former President George W. Bush spoke with the Associated Press about his new book, tentatively titled "Decision Points," also to be published by Crown and, as with Obama, negotiated by power attorney Bob Barnett.
"I want people to understand the environment in which I was making decisions. I want people to get a sense of how decisions were made and I want people to understand the options that were placed before me," the firner president said.
The book will detail approximately a dozen decisions Mr. Bush has made — from choosing sobriety to choosing Dick Cheney. Financial details were not disclosed.
"I want to recreate what it was like, for example, right after 9/11," Mr. Bush said, "and have people understand the emotions I felt and what others around me felt at the time."
– jpt
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Not a bad payout.
Posted by: DontGet818OnMeNow | March 19, 2009, 7:43 am 7:43 am
Millie, good riddance. If you can’t handle the Jake doing the job the rest of the adoring media won’t do, then you’d best shield your eyes.
Besides, this is ridiculous…another example of the O-messiah’s personal enrichment campaign.
Posted by: Principal Chair | March 19, 2009, 8:10 am 8:10 am
He’s not “doing his job”. He’s getting downright b***hy. There are plenty of ways to question the president and I agree that he needs to held accountable, especially with the AIG mess, but it can be done respectfully. And this ain’t it.
Posted by: Millie | March 19, 2009, 8:12 am 8:12 am
Great idea–because our young people aren’t getting enough exposure to Obama.
He’s stuck them with trillions just to fund his agenda–so I hope they enjoy his book.
Posted by: sammy | March 19, 2009, 8:27 am 8:27 am
Let’s how much of that he “spreads around.”
I bet it’s none.
Spreading it around means your money, not his.
Posted by: drjohn | March 19, 2009, 8:33 am 8:33 am
“Besides, this is ridiculous…another example of the O-messiah’s personal enrichment campaign.”- Principal Chair
Nice try, but that was just stupid on so many levels… and not needed.
Everyone writes books now.. that’s nothing new, and the book would have been done wether he won the presidency or not.
Posted by: Common Sense | March 19, 2009, 8:34 am 8:34 am
I thought this was for his new books;
“How I Ruined America in 90 Days or Less”
“You, too, Can Look Intelligent by Reading from a Telepromter”
“The Idiots Guide to being President”
“2008 Elections: You Really Can Fool All the People All the Time”
Posted by: Will Stanton | March 19, 2009, 8:39 am 8:39 am
“He’s stuck them with trillions just to fund his agenda–so I hope they enjoy his book.”- Sammy
How cute! And Bush stuck all of us with 2 wars, a failing economy, and millions without jobs.. so I guess they’ll be reading his book too!… I heard he’s giving an “authoritarian” approach to his book.
Posted by: Common Sense | March 19, 2009, 8:40 am 8:40 am
Given the Obama administration’s plans for public education, I’m guess that a graphic novel adaptation is in the works.
Posted by: Passerby | March 19, 2009, 8:40 am 8:40 am
So President Obama, will that $250,000 be taxed more or less under your new tax plan of increasing taxes for the rich?
“Don’t tell me words don’t matter!” -Obama
Posted by: BigGator5 | March 19, 2009, 8:42 am 8:42 am
“So President Obama, will that $250,000 be taxed more or less under your new tax plan of increasing taxes for the rich?”- BigGator5
Oh boy… It’s just too easy.. Once again children READ THE PLAN!
via whitehouse.gov:
*Middle class families will see their taxes cut — and no family making less than $250,000 will see their taxes increase. The typical middle class family will receive well over $1,000 in tax relief under the Obama-Biden plan, and will pay tax rates that are 20 percent lower than they faced under President Reagan.
*Families making more than $250,000 will pay either the same or lower tax rates than they paid in the 1990s. Obama will ask the wealthiest two percent of families to give back a portion of the tax cuts they have received over the past eight years to ensure we are restoring fairness and returning to fiscal responsibility. But no family will pay higher tax rates than they would have paid in the 1990s.
Posted by: Common Sense | March 19, 2009, 8:49 am 8:49 am
I’m not surprised the president is writing a book. After all, things are going so well since he took over, he has plenty of extra time to devote to his writings.
Posted by: Plumber | March 19, 2009, 8:55 am 8:55 am
Wow, that’s a lot of money just to remove foul language from a book. And Obama wants to lecture people on the outrageous culture of greed in this country?
Posted by: jennifert7 | March 19, 2009, 8:55 am 8:55 am
note to self: take youngest out of middle school, home school instead. Carry on.
Posted by: mjishernameo | March 19, 2009, 9:07 am 9:07 am
The economy was wrecked, before Obama bacame President.i guess you were asleep during the 8 Bush years
Posted by: Beverly | March 19, 2009, 9:26 am 9:26 am
I wonder if continuing to make hundreds of thousands- nay, millions- of dollars on a book you wrote years ago constitutes “real” work. I wonder if that is “real” money.
I wonder if people buying a book of a popular politician counts as a “bubble”. I wonder if making this kind of money counts as “greed”.
Posted by: MayBee | March 19, 2009, 9:49 am 9:49 am
Jake: “the firner president” ….
Posted by: angry democrat | March 19, 2009, 10:02 am 10:02 am
Wait a second. He’s getting paid 500,000 for a licensing that they are going to sell to our middle schools? Isn’t there something wrong with this picture?
I have real issue here of our President selling a license, getting paid for it, then the publisher selling the book to our schools, being paid for with tax money. This has some serious ethics issues.
Posted by: KR | March 19, 2009, 10:03 am 10:03 am
the economy started to go downhill in sept of 2008, not the whole 8 years of Bush presidency!
i think some of you (like Beverly) were asleep during the last few years, didn’t you see so many homes being built? business blooming? until it started to slow down in sept of 2008? it was NOT a US only economic meltdown, it was a GLOBAL economic meltdown!
Obama is just using all the distrcation he can to advance his radical agenda that is going to increase the debt way more than any US presidentS- emphasizes on the S meaning he is the first and only president to increase the debt within the first month of becoming president.
he gets an award for most “FAKE” rage over all these bonuses. Jake-you need to ask him how much he received in contribution from AIG.
Posted by: jaj | March 19, 2009, 10:09 am 10:09 am
“Wait a second. He’s getting paid 500,000 for a licensing that they are going to sell to our middle schools? Isn’t there something wrong with this picture?”
That’s no how I read it. I read it as saying it’s being abridged to that reading level. It doesn’t say anything about it being sold “to our middle schools.”
Posted by: silky | March 19, 2009, 11:07 am 11:07 am
“Obama inked a $500,000 licensing deal for an abridged middle-school version of his best-selling book”
Ok I assumed that “middle-school” version means being in middle-school, thus purchased with tax payer money. If it was meant as “middle-school” level of reading, that needs to be clarified.
If this book ends up in middle school libraries or required reading, that’s messed up.
Posted by: KR | March 19, 2009, 11:11 am 11:11 am
“I’m not surprised the president is writing a book. After all, things are going so well since he took over, he has plenty of extra time to devote to his writings.”- Plumber
Are you serious?? You didn’t even READ the post did you?
THE BOOK WAS WRITTEN YEARS AGO! He is not writing a book now.
OMG! This is just pathetic!
Posted by: Common Sense | March 19, 2009, 11:35 am 11:35 am
Will George Bush’s book come with color crayolas?
Posted by: Sammy | March 19, 2009, 11:42 am 11:42 am
“Will George Bush’s book come with color crayolas?”
Oh I get it, a stab at his intellect. That’s some funny stuff right there. I’m guessing you have a Harvard degree and a higher education to call heads of state stupid. Maybe Obama’s will come with a toy model of Marine 1? Oh what a hoot!
Posted by: KR | March 19, 2009, 11:46 am 11:46 am
“I’m guessing you have a Harvard degree and a higher education to call heads of state stupid.”
Bush went to Yale. And let’s not read too much into that. He was a C student and as President tried to invent words and reconstruct tried and true idioms. It’s not unreasonable for anybody with a decent education to take shots at Bush’s intellect, considering his track record. It’s all there.
Posted by: silky | March 19, 2009, 11:59 am 11:59 am
“Maybe Obama’s will come with a toy model of Marine 1?”
The crayola comment was funny. You, you forgot to include the funny.
Posted by: silky | March 19, 2009, 12:00 pm 12:00 pm
Yes, I want all my children to read The Obama book. And I want all of them to be community organizers for ACORN.
Posted by: Sandy | March 19, 2009, 12:01 pm 12:01 pm
In addition to the new contract, President Obama got $2.5 million of greedy greedy royalties last year, from books he’d written years ago.
Posted by: MayBee | March 19, 2009, 12:20 pm 12:20 pm
“It’s not unreasonable for anybody with a decent education to take shots at Bush’s intellect, considering his track record.”
Not what I find interesting is the tactic. Same thing was said about Reagan, Bush Sr., Ford, Nixon… there is a pattern. They are all Republican, so it’s a common Democrat tactic. Anyone who disagrees with a Democrat must be stupid.
Other interesting point, it’s the same tactic that communists used in Russia, Baltic states, Vietnam, Cuba, Colombia, Korea. Pattern there too.
Posted by: KR | March 19, 2009, 12:20 pm 12:20 pm
If the Administration is so ready to admit they’ve been the Administration for only 60 days and knew nothing of AIG bonuses (anyone who reads the papers knows the White House watered down the Dodd amendment at the time of the “stimulus” legislation), how about talking about campaign contributions after the AIG collapse and first bailout occurred via Paulson, Bush, Geitner and Bernanke in September 2008?
Proving that Obama received campaign contributions from AIG employees after the bailout isn’t difficult at all. Just do an advanced search on fec.gov for contributions made on or after September 16, 2008.
After a quick search and calculations (subject to double checking of my math), Obama for America, Obama’s main campaign fund, directly received at least $8,600 post-bailout contributions from employees who listed AIG as their employer. This doesn’t take into account employees who listed their employer American International Group or a subsidiary name that doesn’t include AIG.
Obama’s joint fundraising fund, the Obama Victory Fund, received at least $15,521 in post-bailout “bonuses” from AIG employees. I’m not 100% sure of how the reporting works, but it appears that the bulk of the bonuses paid to the joint fund, at least $12,171, went into Obama’s main campaign fund. And it also appears that at least $2,550 of those “bonuses” came from two employees of the much-demagogued AIG Financial Products subsidiary.
That’s a total of over 24,000.00 in cash to Obama from AIG employees, after AIG collapsed in September 2008, that Obama has not returned or even discussed publically. Obama refused to answer a question on the AIG contributions today.
Well that may be a real story. Proven donations to Obama from AIG execs after the bailout announcement to AIG in the early fall, that could be a real story.
Also, FYI, ABC News itself reports that the Obama campaign received a $23,000 post-bailout “bonus” from AIG’s employees.
ABC News:
According to the Center for Responsive Politics, which tracks campaign finance reports, more than $120,000 of that money was donated after AIG received its first $85 billion in federal bailout funds in September. The company has since received a total of $170 billion in taxpayer cash to prevent its collapse.
Their generosity included more than $23,000 to Obama’s campaign.
Both Obama and Republican presidential candidate John McCain raked in much larger sums from AIG earlier in the year. Obama collected a total of $130,000 from AIG in 2008, while McCain accepted a total of $59,499.
Also, a Connecticut newspaper reports that Senator Dodd will return any “tainted” contributions from AIG employees – whatever Dodd deems “tainted” to mean, I suppose. Dodd has received many contributions from employees of the Connecticut-based AIG Financial Products unit over the years – and AIG’s employee PAC.
WILL OBAMA RETURN HIS CONTRIBUTIONS from POST BAILOUIT AIG MONEY?????
Posted by: Anti-Harkonnen Freedom Fighter | March 19, 2009, 12:20 pm 12:20 pm
Obama prove his point and donate all profits to his stimulus packages.
Posted by: harry | March 19, 2009, 12:44 pm 12:44 pm
500 grand, not bad. So how much does Bill Ayers get?
Posted by: Kyda Sylvester | March 19, 2009, 1:05 pm 1:05 pm
“Obama collected a total of $130,000 from AIG in 2008, while McCain accepted a total of $59,499.”
Open Secrets has Obama’s 2008 number at $104,332 with his lifetime $110,332.
Posted by: Ryan C the original | March 19, 2009, 1:10 pm 1:10 pm
Bill Ayers must be so proud–a young mind is a terrible thing to waste.
Not as bad as wasting a crisis I suppose.
Posted by: tyler | March 19, 2009, 1:32 pm 1:32 pm
ryan c the original…LOL…I believe your missing the point professor…
Posted by: Parallax View | March 19, 2009, 1:38 pm 1:38 pm
Ryan – that’s just the difference in research done by the Center for Responsive Politics v. Open Secrets.
That doesn’t change the point – obama got six figures of AIG employee cash, AND, Obama got about 23-25K of AIG cash AFTER the mid September 2008 bailout of AIG.
Posted by: Anti-Harkonnen Freedom Fighter | March 19, 2009, 1:50 pm 1:50 pm
I guess Obama ain’t “just common folk” no more. $2.5 million last year in book royalties and he’s off to a good start in 2009. Can you still relate to him now that he’s a millionare? At least Bush waited until he left the White House.
Posted by: BubbaRight | March 19, 2009, 1:55 pm 1:55 pm
ABC News:
According to the Center for Responsive Politics, which tracks campaign finance reports, more than $120,000 of that money was donated after AIG received its first $85 billion in federal bailout funds in September. The company has since received a total of $170 billion in taxpayer cash to prevent its collapse.
Their generosity included more than $23,000 to Obama’s campaign.
QUESTION to anyone who is fair minded and objective —
WILL OBAMA RETURN HIS CONTRIBUTIONS from POST BAILOUT AIG CASH?????
Indeed, using the same logic of those like Obama who are demagoging AIG bonuses now, that if the Sept 08 bailout had not occurred the 165 million in AIG bonuses would not have been paid out, and therefore they should be returned, the OBAMA Campaign Contributions after Sept 08 MUST be returned or donated because those SAME AIG EXECS WHO GAVE THE 23/24K TO OBAMA AFTER THE SEPT 08 BAILOUT WOULD HAVE NOT GIVEN A DIME TO ANYONE IF THEY WERE IMMEDIATELY FIRED AS AIG COLLAPSED, as would have happened had the bailout not occurred in Sept 08.
Any lefty care to dispute this ?
Posted by: Anti-Harkonnen Freedom Fighter | March 19, 2009, 2:11 pm 2:11 pm
“Obama got about 23-25K of AIG cash AFTER the mid September 2008 bailout of AIG.”
So what’s your point?
That he got a 1/4 of his contributions from AIG employees during the home stretch of a campaign?
I would have expected those figures to be much higher is he was being bought off as you so clumsily imply.
And looking over the figures Obama had quite a few doing the donating as most of the donations were in the $250 range.
The other big winner from AIG post 9/15/2008 thru the rest of the year?
The RNC and various state GOP parties (I assume that was part of the joint fundraising)
Posted by: Ryan C the actual original | March 19, 2009, 2:18 pm 2:18 pm
Ryan – noone is saying Obama was bought off, he wasnt. But he certainly wasnt against the idea of AIG keeping their bonuses, that is, until he needed to get out front and demagogue the issue like he did on Monday.
All the talk about if Dodd or Treasury slipped in the exclusion to allow the AIG (and other companies) bonuses — getting lost in all that talk is that Obama is the President and he signed the bill. Bottom line, Obama is responsible for the bonus exclusion in the stimulus, as are the Dems in the House who voted for it, and all the Dems in the Senate and the three GOP’ers who voted for it.
What, Obama didnt know what was in his own bill? Cmon man, give me a break.
Posted by: Anti-Harkonnen Freedom Fighter | March 19, 2009, 2:21 pm 2:21 pm
“Anyone who disagrees with a Democrat must be stupid.”
No, anybody who makes up their own words, can only speak in 3 word sentences and who just generally butchers their first language must be stupid. That’s not even getting into the things that his paranoia led him to do.
Posted by: silky | March 19, 2009, 2:28 pm 2:28 pm
“just generally butchers their first language must be stupid.”
Lets concentrate on all the stupid things you’ve said or typed in the last 8 years and use that to judge your intellgence. Not that Bush was a great public speaker, he’s not, that however doesn’t make him “stupid”, unpolished sure, stupid no.
I’ve always been astounded at how the left claims he lied about the war in Iraq, but somehow got Clinton and democrats to say the same things about Iraq while he was governer of Texas. He’s either brilliant or stupid, which is it.
Posted by: KR | March 19, 2009, 2:41 pm 2:41 pm
Statement released by Teleprompter One’s (TP One’s) press office:
TP One has never asked, nor received, any bonus from AIG for any reason whatsoever. TP One has received some consulting income from AIG and other large financial and insurance companies, such work being completed well before TP One became the official Obama White House statement producer.
TP One is quite concerned with the developing reports regarding approximately 23K in donations given to the Obama campaign by AIG execs after the Sept 15 2008 bailout.
TP One recomments a full mea culpa statement from Gibbs on Friday afternoon about returning all AIG money post crash of AIG. TP One has been overused lately and needs a break.
Posted by: Anti-Harkonnen Freedom Fighter | March 19, 2009, 2:52 pm 2:52 pm
“You get it? Good. Now, if only you can get rid of it. Guessing is clearly not your forte.”
I’m not following. Whats this a reply to? Whats “it”? Guessing clearly is not my forte if I can’t tell what the heck your talking about.
Posted by: KR | March 19, 2009, 3:47 pm 3:47 pm
“I’ve always been astounded at how the left claims he lied about the war in Iraq, but somehow got Clinton and democrats to say the same things about Iraq while he was governer of Texas. He’s either brilliant or stupid, which is it.”
Psssttt…irrelevant…Clinton didn’t invade Iraq.
Posted by: silky | March 19, 2009, 3:51 pm 3:51 pm
“Psssttt…irrelevant…Clinton didn’t invade Iraq.”
Psst…relevant… Clinton and Democrats said the same things about WMD in Iraq, thus not a lie trumped up by Bush.
Posted by: KR | March 19, 2009, 3:53 pm 3:53 pm
“Psst…relevant… Clinton and Democrats said the same things about WMD in Iraq, thus not a lie trumped up by Bush.”
Clinton did not find cause to invade Iraq. That’s the bottom line. Bill Clinton has little to nothing to do with this. The manipulation of bogus intel by the Bush Administration is what is relevant. That is what they hung their case on. That was the hard sell to Congress. Period.
Posted by: silky | March 19, 2009, 5:23 pm 5:23 pm
“Clinton and Democrats said the same things about WMD in Iraq, thus not a lie trumped up by Bush.”
Well of course we knew Iraq had WMD’s as Rummy and Reagan sold them to Saddam back when he was our buddy.
What was unclear was how much of the program was still intact after years of sanctions and inspections.
Blix and his team were turning up nothing so Bush had to rely on the Niger forgery and Cheney was telling members of Congress in private that Saddam had suitcase nukes.
All the while connecting 9/11 and Iraq to scare the hell out of the American people.
We killed 100,000 Iraqis and lost over 4000 of our soldiers for war based on bs while the people who actually attacked us were allowed to regroup.
Nearly the whole world was on our side during 2002 but thanks to the Bush obsession with Iraq the damage may take decades to overcome.
Posted by: Ryan C | March 19, 2009, 5:36 pm 5:36 pm
Maybe Obama should have spent that time before his inauguration you know, working on his transition team.
Posted by: liz | March 19, 2009, 6:08 pm 6:08 pm
Silky, I found it incredibly small-minded of you to write, “No, anybody who makes up their own words, can only speak in 3 word sentences and who just generally butchers their first language must be stupid.” President Bush was/is not stupid. Making up your own words (I think the word you are searching for is “neologism”)is certainly not a sign of ignorance. Perhaps Bush was not the smoothest public speaker, but we are seeing that smooth speechs are not more important than executive experience in governing. Don’t just lazily buy into stereotypes. Some of my brightest students have not been able to express themselves well verbally in a classroom situation, for example, or stumble over speeches that they themselves have written. Does this mean they lack intelligence? Of course not. Would I assume that because my vocabulary is vastly larger than theirs or because they cannot correctly pronounce all the words in their wider reading vocabulary that they are not as intelligent as I am? No, I’m more secure in my own intelligence than that.
Posted by: moderate | March 19, 2009, 8:49 pm 8:49 pm
That’s the way to prove Bush’s intelligence…compare him to elementary school students.
Posted by: Silky | March 19, 2009, 10:01 pm 10:01 pm
Barry sees everything through a racial prism in his book, check it out of the library and read it for yourself. “Dreams from my father.”
Posted by: smc341 | March 20, 2009, 3:20 am 3:20 am
Jake, can you check to see how far along Bill Ayers is on the first draft of this 3rd book he will ghost write for Barry?
Posted by: Dave | March 20, 2009, 3:42 am 3:42 am
barry, better hang onto all you can of that. after YOUR tax increases and YOUR hyperinflation both kick in…i gotta tell ya…..500 large just aint what it used to be. wheelbarrel of it for a loaf of bread and all….
Posted by: fred | March 20, 2009, 6:32 am 6:32 am
Maybe some one in the media will now demand to see the TYPEWRITTEN birth certificate of Obama so that we can get the truth. Why is Obama not allowing this document to be seen? Why doesn’t someone under the freedom of information act get the document?
Posted by: emily sanford | March 20, 2009, 12:46 pm 12:46 pm
Silky, dear, I’m a college professor. The students to whom I referred are graduate students, pursuing PhDs. That’s the group to whom I was comparing President Bush. Funny how your mind works, that you would jump to assume that I mean elementary school students when I never modified the word students with any reference to school level.
Posted by: moderate | March 20, 2009, 3:12 pm 3:12 pm
i guess the book will be required reading in schools english classes? on with the revolution?
Posted by: school_bus_yellow | June 19, 2009, 4:04 pm 4:04 pm