Bush's Assets May Top $20M

And Cheney's May Be Valued At $94M; Forms List Dozens Of Gifts Too

(CBS/AP) 
The biggest assets Cheney reported for last year were mutual fund holdings in the American Century Investments International Bond Fund and the Vanguard Group's Short-Term Tax-Exempt Fund Admiral Shares, each valued at between $5 million and $25 million. Cheney also listed holdings including $2.5 million in retirement accounts and $1.3 million in checking and money-market accounts. He also reported owning undeveloped property in tony McLean, Va., outside Washington worth between $1 million and $5 million.

There is no limit on the size of gifts a president or vice president can receive from a U.S. citizen, but federal law requires him to declare them if they are valued at $305 or more, said Erin Healy, a White House spokeswoman.

Multiple gifts over $100 from the same donor must be listed if their cumulative total exceeds the $305 limit. Gifts from foreign officials must be turned over to the U.S. archives on behalf of the American people.

U2 frontman Bono gave Mr. Bush an iPod and a book on the Bible, together valued at $440, just one of the 16 gifts worth $17,316 that Mr. Bush reported accepting in 2005.

For the second year in a row, the president got a fancy mountain bike from John Burke, president of Trek Bicycle Corp. in Waterloo, Wisc., this one worth $5,474.

Last year's model was worth nearly $3,000 less. The president, who is an avid biker, also received a $1,700 indoor cycling trainer from Saris Cycling Group President Chris Fortune and $515 in cycling shoes from Trek Nike Cycling Division.

Games were another popular theme. ELMS Puzzle, Inc., gave Mr. Bush two hand-carved wooden puzzles worth $3,000, while the U.S. Playing Card Co. presented the president with two poker chip sets (with cases) worth $900.

No doubt aware of Mr. Bush's penchant for cutting brush on his ranch, Home Depot chairman Robert L. Nardelli gave the president a chainsaw and accessories worth $351.

Cheney reported 20 gifts worth $39,722, including several expensive pieces of art: a $15,000 oil painting of the vice president's home done by Thomas William Jones; a $900 photographic portrait of Cheney by Melvin Kim Jew of Albuquerque, N.M.; a $550 artists proof by wildlife artist John Ruthven, from now-budget chief Rob Portman; and a $1,925 bronze statue of Nellie Tayloe Ross, the first American woman to vote, from The Laramie Foundation in Laramie, Wy.

Cheney's love of hunting inspired many of his gifts — given well before he came under scrutiny, and became the butt of late-night jokes, for accidentally shooting a lawyer while quail hunting in Texas in February.

Stewart Hines of Vermillion, S.D., gave a $1,000 handmade, engraved Lewis & Clark reproduction rifle. U.S. Firearms Manufacturing Inc. delivered a U.S. prewar, single-action Colt 45 revolver worth $6,125 and which was donated to the Cody Firearms Museum in Cheney's home state of Wyoming.

The Marine Corps Law Enforcement Foundation sprung $950 for a Smith and Wesson revolver. And the White House staff spent $800 on an antique decoy from Maryland's Eastern Shore.

Cheney and his wife, Lynne, also reported receiving inaugural clothes from a McLean tailor. Suk Im Kwon gave Mrs. Cheney a $5,360 dress-and-coat outfit and donated a $1,850 inaugural suit for the vice president.