Obama has JPMorgan account

WASHINGTON, May 15 (UPI) -- U.S. President Obama's 2011 financial disclosure forms showed $500,000 to $1 million in a JPMorgan Chase account.

JPMorgan has announced significant losses, but there is no indication they affected the president's assets.

The 2011 disclosure form was released by the White House Tuesday.

The president by law earns $400,000 a year as compensation for his office, along with a hefty expense account and a free residence called the White House.

Vice President Joe Biden earns $230,700 a year, and receives income from a wide array of investments.

Obama's disclosure also said he received a $500,000 royalty advance against sales in 2010 for a non-fiction book, "Dreams of My Father," but royalties from a children's book he wrote, "Of Thee I Sing," continue to go to the "Fisher House Foundation for a scholarship fund for children of fallen and disabled soldiers."

A White House statement said, "Neither the president nor the vice president [has] any conflicts of interest, and their reports have been reviewed and certified by the independent Office of Government Ethics."