Thursday, April 7, 2011

ERRP Payments & Campaign Donations


 Obama's victory in the 2008 general election was aided by his tremendous fund-raising success.

A number of President Obama's top donors received ERRP checks from the federal government.  ERRP stands for Early Reitree Reinsurance Program.  It's a $5 billion pot of money which effectively takes on employer's retiree health care risks, at least a big chunk of it.


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Early Retiree Reinsurance Program RecipientERRP Payments as of 3-31-112008 Obama Campaign Contributions (PAC)ERRP Return on employee contributions
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GE$36,607,818$499,1307334%
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Skadden Arps$102,819$530,83919%
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Harvard University$441,297$854,74752%
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Citigroup$1,767,406$701,290252%
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JP Morgan Chase$2,922,102$695,132420%
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IBM$12,989,690$528,8222456%

It's a tale of two lists, donor and ERRP recipients.GE paid no federal taxes the last two years, while getting their $36.6 million ERRP gift.  How much will GE CEO Jeff Immelt pony up for insider access to the White House?  We'll soon find out.