Five Tech Companies That Milked The Stimulus


For 12 prime recipient awards in which it received $57.93 million in ARRA funds, IBM reported 130.1 jobs to the federal government. That amounts to -- even given the possibility of double and triple reporting -- about $445,291 per job paid by the American taxpayer. The funding came with IBM spending $18.98 million on lobbying expenditures during President Obama's first term, with Palmisano listed with 11 entries on the White House visitor's log during the Obama administration. And even with its stimulus funds, IBM has reduced its U.S. employee population by an estimated 20 percent, from 115,000 in 2008 to an estimated 92,000 employees today.

Honeywell International, meanwhile, walked away with $238 million in stimulus funds as it spent $23.88 million in lobbying expenditures from 2009 to 2012. CEO David Cote racked up 21 entries on the White House visitor's log, including a Feb. 7, 2010, Super Bowl party. For a single $745,000 award, Honeywell reported just four jobs. That amounts to $186,250 per job paid for by taxpayers. Honeywell's U.S. employee population dropped by 5,000 in the three-year period ended Dec. 31, 2011.

General Electric, whose CEO Jeffrey Immelt chaired President Obama's Council on Jobs and Competitiveness, was awarded $241 million in ARRA funds on 158 awards. For $45.68 million as a prime recipient on 25 awards with $34.60 million in funds received so far, GE has reported job funding of 567.95 jobs. The funding came with GE spending $103.21 million on lobbying during the Obama years, including 16 specific lobbying reports related to the ARRA legislation. Immelt, meanwhile, is listed on the White House visitor's log with 27 entries, including a White House dinner with the president and other business leaders.

NEXT: The Stimulus Windfall