What will Obama do after presidency? Extravagant plans backed by high-profile donors

A foundation and a library are in the cards for Obama.

President Barack Obama has begun working on a global foundation and library, making it him appear with the same kind of passionate discipline that got him to the White House, but for things not involving his current job.

MUNTINLUPA, PHILIPPINES (Catholic Online) - President Obama is privately planning out his future for after he leaves the White House. One of the many efforts of Obama, along with his high-profile aides, is cooking up an endowment and a library that could amount to $1 billion.

The planning included inviting thirteen famous personalities for dinner last February including, LinkedIn billionaire, Reid Hoffman; novelist, Toni Morrison; hedge fund manager, Marc Lasry; Silicon Valley venture capitalist, John Doerr; writer Malcolm Gladwell; founder of Sun Microsystems, Vinod Khosla; and actress Eva Longoria.

The guests were not asked to make contributions by the presidential aides, but those who were present at the dinner table can become possible donors for future projects. It was reported that the guests were asked to suggest ideas on what the chief of the state should do after his term.

President Obama's long-time friend from Chicago, Marty Nesbitt, who is leading the effort to map out the global foundation and the post-presidential infrastructure was quoted saying, "Where we'll end up, I don't know yet."

According to one adviser, the infrastructure is a "digital first" presidential library that will boast advanced technologies, and will eventually establish a foundation reaching out on a worldwide level. Obama's $1 billion plan is double the price of what former President Bush raised for his library and other programs.

Obama's supporters ask the President to not follow in the footsteps of Bill Clinton, as the Clinton's associates have pushed him to pursue more money from donors in the years to come, despite raising enough money to build a library in Little Rock, Arkansas. Obama's associates, on the other hand, aim to raise $800 million, which will be enough for the planned out foundation and library.

President Obama has already raised more than $5.4 million from 12 generous donors. The monetary gifts range from $100,000 to $1 million. Some donors were James H. Simons, a technology entrepreneur and Mark T. Gallogly, a private equity executive who both gave $340,000 each; founder of Chicago-based Newsweb Corporation, Fred Eychaner gave out $1 million; and then there's a businessman from Chicago named Michael J. Sacks, who donated $666,666.

The foundation officials stated that they will keep pushing for more donations once Obama leaves the White House. The library will be built in Chicago, where the current planning is taking place.

A year ago, Obama was asked what he might be doing in 10 years and he stated that he hasn't imagined yet what he will do by that time. Obama says he sees himself on a beach somewhere drinking out of a coconut when the next president is inaugurated.

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