President Barack Obama has been bashing companies that pursue corporate inversions, offshore mergers executed to reduce taxes. Peter Cook of "Bloomberg" reported Wednesday that some of the people behind the deals happen to be some of the President's biggest donors. ABC's Jonathan Karl asked Deputy Press Secretary Eric Schultz Wednesday whether or not President Obama would return the donations from those supporters. His answer was a definitive no.

"Bloomberg" said there were at least twenty Obama associates engaging in the practice:

Executives, advisers and directors involved in some of the tax-cutting transactions include Blair Effron, an investment banker who hosted Obama for a May fundraiser at his two-level, 9,000-square-foot apartment on Manhattan’s Upper East Side.

Others are Jim Rogers, co-chairman of the host committee for the 2012 Democratic National Convention; Roger Altman, a former senior Treasury Department official who raised at least $200,000 for Obama’s re-election campaign; and Shantanu Narayen, who sits on the president’s management advisory board.

Karl asked Deputy Press Secretary Eric Schultz if the president will return donations from these donors. Schultz responded with a strong “No.”

In a skeptical tone, Karl pressed, “Why not? These guys are profiting off the very practice that the president has condemned and wants to see stopped. Essentially the president has profited himself–his political apparatus has profited–by taking contributions from people who made money doing exactly this."

Defending his boss, Schultz responded, "I guess I would understand the skepticism more if we weren’t doing something to tackle the problem. But instead we are going after any company that renounces its citizenship in order to pay less in taxes.”

“Why not renounce those affiliations?” Karl asked. Schultz ended the conversation with a dodge, explaining that the President wanted to criticize the practice rather than the people who engage in it.