The New York Observer:
Looking further down the road, Jindal is also potentially equipping himself with a valuable calling card—an anecdote he can relate in interviews, speeches, and debates as 2012 approaches. You can almost picture the Jindal mailers hitting Council Bluffs sometime in December 2011, with one of the bullet points reminding Republicans that "Governor Jindal had the courage to take Barack Obama's check and tear it up."
.... it appears, he [Jindal] manufactured a technicality to justify refusing only a portion of the money. This way, he avoids a mutiny back home but still gets to brag to Republicans in Iowa about turning Barack's money away.