Friday, July 29, 2011
Does Apple Really Have More Cash On Hand Than the US Government?
Apple cannot print money and doesn't collect taxes. It just sells products that customers want to buy. But according to the latest daily statement from the U.S. Treasury, Apple has a higher operating cash balance than the US Treasury. The government had $73.8 billion at the end of the day yesterday, while Apple's latest earning report indicated the company had $76.2 billion in cash and marketable securities at the end of June. In other words, the world's largest tech company has more cash than the world's largest sovereign government. The reason is simple: Apple is extremely careful about how it spends its cash, while the government...... well, you fill in the answer.