We all know that Mitt Romney is obscenely wealthy, but how did he get that way? Robert Reich explains the magic trick behind Bain Capital’s profits:
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Is Apple Holding More Cash Than The U.S.?
Photo: TheIronLion
Do US companies have more money than the US government? Recent financial figures show that Apple does. Via BBC News:
Apple now has more cash to spend than the United States government.
Latest figures from the US Treasury Department show that the country has an operating cash balance of $73.7bn (£45.3bn).
Apple’s most recent financial results put its reserves at $76.4bn (£46.9bn).
The US House of Representatives is due to vote on a bill to raise the country’s debt ceiling, allowing it to borrow more money to cover spending commitments.
If it fails to extend the current limit of $14.3 trillion (£8.7tn) dollars, the federal government could find itself struggling to make payments, and risks the loss of its AAA credit rating.
[Continues at BBC News]… Read the rest
