Saturday, October 29, 2011

Apple's $81.5 Billion in Banks Not Burning Hole in CEO's Pockets

Full Story: Mail Online

Tim Cook (L) and Steve Jobs (R)
Steve Jobs Apple is far richer than the US Government with its $ 81.5 billion cash in the bankBut the present CEO Tim Cook, who took over from Jobs in August, says that the bundles of cash are "not burning a hole in his pocket" and will not be doing "silly things" with it. Apple made $37.5 billion in cash profits in the fiscal year, despite complaints earlier this month that it had 'missed' expectations.

Apple's money man however says that only a third is in the US banks, while 66% of this enormous money, kept in cash equivalents and marketable securities, is in overseas banks for TAX REASONS


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