The billionaire investor says the ultra-rich should pay more in taxes. MoneyWatch checks his math.
You could call it one heck of a rainy-day fund. Collectively, Corporate America is sitting on a record $2 trillion in cash, according to the Federal Reserve. The top 20 companies in the S&P; alone account for $1.4 trillion of that. Why so much cash? Firms are squeezing as much productivity as possible out of existing employees, but, in the aftermath of the financial crisis, they aren't seeing enough demand to justify spending their money to hire new workers. Following S&P;'s downgrade of U.S. Treasury bonds, and the manic-depressive stock market action that followed, it looks as if that rainy day has arrived.
Here's a look at the top 10 public companies that have been hoarding cash:
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1. Citigroup |
 Getty ImagesCash: $526 billion If Citigroup were a country, it would be slightly larger than South Africa, which has a GDP of $524 billion the 26th largest in the world. Banks typically keep more cash on hand than other companies to comply with federal regulations.
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mlgaree
Isn't it interesting that the TOP THREE richest companies are banks?! Wonder where many of them would be without the MASSIVE infusion of taxpayer dollars they received during the last "bail-out"?
Oh, and by the way, the taxpayers shouldn't expect to be shown any gratitude for their largesse. Rather, banks continue to horde money (after they pay their executives their obscene salaries and bonuses), and unless a lowly taxpayer has at least an 800 Beacon credit score, they need not apply for any type of loan.
Banks are run by the most greedy, disloyal people ever to exist on the face of the Earth. They would literally run over their own mothers to get the dime that may be in their purses, and then back over her again just for good measure.
Michael Garee
CMonster67
Given the US monetary system, why shouldn't the top
companies be banks? Given the system, we'd be up the so
much worse off if the banks couldn't figure out how to utilize
the system.
southsidemike
Where are the jobs? The dems should be yelling this everyday at the top of their lungs!
NEW YORK — Stocks rose for a third straight day Monday after Google and other companies announced acquisitions totaling ...
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