30 Jul '11, 3pm

Apple is richer than US government

Apple is richer than US government

AsiaOne Saturday, Jul 30, 2011 Maker of popular smartphone and tablet, Apple Inc, is more cash-rich that the US government. In its latest earnings announcement, Apple said that its cash holdings has gone past US$76 billion, a large part of which came from sales of the iPad and iPhone. The US government, on the other hand, has US$73.7 billion in cash reserves. Meanwhile, Congress and Republicans are still in a deadlock over the US debt ceiling as the Aug 2 deadline to raise it nears. Treasury Secretary Tim Geithner told Congress he would have to suspend investments in federal retirement funds until Aug 2 to allow the government more room to continue borrowing in the debt markets.

Full article: http://www.asiaone.com/News/Latest+News/Science+and+Tech/...

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