Apple has over $80 BILLION in cash

[cheguvera]

(which is more than the U.S. government)… but CEO says it's not 'burning a hole in his pocket'


By John Stevens (http://www.dailymail.co.uk/home/search.html?s=&authornamef=John+Stevens)

Last updated at 2:28 AM on 29th October 2011



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Apple now has over $81.5 billion in cash in the bank, which is more than the U.S. government, it has been revealed.

But chief executive Tim Cook said the bundles of cash are not 'burning a hole in his pocket' and will not be doing 'silly things' with it.

The technology company revealed its massive reserves in its 10-K filing, which also showed that it has 13.2 million square feet of building space and 60,400 full-time employees.


http://i.dailymail.co.uk/i/pix/2011/10/29/article-0-0E6D908200000578-820_468x577.jpg Boss: Apple chief executive Tim Cook says the bundles of cash are not 'burning a hole in his pocket' and will not be doing 'silly things' with it

The documents show that Apple made $37.5 billion in cash profits in the fiscal year, despite complaints earlier this month that it had 'missed' expectations.

Mr Cook, who took over from Steve Jobs in August, told investors that he is no rush to decide what the company will do with the money in a call earlier this month.


Read more: http://www.dailymail.co.uk/news/article-2054943/Apple-80-BILLION-cash-U-S-government.html#ixzz1cBT8bUUB

[cheguvera]

a typical feature of a brutal capitalism
:wub:

[Rafiq]

No amount of work deserseves that much money. How can a human being "Work" that hard for that money? is that the excuse they want to use? No amount of labor from a single individual can create 80 billion dollars.

But I am not surprised. I just posted this so users can use this as an argument against the whole "work hard and get rich" argument.

[Q]

So? What is your point? Nationalise Apple?

Before we - as a class - can nationalise anything, we - as the far left - have to get our act together and unite in a common party on a communist programme and try and merge this programme with the existing movements of our class, so as to try and organise the working class movement as a party-movement that can form our class, politically as a collective, to become a potential ruling class. The point is then to seize power as a class.

Then can we socialise Apple, and large parts of the economy besides that corporation, in our interests.

[Die Neue Zeit]

The US doesn't have the kind of economy-wide indicative planning (http://www.revleft.com/vb/behavioural-political-economy-t161630/index.html) necessary to tackle this massive surplus capital problem.

[Q]

The US doesn't have the kind of economy-wide indicative planning necessary to tackle this massive surplus capital problem.

This is actually a good point and quite typical of the limits of planning within capitalism. Planning, very sophisticated at that, does occur, but only within corporations. To start planning at the level of the whole society, requires a political alternative, like the one I sketched in my previous post.

In short: Apple's 80 billion are save as long as the capitalist minority remain in control of their political system.

[Smyg]

Apple should totally buy a country. What else can you do with that much cash?

[Q]

Apple should totally buy a country. What else can you do with that much cash?

To be quite clear: $80 billion is really not that much. It is maybe a huge amount for us mortals, but on the level of the system's wide operation, this is small change. Maybe Apple can use it to buy up some interesting companies, such as the company that originally developed Siri a few years back.

[S.Artesian]

$80 billion? That's nothing. Nonfinancial US corporations hold app $1.9 trillion in cash and cash-type assets on hand in the US. Nobody knows how much they hold overseas. For example Cisco has $4 billion in cash in the US and about $25 billion in cash overseas [Cisco being one of the few companies that releases this information].

The US Treasury doesn't know. The Fed doesn't know. The US Bureau of Economic Analysis [Dept. of Commerce] doesn't know.

Apple doesn't hold that amount of cash as an "individual." It holds it as a corporation from accrued earnings, short-term investments, and... if it has issued any debt, cash generated through debt sales [although many hi-tech firms generate sufficient cash flows to avoid utilizing debt].

This has nothing to do with how much any individual is worth [despite the bullshit that says corporations are people]. It's a measure of earnings power, accumulation, profitability.


And it is no refutation of the "work hard and get rich" ethic. It confirms the "make others work hard, and you'll get rich" ethic.

[Smyg]

I'm personally assuming that $80 billion would be just sufficient to buy incredibly large assets in a developing country.

[Die Neue Zeit]

This is actually a good point and quite typical of the limits of planning within capitalism. Planning, very sophisticated at that, does occur, but only within corporations. To start planning at the level of the whole society, requires a political alternative, like the one I sketched in my previous post.

In short: Apple's 80 billion are save as long as the capitalist minority remain in control of their political system.

Actually, comrade, my point was with regards to threshold reform demands. I already illustrated examples of indicative planning in Japan and France, and the implicit proposal is to implement it "on steroids" by combining those two models. We already have the technology, just not the "political will."

Still, computerized indicative planning is inherently limited, compared to the manual directive planning practiced under Stalin and Khrushchev, and certainly compared to the computerized micro- and macro-planning in Cockshott's model.


$80 billion? That's nothing. Nonfinancial US corporations hold app $1.9 trillion in cash and cash-type assets on hand in the US. Nobody knows how much they hold overseas. For example Cisco has $4 billion in cash in the US and about $25 billion in cash overseas [Cisco being one of the few companies that releases this information].

The US Treasury doesn't know. The Fed doesn't know. The US Bureau of Economic Analysis [Dept. of Commerce] doesn't know.

Apple doesn't hold that amount of cash as an "individual." It holds it as a corporation from accrued earnings, short-term investments, and... if it has issued any debt, cash generated through debt sales [although many hi-tech firms generate sufficient cash flows to avoid utilizing debt].

All the more reason to criticize your own lack of immediate proposals and take a look at economy-wide indicative planning.

[cheguvera]

capitalism looks as a strong rock, but it lies on a very weak base.It looks so strong so no one notices its precarious,unstable postion. When it starts to fall apart, that is it.

[S.Artesian]

Really? Not so much. It doesn't fall. It has to be pushed.

[RED DAVE]

All the more reason to criticize your own lack of immediate proposals and take a look at economy-wide indicative planning.And where, pray-tell, does workers control of economy, fit into this "economy-wide indicative planning"? How does workers control, beginning with and stemming from, workers control of the workplaces, fit in?

As I've said beofre, your notions are a bizarre combination of stalinism and social democracy.

RED DAVE

[NewLeft]

And the economy is not already business friendly.. Steve Jobs?

[cheguvera]

Really? Not so much. It doesn't fall. It has to be pushed.
good.find the right place to push it.:thumbup1:

[cheguvera]

To be quite clear: $80 billion is really not that much
may be. but even few billions are well worth for most of the countries on this earth.I mean for third world.:confused:

[Q]

good.find the right place to push it.:thumbup1:

See post #4 ;)

[GatesofLenin]

All this money and corporations are still claiming that they can't afford to work-in-country? I call BS! For example, Apple can setup factories in the US and assemble their products there. Pay good wages and still make a profit. Looks to me like capitalists have a slavery fetish and need that knowledge to sleep well at night.

[Catma]

What they have is a profit fetish. Why would you hire more expensive workers just because you can afford to? It's not their job to keep society stable, that's for the cops and army.

[S.Artesian]

What "they" are is a capitalist organization-- profit isn't a fetish, or "just" a fetish; it's the necessity of existence.