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(Yahoo)   Apple has a bank account with $74 Billion in it, or roughly the entire networth of Citigroup, earmarked for taxes it knows it will never pay, a maneuver that allows it to under-report its earnings by nearly half   (news.yahoo.com) divider line 64
    More: Interesting, Apple Inc., Citigroup, account of profits, income taxes, tax analysts, Citizens for Tax Justice, accounting practice, corporate citizen  
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2834 clicks; posted to Business » on 24 Jul 2012 at 5:50 PM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



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2012-07-24 03:48:47 PM
By no means should we ever close these loopholes. Taxes are theft, so the lie is justified.
 
2012-07-24 03:59:12 PM
WTF are they doing with all that money? How much money does it take to introduce yet another ipad with slightly enhanced features? I'm only partly trolling with that question.
 
ZAZ [TotalFark]
2012-07-24 04:04:55 PM
Thank short term incentives for this move. Investors require perpetual growth. Apple saw huge growth a few years ago. If the company reported a huge increase in profit investors would be happy in the short term only. In the long term they would sue Apple and its directors after profits dipped or grew too slowly. Instead the company shaved a few billion off reported earnings. The numbers were still good, making 2010 investors happy. The company has more room to keep earnings growing in the future, so investors in 2013 will be happy.

Substitute "stock market gamblers" for "investors" if you like.
 
2012-07-24 04:13:38 PM
They'll need that money in a few years to bring steve jobs back again.
 
2012-07-24 04:16:51 PM

beantowndog: They'll need that money in a few years to bring steve jobs back again.


Well, that brings up a very good question.

If you follow the Apple fan rhetoric, Steve Jobs came up with all that technology himself, and then built it all at the North Pole with his army of elves and magic fairy dust. The only reason Apple has other employees is because Jobs is so generous and he wanted to share his money.

Now that Jobs is no longer around, who's making all of these new products?
 
2012-07-24 04:17:44 PM

beantowndog: They'll need that money in a few years to bring steve jobs back again.


iBrains?
 
2012-07-24 04:30:14 PM
We NEED the temporary tax amnesty next year to bring all the foreign Apple profits to the US. How else will Apple create jobs? Despite a single shred of evidence that corporate welfare, like these tax breaks, helps stimulate the economy and create jobs, it's still the RIGHT thing to do.

/amidoinitrite?
 
2012-07-24 04:49:07 PM
It's for the iPyramid.
 
2012-07-24 05:20:58 PM

coco ebert: WTF are they doing with all that money?


Three words: Robo. Steve. Jobs.
 
2012-07-24 06:03:13 PM

coco ebert: WTF are they doing with all that money?


Two chicks at the same time...
 
2012-07-24 06:04:41 PM
Meh, sounds like the problem is with the tax code, not with companies using loopholes built into said tax code.
 
2012-07-24 06:04:57 PM

GreenAdder: beantowndog: They'll need that money in a few years to bring steve jobs back again.

Well, that brings up a very good question.

If you follow the Apple fan rhetoric, Steve Jobs came up with all that technology himself, and then built it all at the North Pole with his army of elves and magic fairy dust. The only reason Apple has other employees is because Jobs is so generous and he wanted to share his money.

Now that Jobs is no longer around, who's making all of these new products?


Oompa Loompas.

/no one ever goes in, no one ever comes out!
 
2012-07-24 06:05:20 PM
They've got all their money stored on iPlanet.
 
2012-07-24 06:12:28 PM

GreenAdder: beantowndog: They'll need that money in a few years to bring steve jobs back again.

Well, that brings up a very good question.

If you follow the Apple fan rhetoric, Steve Jobs came up with all that technology himself, and then built it all at the North Pole with his army of elves and magic fairy dust. The only reason Apple has other employees is because Jobs is so generous and he wanted to share his money.

Now that Jobs is no longer around, who's making all of these new products?


Babyboomer Jesus haseth risen from the grave!!!
 
2012-07-24 06:14:15 PM

change1211: Meh, sounds like the problem is with the tax code, not with companies using loopholes built into said tax code.


I agree. We need much, much, much, much more stringent and punitive tax codes, and to give the government more regulatory teeth.

Let's make it happen.
 
2012-07-24 06:16:57 PM
I have some questions for you Farkers who work in finance.

How do you stash $74 billion in cash overseas?

I assume it's not all locked up in gold coins in a Scrooge McDuck vault in Switzerland.

Is it split up into multiple regional accounts, in multiple currencies? If so, is it worth hedging cash, which probably generates minimal or even negative return?

Do you buy the short-term sovereign debt of the nation where it's stashed, or will a foreign bank hold it in T-bills for you?
 
2012-07-24 06:22:07 PM
a0.img.mobypicture.com

You got to pay what you owe.
 
2012-07-24 06:23:42 PM

InmanRoshi: change1211: Meh, sounds like the problem is with the tax code, not with companies using loopholes built into said tax code.

I agree. We need much, much, much, much more stringent and punitive tax codes, and to give the government more regulatory teeth.

Let's make it happen.


Agreed. However you'll have to make it happen, I'm Canadian.
 
2012-07-24 06:31:48 PM

Parthenogenetic: I have some questions for you Farkers who work in finance.

How do you stash $74 billion in cash overseas?

I assume it's not all locked up in gold coins in a Scrooge McDuck vault in Switzerland.

Is it split up into multiple regional accounts, in multiple currencies? If so, is it worth hedging cash, which probably generates minimal or even negative return?

Do you buy the short-term sovereign debt of the nation where it's stashed, or will a foreign bank hold it in T-bills for you?


it's usually stored in cash and cash "equivalents". Commercial paper, sovereign debt (where that's not a terrible idea), any sort of highly liquid and relatively safe investment
 
2012-07-24 06:33:58 PM

Parthenogenetic: I have some questions for you Farkers who work in finance.

How do you stash $74 billion in cash overseas?

I assume it's not all locked up in gold coins in a Scrooge McDuck vault in Switzerland.

Is it split up into multiple regional accounts, in multiple currencies? If so, is it worth hedging cash, which probably generates minimal or even negative return?

Do you buy the short-term sovereign debt of the nation where it's stashed, or will a foreign bank hold it in T-bills for you?


Some will stay in the country where it was earned, to support growth there. Other money will make its way to the Caribbean countries, and it will be reinvested in large cap equities.

Better than bringing the money back to the US, where it would be taxed first and then reinvested.
 
2012-07-24 06:44:06 PM

FinFangFark: coco ebert: WTF are they doing with all that money?

Two chicks at the same time...


Since the standard conversion is two chicks = $1 million, with that kind of money Apple could do 148,000 chicks at the same time.

writingfrommyheart.files.wordpress.com
 
JRB
2012-07-24 06:48:52 PM
Offshored money should be treated as forever gone, but there should be a penalty for maintaining outsized profits in foreign governments. Some calculation of whether any corporate partner or umbrella group holds a significant proportion of non-U.S. money, resulting in fewer benefits for any corporate operations within the U.S.

So long as foreign governments seek to undercut U.S. tax rates through lower protections and standards for their workers and environment, the U.S. will not be able to compete on a leveled field.

I say we start to free up some sweet Silicon Valley real estate by taxing the bejesus out of Apple for their HQ location, until they have no choice but to move their luckless engineers to Delaware or Dublin as part of a greed exodus of their own making. I'm thinking that the most valued Silicon Valley engineers would prefer to stay and work for a competitor.

sort of trolling, but go with it anyway...;-)
 
2012-07-24 06:58:28 PM

skullkrusher: it's usually stored in cash and cash "equivalents". Commercial paper, sovereign debt (where that's not a terrible idea), any sort of highly liquid and relatively safe investment


Commercial paper?

So, for example, Google and Apple could be writing IOUs to each other to avoid repatriating their cash hoards? o_O
 
rpm
2012-07-24 07:05:31 PM

FinFangFark: coco ebert: WTF are they doing with all that money?

Two 74,000 chicks at the same time...


FTFY.
 
2012-07-24 07:09:49 PM

beantowndog: They'll need that money in a few years to bring steve jobs back again.


Approves
leviathyn.com
 
2012-07-24 07:12:18 PM
Where are the Occupy Apple protestors? We need some help getting our money from these 1%'ers.
 
2012-07-24 07:28:39 PM
I wish that they'd buy Kodak for $10 per share...

/Or just cut me a check for $100k.
// 0.000127% of that cash reserve.
 
2012-07-24 07:30:58 PM
So it's money they earned overseas and they are keeping it there and not bringing it back to the US where it would immediately be taxed. And they are putting aside the money that they would have to pay in taxes as required by the US for if/when they bring that money back into the US.

Don't see any reason to get all butthurt about it since they've already payed the overseas taxes on the money.
 
2012-07-24 07:32:00 PM
I'm sitting here with Linus. We want know when does the great trickle down begin?

/Great Pumpkin running a bit late as well
 
2012-07-24 07:45:49 PM

Apeboy: I'm sitting here with Linus. We want know when does the great trickle down begin?


Just as soon as Linus makes this the year of Linux on the desktop.
 
2012-07-24 08:01:10 PM
Apple isn't doing anything other companies don't do. It's just that other companies don't have the anti-Apple propaganda machine grinding away 24/7, with paid shills and brainwashed douchebags parroting the sort garbage we see in this thread, and in this headline.
 
2012-07-24 08:06:12 PM

bingethinker: Apple isn't doing anything other companies don't do.


Which is strange for a company that promotes "Think Different" as a way of being.
 
2012-07-24 08:06:38 PM

shotglasss: Where are the Occupy Apple protestors? We need some help getting our money from these 1%'ers.


Tweeting about the problem on their IPhones?
 
2012-07-24 08:09:49 PM

bingethinker: Apple isn't doing anything other companies don't do. It's just that other companies don't have the anti-Apple propaganda machine grinding away 24/7, with paid shills and brainwashed douchebags parroting the sort garbage we see in this thread, and in this headline.



I would say that other corporations who have similar traits of Apple's get plenty of grief.

It's just that no one internet white knights Exxon or Monsanto because they've developed some sort of individual or group identity based on the type of gasoline or corn they buy.
 
2012-07-24 08:12:30 PM

bingethinker: Apple isn't doing anything other companies don't do. It's just that other companies don't have the anti-Apple propaganda machine grinding away 24/7, with paid shills and brainwashed douchebags parroting the sort garbage we see in this thread, and in this headline.


Apple disciples have a persecution complex that rivals Christianity.
 
2012-07-24 08:36:29 PM

unlikely: By no means should we ever close these loopholes. Taxes are theft, so the lie is justified.


Isn't the use of long distance phone service through a "blue box" theft?
 
2012-07-24 08:38:26 PM
InmanRoshi:

It's just that no one internet white knights Exxon or Monsanto because they've developed some sort of individual or group identity based on the type of gasoline or corn they buy.

fark you. TECHROLINE REPRAZENT, YO!
 
2012-07-24 08:44:13 PM

beantowndog: They'll need that money in a few years to bring steve jobs back again.


we have a winner
 
2012-07-24 09:04:30 PM

skullkrusher: Parthenogenetic: I have some questions for you Farkers who work in finance.

How do you stash $74 billion in cash overseas?

I assume it's not all locked up in gold coins in a Scrooge McDuck vault in Switzerland.

Is it split up into multiple regional accounts, in multiple currencies? If so, is it worth hedging cash, which probably generates minimal or even negative return?

Do you buy the short-term sovereign debt of the nation where it's stashed, or will a foreign bank hold it in T-bills for you?

it's usually stored in cash and cash "equivalents". Commercial paper, sovereign debt (where that's not a terrible idea), any sort of highly liquid and relatively safe investment


Ironically I'd bet a huge part of it is in T-bills bought on the secondary market
 
2012-07-24 09:06:33 PM

bingethinker: Apple isn't doing anything other companies don't do. It's just that other companies don't have the anti-Apple propaganda machine grinding away 24/7, with paid shills and brainwashed douchebags parroting the sort garbage we see in this thread, and in this headline.


No I bet there aren't other companies with nearly $100 billion that they are squirreling away from investors while refusing to declare a meaningful dividend
 
2012-07-24 09:22:20 PM
Liberals love Apple, right?
Apple uses Chinese labor in appalling working conditions.
Apple hides billions of dollars overseas to avoid paying taxes.
Apple gives no money to charity.
Apple's founder was a 1-percenter.
Apple's founder abandoned his own daughter as a child.

I don't see how you can support Apple and be a Liberal.
 
2012-07-24 09:50:29 PM
$74 Billion? Can't they buy Micrsoft and shut it down? Pretty Please.
 
2012-07-24 09:53:37 PM

browser_snake: Apple's founder was a 1-percenter.


He was in an outlaw motorcycle gang?
 
2012-07-24 10:18:44 PM

Magorn: while refusing to declare a meaningful dividend


There's that. Also with the kind of cash on hand they have, plus their cash flow, their whole building stuff in China thing strikes people as exceptionally hollow.
 
2012-07-24 10:27:54 PM

skullkrusher: it's usually stored in cash and cash "equivalents". Commercial paper, sovereign debt (where that's not a terrible idea), any sort of highly liquid and relatively safe investment


Bummer - I was picturing a big-ass mattress.
 
2012-07-24 11:00:25 PM

bingethinker: Apple isn't doing anything other companies don't do. It's just that other companies don't have the anti-Apple propaganda machine grinding away 24/7, with paid shills and brainwashed douchebags parroting the sort garbage we see in this thread, and in this headline.


What's it like, living every day knowing that no matter how much you shrill for Apple online, you'll never get to suck Steve Jobs cock?

On Apple:
Iirc, they haven't paid out money to investors in close to two decades. So what ARE they planning to do with all that money?
 
2012-07-24 11:02:34 PM

natgab: $74 Billion? Can't they buy Micrsoft and shut it down? Pretty Please.


Want to know how we know you don't know anything about how companies are bought and sold?
 
2012-07-24 11:03:56 PM

Satanic_Hamster: bingethinker: Apple isn't doing anything other companies don't do. It's just that other companies don't have the anti-Apple propaganda machine grinding away 24/7, with paid shills and brainwashed douchebags parroting the sort garbage we see in this thread, and in this headline.

What's it like, living every day knowing that no matter how much you shrill for Apple online, you'll never get to suck Steve Jobs cock?

On Apple:
Iirc, they haven't paid out money to investors in close to two decades. So what ARE they planning to do with all that money?


$2.65 per share on August 16th
 
2012-07-25 12:06:05 AM

browser_snake: Liberals love Apple, right?
Apple uses Chinese labor in appalling working conditions.
Apple hides billions of dollars overseas to avoid paying taxes.
Apple gives no money to charity.
Apple's founder was a 1-percenter.
Apple's founder abandoned his own daughter as a child.

I don't see how you can support Apple and be a Liberal.


Funny how that works. On the flip side McDonald's is probably the most decent corporation ever created and it seems they take the hate from liberals.
 
2012-07-25 01:40:45 AM
That $74billion is just to buy weasel chow to keep the accounting weasels fed.
 
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