Right now in Washington, D.C., representatives of our cash-strapped government are frantically scrambling to avoid defaulting on billions of dollars in loans. But on the opposite coast in Cupertino, California, Apple executives are laughing all the way to the bank. The personal electronics company recently reported record earnings that place it firmly ahead of the United States government in terms of wealth.
Apple now has a whopping $76.2 billion in cash reserves, whereas the treasury currently only has $73.8 billion in its coffers. And unlike Uncle Sam, Steve Jobs and co. don't have any terrible debt holding them underwater.
[CNN]
