Corporate America Stashes $206 Billion Overseas, Fights Minimum Wage Hike, Is The Worst The Huffington Post | by Mark Gongloff Email RSS Posted: 03/12/2014 10:41 am EDT Updated: 03/12/2014 12:59 pm EDT Print Article Share 1266 Tweet 205 14 Email 58 Comment 498 MORE: Cfo Survey Corporate Cash Overseas Chief Financial Officers Corporate America Offshore Tax Havens Corporate Taxes Cfos Corporate Greed Corporate Tax Loopholes Corporate Cash Mark Gongloff on Money Business News Hey, Corporate America, are you befuddled as to why you are widely considered the mustache-twirling villain in the tragicomedy that is the U.S. economy? Here are two pieces of news that might help explain. First, your chief financial officers shipped $206 billion in cash to overseas tax shelters last year, Bloomberg reported on Wednesday. The total amount of cash held in offshore havens rose to $1.95 trillion, according to Bloomberg, which is more than the combined market values of the six biggest companies in the U.S. (Fun fact: Some of those six companies are also major hoarders of offshore cash -- Apple, Exxon, Google and GE alone have $250 billion parked offshore, according to Bloomberg.) To add insult to injury, or maybe injury to injury, corporate CFOs are also staunchly opposed to raising the minimum wage, according to a new survey by Duke University and CFO Magazine. Tim Cook, CEO of Apple, which has one of Corporate Americas largest stockpiles of overseas cash.
Posted on: Fri, 14 Mar 2014 13:12:43 +0000
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