1. RICH

    Apple Has More Money Than U.S. Treasury

    Paul Sakuma / AP Photo

    As the U.S. government struggles to reach an agreement on the debt-ceiling, the U.S. Treasury's balance has fallen behind Apple Inc. The balance fell to $74 billion behind Apple's $76 billion. Apple is the second largest company in the world by market value, at nearly $362 billion. The number is a bit deceiving, however. Apple's balance represents the amount of cash held in its bank accounts, while the U.S. Treasury's number represents the amount of cash left before it hits the legal debt limit, and it can be changed by the federal government. "One of the reasons U.S. companies have amassed so much cash is that it provides them financial flexibility in times of heightened uncertainty," said Laurie Simon Hodrick, a professor of business economics at Columbia University's business school. While Apple is certainly a very large company, just behind Exxon Mobil Corp., the U.S. government will spend nearly $3.8 trillion this year, or ten times Apple's worth.

    Read it at Los Angeles Times