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Here Are The 29 Public Companies With More Cash Than The US Treasury

Tyler Durden's picture




 

As was pointed out yesterday, courtesy of a blistering $80 billion cash burn in the first half of July, Tim Geithner managed to reduce Treasury cash balances from $130 billion to $39 billion. Granted this number will increase next week after this week's $66 billion in Treasury auctions settle, only to drop once again when another batch of Bills mature and are not rolled. So in response to various inquiries we present the 29 public companies that hold more cash than the US Treasury does as of July 13 (Geithner is tied with Google at $39 billion). Not very surprising, two of the top 3 are Chinese companies. The third? Bank of America... Surely there is a good reason why BAC is preparing for rainy days.

And in related news, here are the 69 companies whose CDS trade inside of the US, or said otherwise, are perceived as less risky than the US government, whose default risk yesterday hit a one-and-a-half year high.

 

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Fri, 07/15/2011 - 11:56 | 1459723 swissinv
swissinv's picture

treasury bitchez

Fri, 07/15/2011 - 12:16 | 1459826 max2205
max2205's picture

Freddie Mac????!!!.... I'd have to see it to beleive it!

Fri, 07/15/2011 - 12:43 | 1459961 LawsofPhysics
LawsofPhysics's picture

Mark to unicorn accounting.

Fri, 07/15/2011 - 13:05 | 1460036 janus
janus's picture

clever

Fri, 07/15/2011 - 13:15 | 1460076 eureka
eureka's picture

Maybe ALL IS WELL in the USA?

The blowhorn today sayz: Meredith Whitney is losing credibility on Muni-defaults.

BAC full of cash, C beats earnings expectation.

I say we raise the debt ceiling and attack Iran and buy stocks and .... USA USA USA

Fri, 07/15/2011 - 13:33 | 1460152 janus
janus's picture

ALL is always perfectly WELL; till suddenly it ain't...what you've said is witty, and mainly because it's terribly prophetic.  If this Machine is not suddenly halted (and it's got at least a year...year and a half -- maybe two at the outside), we'll be pouring into persia and pakistan before you can say falafal (sp?)...and then the real fun starts.  Cue the Cossaks and Send In The Clowns.

Fri, 07/15/2011 - 21:40 | 1461438 plata pura
plata pura's picture

that would be empire running by the common and middling; however, the gentry be reading rhubarbs in poland; as germany starts to bump uglies with russia for their cheap labor and natural resources; these states united must wedge with poland........

Fri, 07/15/2011 - 21:53 | 1461458 janus
janus's picture

it seems we're looking at the world through the same lens...i agree with everything you said, and a lot more besides.  I will tell you this much, if GDR/RUS and (really anybody) China form a coalition with a common currency, you can bet janus will load up early -- despite my insistence on PMs.

These Germans give me nights sweats and the russians give me palpatations; and then i think, why even pretend it's not all going down that way? that's the inevitable conclusion if there's going to be a polar power shift in the traditional iterations of geopolitical evolution (and the shift is already shifting) -- my hopes are for a semi-stateless society...but just look at what happens with 'hope'. 

Fri, 07/15/2011 - 11:58 | 1459736 Xibalba
Xibalba's picture

moving 'wealth' around, bitches. 

Fri, 07/15/2011 - 12:23 | 1459865 Divided States ...
Divided States of America's picture

Exactly, its just a legal way for these crooks to funnel cash from the taxpayer to these filthy rich bastards. Look at all these financial institutions...Yeah, looks like the tables have turned...Freddie can bailout the treasury now.

Fri, 07/15/2011 - 12:24 | 1459868 Divided States ...
Divided States of America's picture

Exactly, its just a legal way for these crooks to funnel cash from the taxpayer to these filthy rich bastards. Look at all these financial institutions...Yeah, looks like the tables have turned...Freddie can bailout the treasury now.

Fri, 07/15/2011 - 12:25 | 1459878 Divided States ...
Divided States of America's picture

Exactly, its just a legal way for these crooks to funnel cash from the taxpayer to these filthy rich bastards. Look at all these financial institutions...Yeah, looks like the tables have turned...Freddie can bailout the treasury now.

Fri, 07/15/2011 - 11:58 | 1459737 trav7777
trav7777's picture

so yeah, um BAC is up there too and do you trust THEIR balance sheet?  I wouldn't trust a chinese one further than I could throw the BAC HQ

Fri, 07/15/2011 - 13:32 | 1460143 Rick64
Rick64's picture

Rampant accounting gimmicks and fraud. Business as usual.

Fri, 07/15/2011 - 11:58 | 1459738 Shineola
Shineola's picture

Holders of all this fiat will be unloading it soon.   Default or Hyper-inflation are the only two possible outcomes.

Let that sink in and shop accordingly.

 

Fri, 07/15/2011 - 13:44 | 1460182 espirit
espirit's picture

Shared Sacrifice. That term will be the pre-emptive strike.

Fri, 07/15/2011 - 11:58 | 1459739 Seasmoke
Seasmoke's picture

Beavis Geithner is going to need more than Turbo Tax to help him now

Fri, 07/15/2011 - 11:59 | 1459744 SilverDoctors
SilverDoctors's picture

more cash than the treasury, yes.  the ability to print and have the federal reserve buy their bonds, no.

Fri, 07/15/2011 - 12:59 | 1460023 whaletail
whaletail's picture

Doesn't matter if they're the same thing. Maiden Lane, anyone? 

Fri, 07/15/2011 - 12:00 | 1459747 mfoste1
mfoste1's picture

hmmmmm

Fri, 07/15/2011 - 12:00 | 1459752 janus
janus's picture

that second list looks like a copy of almost every single old-money portfolio I've had the pleasure to scan...and, yes, BOA is eerie.

Fri, 07/15/2011 - 12:10 | 1459783 hedgeless_horseman
hedgeless_horseman's picture

THB or a former minion? 816XX?

Fri, 07/15/2011 - 13:43 | 1460179 janus
janus's picture

Mr. Horseman,

I'm flummoxed.  Now, don't get me wrong, i'm a regular wiz with the ciphers, and I've even had a bit of training in the crypto field, but i cannot make hide nor hair of this enigma, "THB or a former minion? 816XX?"  Some of the words look familiar, but the bookends -- THB and 816XX -- are the tar-babies.

Fri, 07/15/2011 - 14:34 | 1460361 hedgeless_horseman
hedgeless_horseman's picture

You answered the question.

Fri, 07/15/2011 - 17:15 | 1460963 janus
janus's picture

i kind of knew what you were driving at...no, never had an official residence in colorado -- love vail and snow mass though, and I have passed through co springs a few times.  Just couldn't put together who THB may be.

Fri, 07/15/2011 - 12:01 | 1459753 SWCroaker
SWCroaker's picture

The US Treasury is over 14T in debt.  I'm pretty sure I have more cash than them, if you do running totals...

Fri, 07/15/2011 - 12:10 | 1459814 SumDumGuy
SumDumGuy's picture

+14000000000000

Fri, 07/15/2011 - 12:26 | 1459884 Agent P
Agent P's picture

Well, if you want to talk net cash, I'm pretty sure all the banks would fall away in a hurry.  Hell, BofA has about $500B in debt (not to mention over $1T in deposits). 

Fri, 07/15/2011 - 12:03 | 1459755 carbonmutant
carbonmutant's picture

AAPL didn't make the list?

and Sun was bought by Oracle...

how old is this thing?

Fri, 07/15/2011 - 12:33 | 1459916 Tyler Durden
Tyler Durden's picture

You do know that CDS tracks original obligors yes? There is still Merrill vs Bank of America CDS, a decent arb in fact.

Fri, 07/15/2011 - 13:34 | 1460148 carbonmutant
carbonmutant's picture

See that's why I hang around here, for the little known facts... thanks.

Fri, 07/15/2011 - 12:02 | 1459757 Dr. Engali
Dr. Engali's picture

If you don't have PMs you better have them soon.

Fri, 07/15/2011 - 12:04 | 1459770 The Axe
The Axe's picture

Love that Portugal banks all passsed the stress test.....fucking riot

Fri, 07/15/2011 - 12:04 | 1459772 The Axe
The Axe's picture

Love that Portugal banks all passsed the stress test.....fucking riot

Fri, 07/15/2011 - 12:07 | 1459792 RagnarDanneskjold
RagnarDanneskjold's picture

Most of those banks are insolvent, except for the Japanese ones that have stacks and stacks of depositers' yen in the vault. The Indian company is probably the only one that could actually aid the Treasury.

Fri, 07/15/2011 - 12:12 | 1459804 carbonmutant
carbonmutant's picture

Banco Pastor is Passe..

317M euro shortfall...

Fri, 07/15/2011 - 12:15 | 1459824 Hook Line and S...
Hook Line and Sphincter's picture

Nationalize these companies!

Tasty balance sheets ripe for .gov raping, Chavez style.

We can perpetuate the ponzi longer and give all of us additional ample time to buy PM's.

Does anyone here really want the system to crash just yet?   ; )

/sarc off

(yeah, I know, the trick would be on the government when they find that the off balance sheet liabilities came to light.)

Fri, 07/15/2011 - 12:14 | 1459829 mark mchugh
mark mchugh's picture

Can anyone explain to me how GE reduced its debt by $83B AND raised $66B in additional cash in less than three years?

http://web.archive.org/web/20081219191920/http://finance.yahoo.com/q/ks?...

 

Bueller?.....Bueller?.....Repo 105?....

 

 

Fri, 07/15/2011 - 12:26 | 1459873 LawsofPhysics
LawsofPhysics's picture

You are kidding right?  GE was one of the first to see 2008 coming and use it's lobbying influence and political clout to score war contract (from all side) and receive a bailout (via tax loopholes and numerous other mechanisms).  Being first ahead of the herd is always a good thing after all.

Fri, 07/15/2011 - 12:34 | 1459918 mark mchugh
mark mchugh's picture

I am aware of all those things, but it still doesn't explain a $149B shift in the basic condition of the company.

I'll buy that everything you mention could have improved it by $17B, the rest is crooked accounting.

Fri, 07/15/2011 - 12:41 | 1459953 LawsofPhysics
LawsofPhysics's picture

See the comments below.  Basically GE simply needed to restructure.  Something they thought was too painful and so they took the immoral route hoping the victim forgets the first rapist.  Pretty good plan, no one mentions their "the sky is falling and you must save us" claim, which was bullshit.  As an engineer and scientist I see things a bit differently,  the bottom line remains.  People who create REAL value, should be compensated appropriately.  The financial fucknuts the world over have forgotten their place in a sound economy and they have certainly forgotten the cost of creating capital in a finite universe.  Even if they collect more gold than me, they will still need to eat, and I am in agriculture in a strong like-minded community.  Default is fine with me, bring it.

Fri, 07/15/2011 - 12:49 | 1459987 mark mchugh
mark mchugh's picture

I remember now....you're crazy.

 

(my bad)

Fri, 07/15/2011 - 13:14 | 1460069 LawsofPhysics
LawsofPhysics's picture

Not crazy, just pissed.  We deal with many Pharmacia products (now GE Healthcare).  Their customer service and product line was 100x better before GE took them over (a hostile takeover with taxpayer monies by the way).  Government and financial kleptocracy are now one in the same.  The financial sector owns the government, period.  Again, default, bring it.

Fri, 07/15/2011 - 13:32 | 1460142 ebworthen
ebworthen's picture

Skol!

Fri, 07/15/2011 - 15:30 | 1460553 eureka
eureka's picture

Fuck GE, tax-evading scum. Owes IRS/US $100s BILLIONS.

Fri, 07/15/2011 - 15:59 | 1460683 Bananamerican
Bananamerican's picture

"I am in agriculture in a strong like-minded community"

where-ish?

Fri, 07/15/2011 - 12:31 | 1459905 Hook Line and S...
Hook Line and Sphincter's picture

Mark, I can explain this in a way that will clear it up for you.

  • Trans-extinct currency exemptions for national security purposes allow for select companies like GE to mark their assets to any historical market value by choosing any value from a very strict historical boundary between 1811-2210 AD.
  • Future projections for asset values can be considered accurate as long as they are verified by accredited soothsayers.
  • Liabilities denominated in FRN's when converted according to GAFAP (generally accepted fiat accounting principles) have a 30 year future heuristic modification that allows them to be considered an asset, as one day, in the future, will be responsible for growth of said company.
  • GAFAP Cash flow is has a exponential component that allows for proper translation. Potential cash raised, as long as it is to be invested in PM's (see form G.878.3a) is considered at realistic post fiat collapse values and denominated in either Ameros, Blue Dollars, or Alien Dinars.

Fri, 07/15/2011 - 12:36 | 1459932 mark mchugh
mark mchugh's picture

Thanks!

I'll buy that, Hook line and sinker!

Fri, 07/15/2011 - 12:50 | 1459988 Hook Line and S...
Hook Line and Sphincter's picture

That would be Hook, Line, and Sphincter... my family surname never 'rectifies' on the thread properly.

Fri, 07/15/2011 - 13:00 | 1460028 mark mchugh
mark mchugh's picture

Once again, I stand corrected.

Fri, 07/15/2011 - 13:56 | 1460220 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Sure, just a wink a few keystrokes!

 

Tuco Benedicto Pacifico Juan Maria Ramirez

Fri, 07/15/2011 - 12:18 | 1459849 Ying-Yang
Ying-Yang's picture

Say... can't the Treasury just contact the foreign banks the Fed lent money to and ask for a DO-OVER?

Fri, 07/15/2011 - 15:13 | 1460479 Monday1929
Monday1929's picture

A DO-OVER! You know, that just might work.

Fri, 07/15/2011 - 15:35 | 1460570 eureka
eureka's picture

The Fed "lent" easy-print to foreign banks - in order to secure US banks against their rotten CDS insurance of said foreign banks, which said US banks' insurance eventual payouts will reveal US private finance AND Fed/national insolvency.   

Fri, 07/15/2011 - 12:23 | 1459866 citta vritti
citta vritti's picture

not to worry, maybe.

of the 29 listed, 11 are or own Treasury primary dealers. The aggregate cash positions of just these 11 is roughly $1.95 trillion, so maybe it’ll be time for them to start paying for their privileged positions by picking up the slack in any upcoming Treasury auctions. All yur base are belong to U.S.

Fri, 07/15/2011 - 12:33 | 1459915 VA Voter
VA Voter's picture

You guys ever hear of SORTING?

Fri, 07/15/2011 - 12:34 | 1459919 Tyler Durden
Tyler Durden's picture

All the data is sorted. What exactly is confusing you?

Fri, 07/15/2011 - 13:33 | 1460150 hedgeless_horseman
hedgeless_horseman's picture

Too many columns?

Fri, 07/15/2011 - 14:58 | 1460438 VA Voter
VA Voter's picture

Try alphabetically.

Fri, 07/15/2011 - 12:34 | 1459917 JW n FL
JW n FL's picture

JP Morgan? that is not ALL the JP Morgans combined around the World.. that is the US arm all by itself. JP Moragn is larger that the Top 10 Combined by multiples.

Fri, 07/15/2011 - 12:44 | 1459966 PulauHantu29
PulauHantu29's picture

Great List! Thank you.

Looks correct.

Merck...everyone needs drugs in America

McDonald's....and of course, we all need a Big Mac...

I am surprised Starbucks is not on there...and how about Donut places....

Fri, 07/15/2011 - 12:56 | 1460011 Wannabee
Wannabee's picture

Surely Zynga is good for a couple T's aren't they. Farmville being the cash cow that it is...

Fri, 07/15/2011 - 12:46 | 1459973 mark mchugh
mark mchugh's picture

I counted 11 of the primary dealers in there....

US debt can be counted as cash, right?  So they're rich because they hold US debt...the US needs cash and US debt is considered the same as cash.....

This should end well.

Fri, 07/15/2011 - 12:53 | 1460003 baby_BLYTHE
baby_BLYTHE's picture

according the chairsatan T-Bills are not money along with Gold.

Fri, 07/15/2011 - 13:03 | 1460035 mark mchugh
mark mchugh's picture

I limit myself to two apologies on a thread.

And I'm not going to apologize for that (see first sentence).

Fri, 07/15/2011 - 13:21 | 1460105 bigdawg
bigdawg's picture

Funny, the companies considered lower risk than the US government all provide actual products and services...didn't see one bank on it.

Fri, 07/15/2011 - 13:29 | 1460129 WilliamShatner
WilliamShatner's picture

As Alan Watt says, "bankers (and lawyers) run the world.... they can't lose no matter what they do".

 

Fri, 07/15/2011 - 13:35 | 1460155 bigdawg
bigdawg's picture

Banker business plan:
Borrow short, lend long...lever it up...explode...run to "the people" to get bailed out for doing "God's work"...Repeat ad infinitum.

Those bankers are really smart guys...no wonder they have all the money.

Fri, 07/15/2011 - 14:48 | 1460400 sasebo
sasebo's picture

Are you sure it'e because they're smart? Or could it be because they're greedy, psychopathic assholes? 

Fri, 07/15/2011 - 16:07 | 1460740 Herd Redirectio...
Herd Redirection Committee's picture

I think they are definitely psychopaths (thanks PsychoNews!) but probably more control freaks than greedy.  More money is just more control to them.

But yeah, not feeling emotions is a great way to fit right in with those at the top, and get a share of their ill-gotten gains.

Its  a club, and us regular emotion-feeling humans are not invited.

Sat, 07/16/2011 - 08:14 | 1461885 old naughty
old naughty's picture

take the emotion-feeling out...

on second thought, take the regular out as well.

 

Sat, 07/16/2011 - 12:38 | 1462086 Ag Star
Ag Star's picture

The answer is both. Smarter because they're getting away with it. I

knew that once Americans bought that whole 9/11 bullshit--they would

buy anything.  I rest my case.

 

Fri, 07/15/2011 - 13:50 | 1460204 Bartanist
Bartanist's picture

Oddly enough almost all banks ... and they create their money out of thin air and debt.

Fri, 07/15/2011 - 13:53 | 1460212 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

A good partial listing of the companies heading up the worldwide corporate fascist state.  Eliminate them all and the New World Order is dead!

 

Tuco Benedicto Pacifico Juan Maria Ramirez

Fri, 07/15/2011 - 13:52 | 1460210 digalert
digalert's picture

Gee, look at GE right in the middle of all them banksters. I thought Government Electric (GE) got out of the financial biz...

guess not

Fri, 07/15/2011 - 14:09 | 1460265 ebworthen
ebworthen's picture

 

Can we call it a "slave ownership" list for U.S.A. citizens chained to the yoke of the klepto-oligarchy?

 

Fri, 07/15/2011 - 14:33 | 1460356 kkam
kkam's picture

Hey, what is a medium sized Indian auto parts maker Gujarat Automotive Gears doing on this list? There's no way that company has $86 billion in cash on hand!! 

Fri, 07/15/2011 - 14:58 | 1460437 Natasha
Natasha's picture

The vast majority in the top list are banksters. Funny how DC is hot to bail these ass-holes out every time they sneeze. There is something seriously wrong with that picture.

Fri, 07/15/2011 - 16:34 | 1460836 Lord Koos
Lord Koos's picture

Several bailout recipients on that list.

Sat, 07/16/2011 - 09:08 | 1461912 Lazane
Lazane's picture

was wondering if any of the list has a vault stacked with real money.

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