U.S. companies are sitting on a massive $1.2T cash pile, Moody’s says in a new report, and more...

|By:, SA News Editor

U.S. companies are sitting on a massive $1.2T cash pile, Moody’s says in a new report, and more than half of it is stashed overseas. The tax code is to blame and it will get worse without “permanent tax reform that lowers taxes on overseas profits,” Moody’s says. Apple (AAPL) is a major factor: In 2011, overall corporate cash would actually have decreased by $6B if not for Apple’s $46B increase.