PETULANT PLUTOCRAT OF THE WEEK
Apple
computers is currently sitting on $137 billion in cash, a hoard
that’s rising daily by about $117 million. What could Apple be doing
with all that loot? Apple could cut prices on its famously high-priced gadgets. Or improve wages for the workers who put Apple gadgets together in China. Or pay up on its billons in avoided U.S. corporate taxes. Or, suggests hedge fund billionaire David Einhorn,
Apple could start distributing lots of cash back to shareholders just
like him. Einhorn’s Greenlight Capital bought big into Apple when the
company’s shares were soaring. But Apple shares have tanked 33 percent
since last September, and hedge funds like Greenlight have become
restless. Apple so far hasn’t taken kindly to Einhorn’s suggestion. So
Einhorn last week filed suit against Apple in New York federal district court.
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