Apple (AAPL) plans to build a $304 million campus in Austin, Texas and more than double its workforce in that estimable state, according to Gov. Rick Perry.In making the announcement, Perry proudly proclaimed that it was a $21 million taxpayer subsidy that prompted Apple to commit.
That's right. Apple sits on about $97 billion in cash and other liquid assets but felt the need to pick the pockets of Lone Star State citizens to finance its expansion.
It's true that all of Apple's money isn't stashed in a corporate mattress and some of it is needed to smooth out cash flow, meet emergencies and other legitimate purposes. But investor Kurt Shrout writing at the Seeking Alpha site contends Apple could pare its cash hoard down to about $56 billion and still be proportionately as fat and comfy as any of its industry counterparts.
And it could pay for a new Texas HQ with petty cash.
