Source: http://www.zerohedge.com/news/2012-09-30/presenting-worlds-biggest-hedge-fund-you-have-never-heard
Its called Braeburn Capital and is located in Reno, NV. It manages the $100 billion+ "sovereign wealth fund" of the Republic of Apple. When you buy Apple stock you are really buying shares in this hedge fund. Most of its actual cash is in bank accounts in Ireland, the Netherlands, Luxembourg and the British Virgin Islands. It won't send the cash back to the US because it would have to pay capital gains taxes of 20% on it. Apple - the biggest tax "avoider" in the world.
Apple's latest strategy is to issue bonds to raise cash domestically to pay dividends and buy back stock. Can the interest on the bonds be paid from the off-shore accounts?
See also: http://www.nytimes.com/2012/04/29/business/apples-tax-strategy-aims-at-low-tax-states-and-nations.html
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