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Monday, May 30th

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A third of cash is owned by 5 U.S. companies

Cash owned by five corporationsThe rising cash holdings of U.S. corporations is increasingly in the hands of a few U.S. companies, with just five tech firms having grabbed a third of it. And nearly three-quarters of cash held by non-financial U.S. companies is stashed overseas outside the long arm of Uncle Sam.

Apple (AAPL), Microsoft (MSFT), Alphabet (GOOGL), Cisco System (CSCO) and Oracle (ORCL) are sitting on $504 billion, or 30%, of the $1.7 trillion in cash and cash equivalents held by U.S. non-financial companies in 2015, according to an analysis released Friday by ratings agency Moody's Investors Service.  That's even more cash concentration in previous years, as these five companies held 27% of cash in 2014 and 25% in 2013. Apple alone is holding more cash and investments than eight of the 10 entire industry sectors.

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Poll: Two-thirds of U.S. would struggle to cover $1,000 crisis

One thousand dollars emergency out of reach for two thirds of AmericansTwo-thirds of Americans would have difficulty coming up with the money to cover a $1,000 emergency, according to an exclusive poll released Thursday, a signal that despite years of recovery from the Great Recession, Americans' financial conditions remain precarious as ever.

These financial difficulties span all income levels, according to the poll conducted by The Associated Press-NORC Center for Public Affairs Research. Seventy-five percent of people in households making less than $50,000 a year would have difficulty coming up with $1,000 to cover an unexpected bill. But when income rose to between $50,000 and $100,000, the difficulty decreased only modestly to 67 percent.

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America's top CEOs pocket 355 times more than average workers

Mario GabelliThe US’s top 500 chief executive officers earned 355 times the average worker’s wage last year, taking home $12.4m on average, according to a new report.

The analysis by the AFL-CIO, the largest federation of US unions, found that the pay of executives leading the S&P 500 index of top companies actually dipped last year. In 2014 the same group earned 373 times more than their workers, earning on average $13.5m.

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U.S. banks help their best customers find their way to offshore accounts

offshore accountsIn the spring of 2015, Miami-based Citigroup banker Victor Olivo emailed the law firm at the heart of the Panama Papers scandal. He had a wealthy client who needed assistance.

Mossack Fonseca’s leaked emails describe the client as globetrotting entrepreneur Naman Wakil, who is worth about $400 million and has business interests in both North Carolina and Miami. He wanted to reduce his U.S. tax liability and protect his assets from creditors, his lawyer’s memo indicates.

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Best-paid U.S. hedge fund managers take home $13 billion

Hedgefund managers make 13BHedge funds lost money for their investors last year but the industry's top-paid managers had a banner year, with five men earning more than $1 billion each in 2015, an industry survey released on Tuesday showed. (See the survey here)

Together, the 25 best-paid hedge fund managers took home $13 billion, 10 percent more than the previous year. For many, computer models played a critical role in their success, according to Institutional Investor's Alpha's 15th annual ranking of the industry's highest-earning managers. (See the top-10 highest compensated hedge fund managers.

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Panama Papers include at least 36 Americans accused of fraud

Panama Papers exposes AmericansThe journalism organization that received 11.5 million documents exposing the way global leaders hide their assets released a giant batch of those documents to the public on Monday.

The International Consortium of Journalists did not release all the documents, which have become known as the Panama Papers and have already led to the downfall of one world leader and several financiers. Instead, the consortium conducted a "careful release" of documents that shields personal information of the people named, including bank account numbers, passport information, email addresses and telephone numbers.

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SunEdison files for Chapter 11 bankruptcy protection

SunEdison files for bankruptsyU.S. solar energy company SunEdison Inc (SUNE.N) filed for Chapter 11 bankruptcy protection on Thursday, becoming one of the largest non-financial companies to do so in the past 10 years.

Once the fastest-growing U.S. renewable energy developer, SunEdison embarked on an aggressive acquisition strategy that left it struggling with $12 billion in debt.

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