[redis_mlc]

You're partly correct but here's an overview of what's really going on.

The money is "brought back" (if it even left) into segregated accounts in the US. Most of that US off-shore money is in New York to avoid currency risks, etc. Then those accounts are used as collateral (if needed. I doubt if anybody says to Apple, "Where's your collateral?") for loans.

Also, the biggest money havens in the world are 2 US states, with special privacy laws. All those guys playing games in Panama, etc. were better off just using US state tax shelters.

[blueblisters]

> The money is "brought back" (if it even left) into segregated accounts in the US. Most of that US off-shore money is in New York to avoid currency risks, etc. Then those accounts are used as collateral (if needed. I doubt if anybody says to Apple, "Where's your collateral?") for loans.

This is super interesting. stupid question perhaps: does Apple have the reserves to move a small currency if they decide to convert their cash all at one go?

[demadog]

Which states are those?

[wolco2]

Delaware to incorporate and East Texas to file patents?

[redis_mlc]

No, those states have well-understood roles, though East Texas is diminishing in importance because of the notoriety.

There's a couple of states that quietly hide money, nothing to do with any useful purpose to the public.

[gscott]

South Dakota is one