US Treasury

According to a report from Business Insider, Apple Inc has more money than the US government. The media portal said that "the world's largest tech company has more cash than the world's largest sovereign government."

Apple recently announced its financial results for the third quarter that revealed the company had $76.2 billion (£46.8bn) in cash and marketable securities at the end of last month.

US Treasury plans to sell shares of American International Group after the insurance company's stock posted a steady decline and closed near an 8-month low on Tuesday, as reported by the sources with the knowledge of the matter.

It is reported that the share sale may be about $10 billion, at the lower end of the $10 billion to $20 billion range sources had earlier forecast.

"Right now they're in a very tough spot just because the stock price has moved the way that it has," another source familiar with the situation said earlier on Tuesday.

The US Congress and Obama administration are under pressure of the largest US banks who call for a deal to increase the country’s debt limit, saying that even a short default could be devastating for the financial markets and economy. Congress and the White House face the need to raise the US debt ceiling, which stands at $14,300 billion.

The deadline for America comes on May 16 and the Treasury department has said that in the absence of congressional action, the world’s largest economy could default by early July.

The United States faces another financial crisis, says a governmental official. Phil Angelides, chairman of the Financial Crisis Inquiry Commission (FCIC), said that the financial crisis that crippled the economy could happen again.

He blamed regulators for lacking backbone and corporate management for being imprudent. Angelides said it was "striking how little has changed" since the crisis came to a close.

America has mounted further up the hill of its sovereign debt in fiscal 2010 with net liabilities reaching over $2 trillion according to a US Treasury report.

The central bank’s Financial Report of the United States that uses corporate-style accrual accounting methods to Washington reveals that government's liabilities exceeded assets by $13.473 trillion. That compared with a $11.456 trillion gap a year earlier.

Friday in Singapore, bullion steadied around its record high, as investors remained concerned over the economic recovery and cautious about the cautious about the volatility in the currency market.

Spot gold was modestly changed at $1,273.10 an ounce by 00:25 GMT, after having hit a new all-time high of $1,277.7 an ounce.

Gold is currently on course for a 2.4% rise from a week earlier, the biggest weekly rise in nearly 3 months.

Marc Faber, the author of "The Gloom, Boom and Doom Report," told that with its continued printing of money the US Federal Reserve will create a “final crisis” that will annihilate the US economy once for all. And thus he urges the investors who keep to the same view to hold stocks instead of bonds in their portfolios. Meantime, analysts expect that the Fed will decide to re-start easing monetary policy, possibly by buying assets, as early as Aug. 10 when the next meeting over policy is scheduled.

A Treasury Department report to the US Congress reveals that the US debt will reach $13.6 trillion this year and climb to an estimated $19.6 trillion by 2015. The report was sent to the Congress last week indicating that the ratio of debt to the gross domestic product would rise to 102 percent by 2015 from 93 percent this year.

Visitors of the US Treasure websites were hit by the cyber attack last week when the government websites redirected users to destinations which attempted to install malware on their PCs, a security researcher warned on Monday.

According to Roger Thompson, chief research officer of AVG Technologies, the infection buries an invisible iframe in bep.treas.gov, moneyfactory.gov, and bep.gov that invokes malicious scripts from grepad.com.

On Sunday China’s Commerce Minister Chen Deming made a statement that the Celestial Empire will immediately respond if the United States declares the country a currency manipulator and imposes trade sanctions. Washington was accused of politicizing the issue ahead of an April 15 deadline for the U.S. Treasury to rule whether China is unfairly holding down its exchange rate to gain a competitive edge in global markets.

The introduction of the legal regulation by Senators Ron Wyden (D-OR) and Judd Gregg (R-NH) that includes provisions to legalize and regulate Internet gambling under the "Bipartisan Tax Fairness and Simplification Act of 2010” found hot support by an advocacy group The Safe and Secure Internet Gambling Initiative.

According to WashingtonPost the Obama administration pledged Thursday to provide unlimited financial assistance to mortgage giants Fannie Mae and Freddie Mac, an eleventh-hour move that allows the government to exceed the current $400 billion cap on emergency aid without seeking permission from a bailout-weary Congress. 

The Christmas Eve announcement by the Treasury Department means that it can continue to run the companies, which were seized last year, as arms of the government for the rest of President Obama's current term.

 On its official website in the FAQ section the U.S. Treasury Department says that it is accepting gifts to extinguish the $7.6 trillion national debt. All wishing people can mail their contributions to the attention of Department G, Post Office Box 2188, Parkersburg, West Virginia, 26106-2188. When sending their money individuals should note in a memo that it is a gift to reduce the debt held by the public.

China's foreign-exchange policy risks "unwinding" some of the progress made in reducing global trade imbalances during the financial crisis, the U.S. Treasury said Thursday in its latest report on foreign-exchange trading. 

 But the department repeated its previous finding that China was not formally manipulating its currency. 

 According to the statement of the US Treasury Secretary Timothy Geithner the country is nearing the economic recovery but the regulatory system is wrecked and needs repair.

Geithner says that the US Congress should pass corresponding legislation that would provide new protection for consumers, create a more stable system and protect taxpayers from bearing the cost of another financial crisis.