Strange that dividends and stock buybacks are not mentioned in the article, two traditional ways of disposing with excess cash that keep shareholders happy. Perhaps tax strategy explains some of the cash-holding, if the cash is held offshore to comply most cost-efficiently with tax law. I know mk was not too pleased with this behavior. I recall the peculiar reversal of roles as government figures whined and fumed that "It's not fa-a-a-i-r!" while the business figures answered that they don't make the rules, they follow them. As Eric Schmidt put it, "When legislators are doing the lobbying and companies are articulating the law as it stands, it's a confusing spectacle for everyone." Wikipedia says Ireland is changing the rules for just this reason.