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Greenlight Capital’s David Einhorn.
Greenlight Capital’s David Einhorn.

Financial Times

Investors don’t have right to cash, just right to ask for it

Depositors of banks in Cyprus now fear they have less money than they thought while U.S. corporations have plenty of cash to hand – $1.45-trillion (U.S.) and rising, according to Moody’s. But whose money is it, anyway?

Michael Dell clearly thinks it is his. The Dell founder wants to repatriate up to $7.4-billion of his company’s overseas cash hoard in order to help finance his bid to take it private with Silver Lake, the private equity firm. Activist investors such as Carl Icahn and David Einhorn think more should be given to shareholders, to prevent executives wasting it.