Anyone who thinks that they don't have too much cash doesn't get it. They need some finance guys to go along with the guys that do an excellent job of running the operations. It's actually mind boggling how they don't understand how the cash destroys shareholder value. Equity capital is more expensive than debt capital. Duh.
It's pretty clear they are not maximizing their capital position. I would be very interested to see how they can defend in a court there decision to sit on that much money. They either need to use to make a large or series of acquisitions, return to shareholders or open a bank. They could facilitate getting an iPhone in the hands of every person in China.