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<<Cash and consolidated investments at 6/30/2012 were $166,891 million (excluding the railroad & utility and financial products groups).

As someone had pointed out, the "Cash and consolidated investments" isn't worth the same amount to investors. It either includes "float" that isn't owned; or if "float" is considered as permanent asset with earning power, it includes forever $20-40b of cash or cash equivalent for the insurance besiness which has little earning power.
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