(New York, NY)  --  Large companies are holding onto billions of dollars in cash, which is putting a temporary damper on economic growth.

   "The Wall Street Journal" is reporting the 500 largest non-financial companies in the U.S. have stashed about 994-billion dollars in cash and short-term investments.

   Carsten Stendevad, who heads Citigroup's financial-strategy group, calls the move a hangover from the financial crisis when companies couldn't raise money or had to pay far higher interest rates.

   Economists say the corporate version of stuffing cash in a mattress rather than investing it may prove to be a blessing in disguise.

   They'll have plenty of money to spend without red tape as the economy improves.

   Stendevad says the cash horde "ultimately is what is going to drive employment."

   The "Journal" says Google is among the companies holding huge cash reserves.

   The popular Internet portal has a reported 22-billion dollar cash cache.

   Pittsburgh-based Alcoa aluminum is holding $1.1-billion and Texas Instruments reported holding $2.8-billion in cash and short-term investments as of September 30th.



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