US technology giant Apple has reported the biggest quarterly profit ever made by a public company.

Apple reported a net profit of $18bn (£11.8bn) in its fiscal first quarter, which tops the $15.9bn made by ExxonMobil in the second quarter of 2012, according to Standard and Poor’s

Wowww in one quarter Apple made 3/14ths of Fannie Mae’s $83 billion 2013 profits. Hey wait 3/14th is less than a quarter.

The record is the highest profit ever reported for a publicly traded corporation while Fannie Mae is closely held 80% by the US Federal government. It is a publicly owned corporation not a public corporation.

It is also generally agreed that publicly owned Fannie Mae is unnacceptable and must be privatized or, better, eliminated entirely. The public sector is just too inefficient although it makes the highest profits ever recorded, while competing with the private sector (oh and saving the US economy).