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Companies are reporting record earnings, but where are the jobs? In the bank. Jesse Russell reports:

Major companies have seen three quarters of increases in earnings, but they aren’t turning that money around and creating new jobs for a chronically unemployed populace. Combined the companies in Standard and Poor’s 500 are sitting on a record pile of $837 billion in cash. According to the S&P that’s an increase of 26 percent over last year. Those companies are also investing less in new facilities and equipment upgrades, down 12 percent from a year ago. According to USA Today, the $837 billion would pay 2.4 million workers $70,000-a-year in salaries for five years straight.