Amid deepening poverty and unemployment for masses of American working people, the largest US corporations once again posted record profits last year.

Fortune magazine released its ranking of the 500 biggest US corporations Monday, which showed that they received a record-breaking $824 billion in combined profits in 2011, up 16 percent from 2010.

But despite having more money than ever, companies are refusing to invest and hire. Instead, they are paying out record bonuses to executives and hoarding what remains in cash.