Does your company use google apps for email? If not, can you understand why some companies do? Same thing IMO. It's a calculated risk that is OK for some but not for others.

If I was managing the IT dept for a government security contractor I wouldn't be using cloud email.

If I'm knocking up the next cloud service mashup, I'm fairly sure I'd be storing the code in a private github repo until there was a need or decision to change.

So yes, sensitive code is stored in public cloud sites. Sensitive emails are too.