- A Senate panel is looking into whether Caterpillar (CAT) improperly dodged U.S. taxes, Bloomberg reports, with the Permanent Subcommittee on Investigations planning to hold hearings early next month.
- The probe comes after a Caterpillar employee accused the company in 2009 of avoiding over $2B in U.S. taxes by using a "Swiss structure" to move profits to offshore companies. The firm would then return the money to America via a "Bermuda structure" that involved shell companies, again paying no tax.
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