The Permanent Subcommittee on Investigations held a hearing, “Offshore Profit Shifting and the U.S. Tax Code - Part 2 (Apple Inc.)” on Tuesday, May 21, 2013, at 9:30 a.m. in Room 106 of the Dirksen Senate Office Building.
The Subcommittee continued its examination of the structures and methods employed by multinational corporations to shift profits offshore and how such activities are affected by the Internal Revenue Code and related regulations. Witnesses will include representatives from the Department of the Treasury, the Internal Revenue Service, representatives of Apple Inc., and tax experts.
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The Permanent Subcommittee on Investigations held a hearing, “JPMorgan Chase Whale Trades: A Case History of Derivatives Risks and Abuses,” on Friday, March 15, 2013, at 9:30 a.m., in Room G-50 of the Dirksen Senate Office Building.
The Subcommittee examined matters relating to credit derivative trades made by the JPMorgan Chase Chief Investment Office. The Subcommitteehas issued a STAFF REPORT [PDF] in conjunction with the hearing summarizing its investigative findings and recommendations. Witnesses included representatives from JPMorgan Chase and the Office of the Comptroller of the Currency.
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The Permanent Subcommittee on Investigations held a hearing, “Offshore Profit Shifting and the U.S. Tax Code” on Thursday, September 20, 2012. The Subcommittee hearing examined the shifting of profits offshore by U.S. multinational corporations and how such activities are affected by the Internal Revenue Code and related regulations. Witnesses included
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The Permanent Subcommittee on Investigations held a hearing, Compliance with Tax Limits On Mutual Fund Commodity Speculation, on Thursday, January 26, 2012, examining the issuance of over 70 private letter rulings by the Internal Revenue Service allowing mutual funds to make unlimited indirect investments in commodities through controlled foreign subsidiaries or commodity-linked notes, despite longstanding statutory restrictions on mutual fund investments in commodities.
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The Permanent Subcommittee on Investigations held a hearing, "U.S. Vulnerabilities to Money Laundering, Drugs, and Terrorist Financing: HSBC Case History," on Tuesday, July 17, 2012. At the hearing a SUBCOMMITTEE STAFF REPORT was released. [PDF]
The Subcommittee hearing examined the issue of money laundering and terrorist financing vulnerabilities created when a global bank uses its U.S. affiliate to provide U.S. dollars, U.S. dollar services, and access to the U.S. financial system to high risk affiliates, high risk correspondent banks, and high risk clients, using HSBC as a case study.
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