Banking-industry groups urged the Federal Reserve not to write new rules restricting their involvement in physical commodity businesses, arguing that the benefits they provide outweigh risks highlighted by lawmakers.
U.S. banks including Goldman Sachs Group Inc. should be banned from owning commodities businesses because they could threaten the institutions and global supply chains, Senators Sherrod Brown and Elizabeth Warren told the Federal Reserve.
New York’s top banking regulator sent a subpoena to Credit Suisse Group AG last week as he examines whether its private bank helped clients evade state taxes, a person with knowledge of the matter said.
A Caterpillar Inc. executive defended her company’s tax maneuvers, telling a Senate panel that moving profits from its parts business to Switzerland from the U.S. was a legal and appropriate way to eliminate unnecessary expenses.
Caterpillar Inc. avoided paying $2.4 billion in U.S. taxes by shifting profits from a parts business to a subsidiary in Switzerland, according to a report released today by a Senate investigative committee.
A U.S. Senate investigative panel is examining Caterpillar Inc. and whether the company improperly avoided U.S. taxes by moving profits outside the country, said three people familiar with the inquiry.