Search warrant executed at Caterpillar offices

Search warrant executed at Caterpillar offices

Search warrant executed at Caterpillar offices

The Internal Revenue Service, the Federal Deposit Insurance Corp. and the Commerce Department's Bureau of Industry and Security Export Enforcement on Thursday raided Caterpillar's Peoria headquarters and a facility that ships parts overseas.

Stock shares of Caterpillar Inc. fell sharply Thursday as federal authorities searched the USA heavy equipment giant's Peoria, Ill., headquarters and two nearby facilities in what the company described as a tax investigation with billions of dollars at stake.

The U.S. Attorney's Office also confirmed the searches in Peoria, East Peoria and Morton. The company has a parts distribution center in Springettsbury Township.

During the search of Cat's global headquarters building in Peoria, "at least some company employees were directed to the building's cafeteria and were told to remain there and not leave", the Star reports, adding, "those sequestered there include employees in the Treasury, tax and accounting divisions, as well as from executive offices".

China continues trend of sinking defense budget growth
Fu said recent talks with China's neighbors had eased those tensions, a position Beijing has repeated often in recent weeks as Mr. By 2025, China would outspend all other states in the Asia-Pacific combined, the consultancy predicted.

While Caterpillar said on Thursday it was cooperating with law enforcement, it is extremely rare for federal agents to conduct a raid of an enormous American company that is part of the Dow Jones Industrial Average.

A spokesman for the FDIC declined to comment on Thursday's raids.

"Should the full $2 billion charge apply, Caterpillar will likely realize an approximate $3.40 one-time charge and a $.25-.30 run-rate decrease to earnings per share". Under the strategy, Caterpillar transferred the rights to profits from its parts business to a wholly controlled Swiss affiliate called CSARL, even though no employees or business activities were moved to Switzerland, the report said.

In April 2014, a Senate committee put out a report that said Caterpillar had crafted a tax-reducing strategy that shifted billions of dollars of profits away from the U.S.to Switzerland, where the company had negotiated a low tax rate, even though Caterpillar had not made "any real changes in its business operations". "We now believe that this matter will not have a material adverse effect on the Company's consolidated results of operations, financial position or liquidity", Caterpillar stated according to Forbes.

Recommended News

  • Latest round of Syria peace talks ends on positive note

    Latest round of Syria peace talks ends on positive note

    Archaeologists have decried what they say is extensive damage to Palmyra's treasured ruins. Russian media quoted Gatilov as saying the meeting had been constructive.
    Breath of the Wild's Early Prototype Looks Like OG Zelda

    Breath of the Wild's Early Prototype Looks Like OG Zelda

    One minute you're combining ingredients at a cooking pot and experimenting to try to come up with different recipes. Breath of the Wild adds the open world vastness of games like Skyrim , enemies have become much more intelligent.
    Legend of Zelda: Breath of the Wild - The Complete Dungeons Guide

    Legend of Zelda: Breath of the Wild - The Complete Dungeons Guide

    When fighting monsters in previous Legend of Zelda games, you could normally take your time and wait for an opportunity. This could mean that the producer is implying that the 2D Zelda team is already working on a new Zelda game.
  • 5% levy on small eateries, GST Council decides

    5% levy on small eateries, GST Council decides

    He further said that CGST, IGST and UT-GST law to be taken to Parliament in the second half of Budget session beginning March 9. Agriculturists will be exempt from registering under the GST regime.
    Turkey to strike Syrian Kurd militia unless it leaves Manbij

    Turkey to strike Syrian Kurd militia unless it leaves Manbij

    Turkish forces and their rebel allies drove Islamic State (IS) from al-Bab last week. But Turkey continues to assert that the group remains in the city.
    Riyad Mahrez magic inspires Leicester to second win in a row

    Riyad Mahrez magic inspires Leicester to second win in a row

    The situation is even worse in their last 11 PL matches where they've picked up one point on the road. I'm really pleased for the players.
  • Animal Adventure Park giraffe birth cam

    Animal Adventure Park giraffe birth cam

    This is despite promises that the baby giraffe could turn up at any minute - and people are starting to get a little twitchy. No, April the giraffe from all of those Facebook lives still hasn't given birth, but another giraffe has made it look easy.
    McIlroy battles belly bug to contend in Mexico

    McIlroy battles belly bug to contend in Mexico

    As for his golf? McIlroy could return to the top of the World Golf Rankings with victory at the WGC event in Mexico this week. With a 368-yard drive, a 256-yard 4-iron and a 28-foot putt, McIlroy bounced off the green with an eagle on his scorecard.
    Woman questioned after 9yo boy mauled, 5yo boy missing in Murray River

    Woman questioned after 9yo boy mauled, 5yo boy missing in Murray River

    A hero pit bull came to the rescue of a young boy who almost drowned at the hands of his crystal meth-addicted mother, police say. Local police officer Superintendent Paul Condon would have seen many horrors in his years on the front line.
  • Sen. Rand Paul is Hunting for the GOP Health Care Bill

    Sen. Rand Paul is Hunting for the GOP Health Care Bill

    Joe Kennedy and a dozen or so reporters into the room to inspect it themselves to see that it was, in fact, bill-less. House Speaker Paul Ryan wants House committees to mark up and pass an ACA repeal bill as early as next week.
    Trump Proposes EPA Budget Cuts, Targets Climate, Clean Water Programs

    Trump Proposes EPA Budget Cuts, Targets Climate, Clean Water Programs

    Those states say it's a form of government "harassment" to request methane information from companies producing the commodities. This story also appears in Energywire .

    5th Grader Suggests Tesla Fan-made Commercial Contest

    Right off the bat, Musk's tweet seemed overly optimistic, if not downright absurd. "That sounds like a great idea", he added. Her letter was for a school project, but unlike many letters to celebrities or other figures children admire, it bore fruit.

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.