Member Statements

•  CARL LEVIN D (MI)
  Download Statement (24.3 KB)
  
•  JOHN McCAIN R (AZ)
  Download Statement (65.5 KB)
  

Agenda

The Permanent Subcommittee on Investigations has scheduled a hearing, “Abuse of Structured Financial Products: Misusing Basket Options to Avoid Taxes and Leverage Limits,” on Tuesday, July 22, 2014, at 9:30 a.m., in Room 216 of the Hart Senate Office Building.

The Subcommittee hearing will examine a set of transactions that utilize financial engineering and structured financial products to attempt to avoid paying U.S. taxes on short-term capital gains. Witnesses will include representatives of major financial institutions, as well as tax experts from a nonprofit institution and the U.S. Government Accountability Office. 

Witnesses

REPORT

• ABUSE OF STRUCTURED FINANCIAL PRODUCTS: Misusing Basket Options to Avoid Taxes and Leverage Limits (July 22, 2014)
  REPORT: ABUSE OF STRUCTURED FINANCIAL PRODUCTS: Misusing Basket Options to Avoid Taxes and Leverage Limits (July 22, 2014) (805.6 KB)
  

EXHIBITS

• EXHIBITS: Part 1 of 4, Exhibits 1-20
  Exhibit 1-20 (27.54 MB)
  
• EXHIBITS: Part 2 of 4, Exhibits 21-37
  Exhibits 21-37 (34.51 MB)
  
• EXHIBITS: Part 3 of 4, Exhibits 38-51
  Exhibits 38-51 (33 MB)
  
• EXHIBITS: Part 4 of 4, Exhibits 52-68
  Exhibits 52-68 (26.54 MB)
  

PANEL ONE

• STEVEN M. ROSENTHAL

  Senior Fellow

  Urban-Brookings Tax Policy Center

  Washington, DC
  STMT - Rosenthal-Steve (Urban-Brookings)(July 22 2014) (209.4 KB)
  
• JAMES R. WHITE

  Director, Tax Issues

  U.S. Government Accountability Office

  Washington, DC

PANEL TWO

• MARTIN MALLOY

  Managing Director

  Barclays

  London, United Kingdom
  Download Testimony (13.5 KB)
  
• SATISH RAMAKRISHNA

  Managing Director, Deutsche Bank Securities Inc.

  Global Head of Risk and Pricing for Global Prime Finance

  New York, NY
  Download Testimony (131.5 KB)
  
• MARK SILBER

  Executive Vice President, Chief Financial Officer, Chief Compliance Officer, and Chief Legal Officer

  Renaissance Technologies LLC

  New York, NY
  Download Testimony (3.36 MB)
  
• JONATHAN MAYERS

  Counsel

  Renaissance Technologies LLC

  New York, NY
  Download Testimony (3.36 MB)
  

PANEL THREE

• GERARD LaROCCA

  Chief Administrative Officer, Americas, Barclays

  Chief Executive Officer, Barclays Capital Inc.

  New York, NY
  Download Testimony (87.3 KB)
  
• M. BARRY BAUSANO

  President and Managing Director, Deutsche Bank Securities Inc.

  Co-Head of Global Prime Finance

  New York, NY
  Download Testimony (131.5 KB)
  
• PETER BROWN

  Co-Chief Executive Officer and Co-President

  Renaissance Technologies LLC

  East Setauket, NY
  Download Testimony (3.36 MB)