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* Peoria Journal Star…
Federal officials executed a search warrant at three Caterpillar, Inc. facilities in the Tri-County Area — including the corporate headquarters — Thursday morning.
Company officials confirmed the presence in a statement without specifying which agency was performing the search or what the search was in regard to. A spokeswoman declined by email to provide further details.
“Caterpillar is cooperating,” the brief statement said.
* ZeroHedge…
At least some of the agents entering the headquarters building wore jackets bearing an Internal Revenue Service logo, others appeared to be from the Federal Deposit Insurance Corporation. Others simply denoted that they were federal agents. A placard in the window of one of the federal vehicles noted it was used by police from the U.S. Department of Commerce Bureau of Industry and Security Office of Export Enforcement.
IRS, FDIC and the Security Office of Export Enforcement? This doesn’t look good.
* Video…
Fed agents outside of Caterpillar World HQ. IRS agents and others wearing bulletproof vests. @pjstar https://t.co/tnAEKG9y9T
— Andy Kravetz (@andykravetz) March 2, 2017
posted by Rich Miller
Thursday, Mar 2, 17 @ 11:13 am
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=== At least some of the agents entering the headquarters building wore jackets … ===
Never heard of ZeroHedge, but that paragraph is verbatim from the Journal Star.
Comment by Louis Capricious Thursday, Mar 2, 17 @ 11:15 am
https://www.google.com/finance?q=Cat&ei=NFS4WJGgOZKDsAHepov4Cw
Comment by Pudding Thursday, Mar 2, 17 @ 11:20 am
Oh that’s bad. That’s really really bad. Dear God
Comment by Honeybear Thursday, Mar 2, 17 @ 11:20 am
Probably a few less executives will be making the big move to Chicago.
Comment by Wow Thursday, Mar 2, 17 @ 11:20 am
Former CAT guy Mr. Oberhelman has been in DC quite frequently lately…
Comment by OkComputer Thursday, Mar 2, 17 @ 11:22 am
HOLY CRAP. This looks really bad. Really really bad.
Comment by Chicago Cynic Thursday, Mar 2, 17 @ 11:23 am
Time to lawyer up.
Comment by Anonymous Thursday, Mar 2, 17 @ 11:24 am
Well…since Matt Damon played the main character in “The Informant” then it stands to reason that Ben Affleck must play the main character in the movie about this debacle.
Comment by Curl of the Burl Thursday, Mar 2, 17 @ 11:28 am
“Throw the Book Thursday”
Comment by OkComputer Thursday, Mar 2, 17 @ 11:28 am
Maybe they’re not playing ball with The Donald?
Comment by Southern Dawg Thursday, Mar 2, 17 @ 11:29 am
–”Caterpillar is cooperating…”–
Yeah, well, they have a search warrant. Not a choice, unless you’re going to go all Bundy family.
FDIC is a puzzler. Maybe they just called in all the federales in the area to execute the warrant?
Comment by wordslinger Thursday, Mar 2, 17 @ 11:30 am
Inform now! And get extra turnips next winter.
Comment by Puddintaine Thursday, Mar 2, 17 @ 11:34 am
Perhaps Oberhelman should have been paying a little less attention to worker’s comp and a little more to whatever else the company has been doing. WC is the least of CAT’s problems
Comment by Truthteller Thursday, Mar 2, 17 @ 11:37 am
A whistleblower angry that they’re moving the hq out of Peoria?
Like many big corporations, Cat has a pretty large accounting team devoted to avoiding taxes.
Comment by Robert the Bruce Thursday, Mar 2, 17 @ 11:38 am
Holy cow.
Comment by Soccermom Thursday, Mar 2, 17 @ 11:38 am
maybe they should forget Chicago and move their headquarters to Terra Haute to be close to the prison
Comment by DuPage Saint Thursday, Mar 2, 17 @ 11:43 am
Zombie Alan Rickmann has taken over the top floor. Demands bearer bonds…
Comment by Puddintaine Thursday, Mar 2, 17 @ 11:45 am
They haven’t even moved to Chicago yet and they’re already under federal investigation. They are going to fit right in.
Comment by 47th Ward Thursday, Mar 2, 17 @ 11:46 am
Between Schock and CAT, the river must be crawling with federales. Big Al’s must be jumping.
Comment by wordslinger Thursday, Mar 2, 17 @ 11:49 am
Who Got Played in Peoria?
Comment by OkComputer Thursday, Mar 2, 17 @ 11:52 am
Oberhelman, who loved to lecture Illinois elected officials about what a poor job they were doing, made terrible business decisions, shed lots of jobs, and saw his company lag the growth in the S&P 500 by 57% during his tenure (Jul. 1, 2010 - Dec., 31, 2016). This could be an incredible topper to an undistinguished career.
Comment by Moe Berg Thursday, Mar 2, 17 @ 11:56 am
Local radio has pre-empted both mid day whack jobs —Glenn Beck and Rush — to report almost nothing new. Also takin’ calls from listeners who sharin’ some of the great love that has developed since they told everyone their big checks were headed for CHI to be closer to the airport.
Maybe BigBrain should cruise by now that he is down wreckin’ the Grand B*
Comment by Annonin' Thursday, Mar 2, 17 @ 11:59 am
A commenter on an outside blog posted this as a possible reason why the raid took place-
https://www.forbes.com/sites/robertwood/2015/02/19/caterpillars-terrible-horrible-no-good-very-bad-day/#7a0df4be6d38
Comment by Anon221 Thursday, Mar 2, 17 @ 12:03 pm
After posting fifty plus months of losses, what could possibly be worse? This just in:
Comment by Puddintaine Thursday, Mar 2, 17 @ 12:10 pm
Anon221 — fascinating.
Soccermom would like to assign someone to check out the political contributions of Oberhelman and the rest of Cat’s management team. (Would do it myself, but I am pretending to work…)
Comment by Soccermom Thursday, Mar 2, 17 @ 12:20 pm
Second try:
From just a few days ago…
“Oberhelman, who also is chairman of a White House working group on infrastructure, extended an invitation to Trump to come operate a Caterpillar tractor. The president appeared to accept, saying he might come do so soon.”
http://www.pjstar.com/news/20170223/trump-to-oberhelman-i-love-caterpillar
Comment by Anon221 Thursday, Mar 2, 17 @ 12:22 pm
My $ on Trump told them not to move to Chicago. Anti-Rham all the way. Like it or not, he is the Prez now, and it doesn’t seem he minds being obvious about his tactics.
Comment by notbuyingit Thursday, Mar 2, 17 @ 12:24 pm
If Anon221 is correct, then Pricewaterhouse is having the worst week for an accounting firm since Arthur Anderson.
Comment by West Sider Thursday, Mar 2, 17 @ 12:31 pm
Anon221, thanks for the link.
Multi-billion tax evasion scheme moves to top of list.
If this goes bad, CAT might end up with some fines and penalties, based on history.
Let’s hope no one shoplifted a $300 coat. That would be a felony and you could get prison time.
Comment by wordslinger Thursday, Mar 2, 17 @ 12:36 pm
The hits just keep coming for the Central Illinois economy. Ugh.
Comment by hisgirlfriday Thursday, Mar 2, 17 @ 12:43 pm
Forbes Update:
“On January 30, Caterpillar received a proposed $1 billion in tax increases and penalties from an IRS Revenue Agent’s Report due to profits it earned in non-U.S. subsidiaries, including Caterpillar SARL. The IRS deemed some Caterpillar transactions between subsidiaries as invalid based on doctrines of “substance-over-form” and “assignment of income,” thus creating new taxable income. It also disallowed roughly $125 million of foreign tax credits from financing arrangement between subsidiaries. Caterpillar has been contesting these IRS findings, according to securities filings.”
https://www.forbes.com/sites/antoinegara/2017/03/02/caterpillars-headquarters-raided-by-federal-authorities-including-doj-and-irs/#5f3d8d906f3a
Comment by Anon221 Thursday, Mar 2, 17 @ 12:54 pm
Well, Cat’s accountants are Price Waterhouse Coopers, so mabey the entire raid is a mistake and the winner is… John Deere.
Comment by Newsclown Thursday, Mar 2, 17 @ 12:55 pm
==profits it earned in non-U.S.
Yet another reason for a reduction in us corp tax rates.
Comment by Texas Red Thursday, Mar 2, 17 @ 12:58 pm
- Newsclown - Thursday, Mar 2, 17 @ 12:55 pm:
Well, Cat’s accountants are Price Waterhouse Coopers, so mabey the entire raid is a mistake and the winner is… John Deere.
Shut it down. This is the best comment on the internet today. No use trying to come up with a better one.
Comment by Try-4-Truth Thursday, Mar 2, 17 @ 1:11 pm
-News Clown- that would be hilarious if PWC is the accounting firm!!!!
Comment by Back Tracker Thursday, Mar 2, 17 @ 1:13 pm
Looks like it’s related to alleged tax evasion by attributing profits to its Swiss subsidiary.
http://www.week.com/story/34650345/exclusive-law-enforcement-searching-for-docs-related-to-cats-swiss-business
Comment by Aim to Misbehave Thursday, Mar 2, 17 @ 1:34 pm
Searching for the cash looted from CAT retiree benefits.
Comment by TinyDancer(FKASue) Thursday, Mar 2, 17 @ 1:38 pm
Alphabet soup + windbreakers are the stuff of nightmares…
Comment by Illinoisian Thursday, Mar 2, 17 @ 2:07 pm
Looks like Trump and his regullations busters did not arrive quite soon enough to help Mr Big CAT. Since Forbes reportin’ and subpoena indicates this part of a years long probe gotta wonder why the G needed to “raid”
Comment by Annonin' Thursday, Mar 2, 17 @ 2:14 pm
Annonin, before someone higher up caught wind of it and tried to shut it down?
Comment by wordslinger Thursday, Mar 2, 17 @ 2:20 pm
Hey, watch that now West Sider lol. I’m already upset that someone beat me to the PwC joke.
Interesting to watch a “raid” where big boxes are wheeled in, not wheeled out. Too late to hit the delete key, fellas.
The FDIC, I believe, has some jurisdiction over the use of banks in “corrupt transactions.”
The only guy who can be having a worse day than the new Cat CEO is quite ironically, the United States Attorney General.
Comment by Arthur Andersen Thursday, Mar 2, 17 @ 2:42 pm
word, alternatively there may have been some negotiations about resolving the matter which, er, reached an impasse, and the Feds decided to strengthen their hand.
No apparent FBI. Interesting.
Comment by Arthur Andersen Thursday, Mar 2, 17 @ 2:47 pm
=The only guy who can be having a worse day than the new Cat CEO is quite ironically, the United States Attorney General.=
Which could explain the timing.
Comment by TinyDancer(FKASue) Thursday, Mar 2, 17 @ 3:26 pm
===-News Clown- that would be hilarious if PWC is the accounting firm!!!!====
BackTracker it is. They mention them in the Forbes story
Comment by Been There Thursday, Mar 2, 17 @ 3:51 pm
All part of the Russian interference of our elections. They need to get the Russian biz back, Trump wanted to help.
Comment by gdubya Thursday, Mar 2, 17 @ 3:53 pm
That’s quite a comment at 202 pm on ZH
Comment by ZH Thursday, Mar 2, 17 @ 4:17 pm
Why do I get the feeling that a bunch of hourly,middle class union workers will be the only ones who will feel any pain if this goes sour.
Comment by blue dog dem Thursday, Mar 2, 17 @ 4:36 pm
The heralded job creators and innovators getting raided by the Feds? Has someone been misleading about their valuable role in society the last decade?
Comment by PENSIONS ARE OFF LIMITS Thursday, Mar 2, 17 @ 4:53 pm
Some the jobs created by this job creator indicated by the lettering on the jackets entering the building are policeman, federal agent, IRS employee. Whatever it takes./s
Comment by lost in the weeds Thursday, Mar 2, 17 @ 5:19 pm
“Some the jobs created by this job creator indicated by the lettering on the jackets entering the building are policeman, federal agent, IRS employee. Whatever it takes./s”
No snark: Hence the republicans don’t like big government. It’s all coming out for the world to see, but there’s just one problem. Nobody is paying attention. MADIGAN!
Comment by PENSIONS ARE OFF LIMITS Thursday, Mar 2, 17 @ 7:10 pm
I’m sure Jeff Session, the United States Attorney General, will get CAT off the hook. Don’t worry CATS, Papa will take care of y’all.
Comment by Mama Thursday, Mar 2, 17 @ 8:30 pm