Senate Accuses European Banks Of Helping Hedge Funds Dodge Taxes

Senate Accuses European Banks Of Helping Hedge Funds Dodge Taxes
(Undated) -- A Senate report due today accuses two European banks of helping U.S. hedge funds dodge more than six-billion dollars in taxes. The report from the Senate Permanent Subcommittee on Investigations says Barclays and Deutsche Bank worked trades with sophisticated financial products that allowed hedge funds to take improper tax deductions. On Monday, Subcommittee Chairman Senator Carl Levin of Michigan said the banks and hedge funds played a giant game of "let's pretend."