Online:
Visits:
Stories:
Profile image
By silveristhenew (Reporter)
Contributor profile | More stories
Story Views

Now:
Last Hour:
Last 24 Hours:
Total:

Federal Officials Are Searching Caterpillar’s Corporate Headquarters; Stock Plunges

Thursday, March 2, 2017 10:52
% of readers think this story is Fact. Add your two cents.

(Before It's News)

According to the Journal Star, Federal officials have executed search warrants 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.

Dow Jones adds that agents from the IRS, FDIC and Commerce Department are involved in the searches. They are probably not looking for CAT profits.

“Caterpillar is cooperating,” the brief statement said.

The spokeswoman for the U.S. Attorney for the Central District of Illinois confirmed that facilities in three communities were the subject of the activity — Peoria, East Peoria and Morton. At the Downtown Caterpillar global headquarters building, at least some company employees were directed to the building’s cafeteria and were told to remain there and not leave, according to one employee at the facility.

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.

CAT stock, which traditionally soars on bad news and reports of losses, is inexplicably sliding on the news.

Maybe investigators are trying to figure this out?

As a reminder, this is not the first time CAT has gotten in trouble with regulators: back in 2014 CAT and PWC got in trouble before Congress for evading taxes using offshore locations when this infamous line came up: “What the heck, we’ll all be retired when this audit comes up on audit.” In retrospect, perhaps not all will be retired.



Source: http://silveristhenew.com/2017/03/02/federal-officials-are-searching-caterpillars-corporate-headquarters-stock-plunges/

Report abuse

Comments

Your Comments
Question   Razz  Sad   Evil  Exclaim  Smile  Redface  Biggrin  Surprised  Eek   Confused   Cool  LOL   Mad   Twisted  Rolleyes   Wink  Idea  Arrow  Neutral  Cry   Mr. Green

Top Stories
Recent Stories
 

Featured

 

Top Global

 

Top Alternative

 

Register

Newsletter

Email this story
Email this story

If you really want to ban this commenter, please write down the reason:

If you really want to disable all recommended stories, click on OK button. After that, you will be redirect to your options page.