06/06/2012
https://www.congress.gov...
"The structures that we have examined today have real consequences because they offload billions of dollars in taxes."
"Option baskets are being misused and abused to dodge taxes and to circumvent leverage limits."
"Congress could go further and adopt the proposal of my colleague from Michigan, Congressman Camp, and tax all derivatives at the end of the year on their market value."
"Treasury, and the IRS should remove impediments to audits of large partnerships, like hedge funds, 99 percent of which today escape IRS audits."