Carl Levin actually said...

Well, we passed a law in 2010 talking about economic substance saying that something has got to be real, it cannot be fake, and we are going after these totally phony transactions, which is what this is acknowledged to be. It is a shell. It is a sham.

Context

Levin emphasizes the need for genuine economic substance in transactions to combat tax evasion.

01/25/2012

https://www.congress.gov...

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