Senate Finance Committee Chairman Max Baucus, D-Mont., has launched an investigation into the tax practices of Transocean Ltd., the owner of the offshore drilling rig that exploded in the Gulf of Mexico this past April, leading to the disastrous oil spill.
Baucus is looking into the U.S. tax implications of Transocean relocating its headquarters to the Cayman Islands in 1999 and to landlocked Switzerland in 2008. Transoceans questionable business practices may be at fault for costing lives and livelihoods on the Gulf Coast, and now there are questions regarding the oil companys tax practices as well, Baucus said in a statement.
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