Caterpillar is going before a Senate subcommittee to testify on its use of offshore tax loopholes to avoid paying taxes. Caterpillar says it hasn't done anything wrong and it's all perfectly legal. Caterpillar also states that it pays an enormous amount in taxes already. It's a similar scene that was played out last year with Apple. Apple also said that what it did was within the law and that they were the largest U.S. taxpayer. Until the laws are changed, these public hearings will be clown courts.

Disclosure: TheStreet's editorial policy prohibits staff editors, reporters and analysts from holding positions in any individual stocks.

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