The head of the Senate Permanent Subcommittee on Investigations called for an end to private letter rulings from the Internal Revenue Service which have “essentially opened the floodgates” for mutual funds to speculate in commodities from offshore tax havens such as the Cayman Islands.

Michigan Sen. Carl Levin in a hearing held by the subcommittee, said that since the “floodgates” opened about six years ago more than 40 commodity-elated mutual funds have accumulated assets of roughly $50 billion in commodities.

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