According to one multinational boss, he was in essence saying that paying corporation tax is a part of a business's corporate social responsibility (CSR).
In essence, if someone in Oklahoma, or a business or corporation in Oklahoma, wants to sign a contract with provisions of foreign or international law, they can do so.
The Bank of England and America's Federal Deposit Insurance Corporation have issued a joint paper which is in essence an action plan for making the biggest banks - such as the UK's Royal Bank of Scotland and Barclays, and Citigroup and JP Morgan in the US - safer.
What the IRS has argued on Midcoast deals is that is what happened in essence, since Midcoast was clearly going to get the money to pay you from the corporation you just sold them.