Indeed, when foreign capital stampedes, its impact on the balance sheets of banks and private enterprises, when they have large unhedged foreign liability, can be devastating, as seen in East Asia.

CNN: VIEWPOINT

For this reason, the U.S. tax rules governing the dollar-for-dollar foreign tax credit require a U.S. company to exhaust all effective remedies to reduce its taxes under foreign law, or else the credit will be denied in other words, U.S. law expects a U.S. company to take responsible measures to reduce its foreign tax liability, because this has long been understood to be in the national interest.

FORBES: U.S. Corporations Act Responsibly in Reducing Foreign Taxes

The OECD said it was "seriously concerned about the UK's continued failure to address deficiencies in its laws on bribery of foreign public officials and on corporate liability for foreign bribery".

BBC: UK under fire over bribery laws

The California pension fund's lawsuit says Wal-Mart's alleged "rampant corruption" at its largest foreign subsidiary exposes the company to "potentially hundreds of millions of dollars of liability" for violating the federal law against foreign corruption.

CNN: STORY HIGHLIGHTS

In many cases, this alone eliminates U.S. tax liability, since many foreign countries already levy stiff income taxes on all within their borders.

FORBES: A Taxing Proposal For Expat Americans?

In addition to the tax cut package, the Senate also has yet to deal with the House's welfare reform package, its anti-crime proposals, legal and product liability reform, and its foreign policy plank to curb the use of U.S. troops in U.N. run missions.

CNN: From Charles Bierbauer

First, for years prior to 2010, he may have had no U.S. tax liability against which to apply a foreign tax credit.

FORBES: Mitt Romney Tax Clarifications

They are promises to provide funds if called upon (technically they are what's called a contingent liability and are part of our foreign reserves).

BBC: Are taxpayers stumping up for the eurozone?

The more outspoken Mr Aso, the new foreign minister, is, as far as the diplomats under him are concerned, a mounting liability.

ECONOMIST: Japan

That liability usually ends up as Treasury debt parked at the Federal Reserve in custody for foreign governments, the proof of purchase for billions of dollars in extra U.S. imports.

FORBES: Congress Messes With China While Sen. DeMint Eyes The Dollar

At a time of shrinking foreign budgets, no one wants to be pulled off the job because they are seen as a liability.

FORBES: Female War Reporters Under Sexual Attack Overseas? All The Time