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Obama Treasury pick Lew defends Cayman Islands investment

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Jack Lew, U.S. President Barack Obama's nominee to lead the Treasury Department, testifies before a Senate Finance Committee confirmation hearing on Capitol Hill in Washington February 13, 2013. REUTERS/Gary Cameron

Jack Lew, U.S. President Barack Obama's nominee to lead the Treasury Department, testifies before a Senate Finance Committee confirmation hearing on Capitol Hill in Washington February 13, 2013.

Credit: Reuters/Gary Cameron

WASHINGTON | Wed Feb 13, 2013 11:11am EST

WASHINGTON (Reuters) - Jack Lew, President Barack Obama's Treasury secretary nominee, defended his decision to invest in a fund that was registered in the Cayman Islands, saying on Wednesday that he was not aware it was located in the tax haven when he made the investment.

Lew said he eventually sold his position in the Citigroup venture capital fund at a loss and did not receive any tax benefit. Lew was testifying before the Senate Finance Committee, which is in charge of vetting him to serve as Treasury secretary.

(Reporting By Anna Yukhananov and Rachelle Younglai; Editing by Vicki Allen)
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Comments (1)
ponder wrote:
A nominee for the chief financial officer for the US not knowing what he investment he was buying? Or skirting the law? This is so emblematic of Obama and his minions.

Feb 13, 2013 11:35am EST  --  Report as abuse
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