Obama Treasury pick Lew defends Cayman Islands investment

WASHINGTON Wed Feb 13, 2013 11:09am EST

WASHINGTON Feb 13 (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.


After wave of QE, onus shifts to leaders to boost economy

DAVOS, Switzerland - Central banks have done their best to rescue the world economy by printing money and politicians must now act fast to enact structural reforms and pro-investment policies to boost growth, central bankers said on Saturday.