Treasury secretary nominee Jack Lew appeared before the Senate Finance Committee for his confirmation hearing on Wednesday.
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New Details Revealed In SEC Report
UPDATE - Jack Lew Oversaw 113 Cayman Island Investment Funds
Jack Lew, who has been nominated as the next treasury secretary, oversaw up to as many as a hundred Cayman Island investments when he worked at Citi
Bank as chief operating officer of the alternative investment services unit, SEC disclosures reveal.It has previously been reported that Lew himself had only been invested in a fund that was based in the Cayman Islands.
The number of Citi subsidiaries in the Cayman Islands, which fell under the jurisdiction Lew was in charge of, was 113. In
the 2012 presidential campaign, the Obama campaign called Mitt Romney's
own Cayman Island investments "bets against America." But
only months after the election ended, Obama nominated his former chief
of staff Jack Lew, who himself had similar investments and even oversaw
investment funds there, to be the next treasury secretary.
When asked this morning at a Capitol Hill hearing about his investment in the Cayman Islands-based fund, Lew plead ignorance. He claimed today that he "actually didn’t know" the fund he invested in was housed in the Cayman Islands. Besides, he said, my "benefit was really very small."
---Highlights:
Lew asked about Citigroup bonus.
UPDATE - Jack Lew Oversaw 113 Cayman Island Investment Funds
Full Hearing Recap From Marketwatch
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