Skip to comments.Cayman Islands investment snags Jack Lew nomination for Treasury Secretary
Posted on 02/09/2013 1:03:03 PM PST by SeekAndFind
An investment Jack Lew made in the Cayman Islands has been flagged as an issue in the Treasury secretary nominees vetting by the Senate Finance Committee, according to multiple sources close to the confirmation process.
The White House says the investment was previously disclosed and is already a public matter.
Republican staff have told us that there are concerns, said Sean Neary, a spokesman for Finance Committee Democrats. This came out through the vetting process in prior confirmations. Once it was looked into deeper, it was determined that it was not an issue. Lew has been completely transparent and forthcoming through any and all questions that have been posed.
Lew is scheduled to appear at a confirmation hearing before the committee on Feb. 13.
That Mr. Lew had an investment in the Caymans from 2007 through 2010 will likely draw questions during his nomination hearing, said Antonia Ferrier, a spokeswoman for Finance Committee Republicans.
Lew has been confirmed by the Senate three times in the past twice by unanimous consent. He was confirmed as director of the Office of Management and Budget under both Bill Clinton and Barack Obama and as deputy secretary of State under Obama.
Republicans have been critical of Lew since his nomination was announced last month. Sens. Jeff Sessions and Orrin Hatch have questioned his role in Medicare policy decisions and his role at Citigroup.
(Excerpt) Read more at politico.com ...
The flagged investment is a Citigroup employee investment fund called Citigroup Venture Capital International Growth Partnership II. Securities and Exchange Commission files list the address for CVCI as South Church Street, Ugland House, Georgetown, Grand Cayman, Cayman Island.
A 2008 report from the Government Accountability Office showed that Ugland House listed the law firm of Maple and Calder as its only tenant even though there were over 18,000 registered entities at that address.
Republicans are pointing out that Obama named Ugland House in a 2009 speech about tax havens.
Obama has been almost obsessively critical of offshore investments, He called Ugland House either the biggest building or the biggest tax scam on record. That makes this Cayman Islands investment of his top official and now Treasury secretary nominee worthy of attention.
MY PERSONAL COMMENT:
Why make a big deal out of it anyway?
Just as I don’t care a whit about Romney’s investments in the Caymans, why should we care that Jack Lew has investments there?
Did Lew pay all of his taxes and report all of the income, gains and losses from the investment on his tax returns? If so, HE BROKE NO LAW. No big deal.
It’s all about the hypocrisy factor. Dems should be demanded to live by the (often arbitrary) standards they hold Republicans to.
Jack Lew is a liberal career political bureaucrat and as such is capable of pretty much anything. He should be viewed with extreme suspicion as a candidate for any responsible position.
Hey—the bigger the crook, the more likely they will make it into this administration. ‘Just fact.
Maybe he can blame it on TurboTax.
Cmon Jack — you can splain that away —
They'll still vote to confirm him just as with TurboTax Timmy.
All animals are equal but some are more eqaul than others.