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.
Hey—the bigger the crook, the more likely they will make it into this administration. ‘Just fact.
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.