Promoted
Politics

Jack Lew On His Cayman Islands Investment: “My Benefit Was Really Very Small”

Obama’s Treasury Secretary nominee defends himself during his confirmation hearing.

President Obama’s pick for Treasury Secretary, Jack Lew, faced his confirmation hearing this morning. He responded to questions about an investment he made in the Cayman Islands by saying his “benefit was really very small.”

Lew had near $100,000 in assets in the Cayman Islands, a tax-free jurisdiction.
Lew explained that he was investing in a venture capital fund and said he didn’t know the address of the partnership in the Cayman Islands.

Sen. Max Baucus (D-MT) pressed Lew, asking if he paid taxes on the money or earned anything from the deal.

“I lost money on the investment,” Lew said. “In fact I lost money, which I didn’t have a great deal of income.”

Check out more articles on BuzzFeed.com!

 
 
Here Are The Top Stories
  • The family of Sandra Bland, who died in a Texas jail cell in July three days after she was detained during a traffic stop, filed a wrongful death lawsuit in federal court.
  • Migrant deaths in the Mediterranean have exceeded 2,000, making 2015 the deadliest year for people trying to reach Europe, according to the International Organization for Migration.
  • At least 24 homes have been lost and one firefighter killed as dozens of wildfires continue to ravage drought-stricken California.
Get The News App

More News

More News

Now Buzzing