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Thu Feb 14, 2013, 12:25 PM

About Lew and his $56,000 Cayman Island investment -

Do we want someone who invests $56,000 without knowing where it is going handling our money? Either he is very stupid, very trusting or has waaaaay too much money.

On a more serious note, I wish he'd had the guts to say something like this:

"Of course I invested in the Caymen Islands! Given our current tax code, that's the most prudent thing to do!"

With regards to his bonus while the bank was falling down around him:

"Of course I took the money! I was a banker, not a hermit! "

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Reply About Lew and his $56,000 Cayman Island investment - (Original post)
hedgehog Feb 2013 OP
yellowcanine Feb 2013 #1
hedgehog Feb 2013 #2
yellowcanine Feb 2013 #3
hedgehog Feb 2013 #4
yellowcanine Feb 2013 #5
LiberalFighter Feb 2013 #6
geek tragedy Feb 2013 #7

Response to hedgehog (Original post)

Thu Feb 14, 2013, 12:39 PM

1. OTOH The fund probably doesn't say "Cayman Island Investment Fund"

I have money in my 403 K which I have no idea where it is invested. I have looked at some of the listings and the titles of the various funds are pretty much meaningless.

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Response to yellowcanine (Reply #1)

Thu Feb 14, 2013, 12:45 PM

2. I think if you look at the description,

you'll be able to get a general idea of where the money is going.

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Response to hedgehog (Reply #2)

Thu Feb 14, 2013, 12:53 PM

3. Maybe but who does that? The average person takes the recommendation of some

investment guy based on the investment goals.

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Response to yellowcanine (Reply #3)

Thu Feb 14, 2013, 01:22 PM

4. OTOH - do we want an "average guy" for Secretary of the Treasury?

I really think he knew exactly where those funds were, but everyone agreed not to admit that that's where they all have money!

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Response to hedgehog (Reply #4)

Thu Feb 14, 2013, 01:39 PM

5. Don't know - I would expect Sec of Treasury guys might listen to an investment

adviser also for his own money - in fact, I would prefer it that way. He should not be making decisions based on how it affects his own portfolio. But I have enough trouble keeping my own finances straight without speculating about what some muckity muck might be doing. If he might have done something untoward, ok, let's have it investigated by people who know what they are doing. But it is probably not that useful to speculate about specific investments. Investments are very complicated and things aren't always what they appear to be.

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Response to hedgehog (Original post)

Thu Feb 14, 2013, 02:13 PM

6. $56,000 out of how much?

What is his rate of return?

Where and how much of the rest of his money is invested?

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Response to hedgehog (Original post)

Thu Feb 14, 2013, 03:44 PM

7. When a guy has a few million in investments, I'm not sure that $56K

is even going to get his attention.

He lost $2k on the investment.

Not sure what the big deal is.

Oh wait, I do. Republicans are using it against him. The financial version of BENGHAZI!!!!

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