Mr. Citibank Update: Cayman account dogs Jacob Lew, Obama’s treasury pick

[unhappycamper]

http://www.mcclatchydc.com/2013/02/12/182844/cayman-account-dogs-jacob-lew.html



White House Chief of Staff Jacob Lew

Read more here: http://www.mcclatchydc.com/2013/02/12/182844/cayman-account-dogs-jacob-lew.html#storylink=cpy

Cayman account dogs Jacob Lew, Obama’s treasury pick
By Kevin G. Hall | McClatchy Newspapers
Posted on Tuesday, February 12, 2013

WASHINGTON — President Barack Obama’s pick to head the Treasury Department faces a tough grilling Wednesday from Republicans looking to spotlight his time at Citigroup, the troubled financial institution rescued by taxpayers.

Jacob “Jack” Lew spent less than two years at Citi, from 2006 to 2008, but his time there has now provided fodder for administration critics. They’re especially focused on Lew’s disclosure filings from 2009 showing he’d been invested in a fund headquartered in the offshore tax haven of the Cayman Islands.

Here are some answers to questions likely to come up at his Senate Finance Committee hearing.

Q: Did Lew hide the fact that he had money in offshore tax havens?
A: Lew did not hide nor advertise it. In his prior confirmation hearing to become director of the White House Office of Management and Budget, Lew disclosed that among his investments was a Citibank employee investment fund called Citigroup Venture Capital International Growth Partnership II. The fund’s name sounds innocuous enough, but its address on file with the Securities and Exchange Commission is what’s riled the GOP.

[GeorgeGist]

1. Feigning has become passé ...

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