Obama Treasury pick Lew defends Cayman Islands investment

Reuters News

2/13/2013 11:11:32 AM - Reuters News

WASHINGTON (Reuters) - Jack Lew, President Barack Obama's Treasury secretary nominee, defended his decision to invest in a fund that was registered in the Cayman Islands, saying on Wednesday that he was not aware it was located in the tax haven when he made the investment.

Lew said he eventually sold his position in the Citigroup venture capital fund at a loss and did not receive any tax benefit. Lew was testifying before the Senate Finance Committee, which is in charge of vetting him to serve as Treasury secretary.

(Reporting By Anna Yukhananov and Rachelle Younglai; Editing by Vicki Allen)