Lew: "I Didn't Know" Fund I Invested In Was Based in Cayman Islands
Sen. Max Baucus asks Jack Lew, the president's nominee for Treasury secretary, about his investment in a venture capital fund that was based in the Cayman Islands.
BAUCUS: Why was the investment in the Cayman Islands?
LEW: Senator, I actually don't know why it was organized. I was not involved in setting up the fund.
BAUCUS: Did you know at the time?
LEW: At the time I invested, I was aware that it was an international fund investing in emerging markets. I knew that much of the personnel for the fund was based in London. I actually didn't know at the time what the address of the partnership was.