I am sorry, but this is too amusing to pass up..
An investment Jack Lew made in the Cayman Islands has been flagged as an issue in the Treasury secretary nominee’s vetting by the Senate Finance Committee, according to multiple sources close to the confirmation process.
Read more: http://www.politico.com/story/2013/02/cayman-islands-investment-jack-lew-87400.html#ixzz2Kfm5neC2
So what’s the problem?
Woah! Join the club. Anybody financially savy might have some investments abroad, declared or not. Will he plead ignorance like Geithner or Schulman or whoever (or both) it was that said that even they had a tax preparer? We need to earmark this in case he gets approved anyway.
According to the article, this issue has come up and been addressed in at least two previous Senate confirmations and his investment was properly disclosed. While I think it’s hilarious that Mr. Obama’s Treasury Secretary nominee had an investment in a company registered at Ugland House which Mr. Obama previously called “either the biggest building or the biggest tax scam on record” because it has 18,000 companies registered to that address, it’s the functional equivalent of suggesting that Delaware is a scam because it has a hugely disproportionate share of corporate registrations in the US.
It’s incredibly unhelpful to our cause if politicians treat everything outside US borders with such incredibly deep suspicion. I realise it’s all part of political horse trading but, unfortunately, it’s symptomatic of a nation that, until passports were required for travel to Canada or Mexico, had issued passports to less than 20% of its population (if I recall correctly) and where the majority of people will never set foot on foreign soil. And, rather tragically, a nation where in a 2002 survey 11% of young US citizens couldn’t even locate the US on a world map (how does that happen?), 29% couldn’t identify the Pacific Ocean, 58% couldn’t identify Japan, 69% couldn’t identify the UK and 83% couldn’t identify Afghanistan (http://news.nationalgeographic.co.uk/news/2002/11/1120_021120_GeoRoperSurvey.html).
Funny how the Democrats thought it was “Oh so…evil” when Mitt Romney had overseas accounts, but are willing to let the likes of Geithner and Lew aside as if there was nothing wrong. The real FATCAts are in Washington DC!
Jack Lew must present his FBARs publicly
And cherry on the cake is that there will also be plenty of juicy public re-hashing of the years and tens of thousands worth of US taxes that Geithner did not pay – and the penalties that were not levied by the IRS on same. So fitting for the US Treasury to have an offshore investor with secretive Cayman accounts, as successor to someone who didn’t report all of his income and ‘didn’t pay his fair share’ of US taxes until he was audited and had to. AND both of them with Wall Street backgrounds too.
Grilled about Cayman Investments, Jack Lew Chooses the I’m-a-Moron Defense http://bit.ly/14Xm0x4
Jack Lew’s Grotesque Citi Employment Deal and the Institutionalization of Corruption
Read more at http://www.nakedcapitalism.com/2013/02/jack-lews-grotesque-citi-employment-deal-and-the-institutionalization-of-corruption.html#OY2bpeJGhqMsh6xi.99
From the Naked Capitalism article: “But this simply means that Lew is a member of a protected class.” — Ain’t it always so and that “class” of course cannot be named. This man is so far removed from the sphere of ordinary people that to him they will look like nothing but tiny bits of protein to feed the corrupted regime. Hope Americans aren’t too attached to silly little perks like Social Security and Medicare because their Wall Street will always need another bailout and their corporate complexes are untouchable.
It looks like Lew has been confirmed. Another very black day for the USA.
Jack Lew on Social Security – Dump It! http://bit.ly/Ya4jXX and this guy was just confirmed??? Do the Dems know what his opinions are?