President Obama's nominee to lead the Treasury Department defended his $56,000 investment in a Cayman Islands fund at his confirmation hearing on Wednesday, saying he was unaware it was based in a nation famous for offshore tax havens.
Jack Lew, who served as Obama's chief of staff until earlier this year, said he sold the fund for a loss when Obama tapped him in 2010 to lead the Office of Management and Budget.
"I always reported all income, I always paid all taxes," he said. "I was aware that it was an international fund investing in emerging markets…I actually didn't know [its location] at the time."
By the end of the nearly three-and-a-half-hour hearing, Lew emerged looking like he will sail to confirmation in the full Senate.
Read more on The Hill's On The Money blog.
