Obama’s nominee for Treasury Secretary, current White House Chief of Staff Jack Lew, who is also in possession of the worlds most awesomest signature, has a lot of money that he keeps socked away in a Citigroup venture capital fund that, of course, as befitting someone with a lot of money, is headquartered in the Cayman Islands.
Now, we could take a step back and talk about how everyone piled on Mitt Romney for having invested some money in a mutual fund that happened to have put some of it’s money into a Cayman Islands account without asking Mitt Romney for permission, and how horrifically out-of-touch with the American people that made him, but we’ll just demur on that for now. Because, as it happens, Jack Lew not only has money in that account, but he has absolutely no idea how it got there.
White House chief of staff Jack Lew told lawmakers that he could not explain why his venture capital investment was headquartered in the Cayman Islands, though he did recommend that Congress lower corporate tax rates.
“I actually don’t know,” Lew replied when Senate Finance Committee chairman Max Baucus, D-Mont., asked why the venture capital firm was located in the Caymans. “At the time I invested, I was aware that it was an international fund investing in emerging markets,” he added, but said he “actually didn’t know” it was in the Caymans.
Well, it’s at least good to know that Lew puts his money where his policy is, requesting that perhaps Congress should take his hint and become more investment-friendly, sort of like those offshore accounts that people like Jack Lew put cash into to avoid paying high foreign investment taxes. Of course, his boss isn’t nearly as complimentary towards the process of socking away your money, as questioner Chuck Grassley noted. In fact, he’s been obsessively critical of it, even going so far as to accuse Mitt Romney of a complete lack of patriotism over it.
What’s even funnier? There’s one particular Cayman Islands address that has drawn more than it’s share of Obama’s ire: Ugland House, which houses about 19,000 separate corporate address, most of which are described as “tax shelters.” Barack Obama even went so far as to call Ugland House the “largest tax scam in the world.”
And where’s Lew’s venture capital company located?
Fortunately, it’s not immediately apparent that Lew has cheated the government out of any money, which is certainly an improvement over the last Treasury Secretary, who had difficulty remembering even to do his taxes at regular intervals. And the Obama Administration insists that Lew has reported all of the income form his offshore investments and has never cheated the American public out of a dime. Which is also true of Mitt Romney. Except Mitt Romney was the spawn of Satan and Jack Lew is just another happy customer of the IRS.