Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
Economy
Related: About this forumJack Lew, Citigroup and the Ugland Truth
http://billmoyers.com/2013/03/08/jack-lew-citigroup-and-the-ugland-truth/n this Aug. 3, 2012 photo, the Ugland House, the registered office for thousands of global companies, stands in George Town on Grand Cayman Island.
Jack Lew, Citigroup and the Ugland Truth
arch 8, 2013
by Michael Winship
Along with its sandy beaches and quality snorkeling, the Cayman Islands reputation as an offshore tax haven for corporations, banks and hedge funds has become so well-known its financial institutions now are featured in travel brochures as yet another tourist attraction.
So as we traveled across the Caribbean this week including a stretch paralleling the south coast of Cuba past Guantanamo Bay and the Sierra Maestra mountains, where Castro and his revolutionaries once hid out we made a stop in George Town on Grand Cayman Island. A short walk along the shore took us to 335 South Church Street, a location made famous by Barack Obama a few years ago and more recently, Jack Lew, during his confirmation hearings to become Secretary of the Treasury.
There youll find Ugland House, a five-story office building that, according to a 2008 report from the U.S. Government Accountability Office (GAO), houses 18,857 corporations, about half of which have billing addresses back in the States. Its the business world equivalent of one of those circus cars thats packed with more clowns than you thought possible. In 2009, Obama said of Ugland House, either this is the largest building in the world or the largest tax scam in the world.
~snip~
Wheels within wheels. One of the thousands of entities registered at Ugland House is Citigroup Venture Capital International, a private equity fund in which our new Treasury Secretary Jack Lew invested $56,000 while he was an executive at Citigroup. He sold the investment, at a loss, for $54,118 in 2009 when he joined the Obama administration. Asked at his Senate confirmation hearing whether he knew that Citigroup had a presence in the Caymans 121 subsidiaries, in fact, including the fund in which he had invested Lew professed, I do not recall being aware of any particular Citigroup subsidiaries located in the Cayman Islands.
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
2 replies, 941 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (4)
ReplyReply to this post
2 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
Jack Lew, Citigroup and the Ugland Truth (Original Post)
unhappycamper
Mar 2013
OP
Leslie Valley
(310 posts)1. On 2/9/13 I posted an almost identical article from the NYTimes
Before Lew was confirmed....
http://www.democraticunderground.com/1014394532
Much like your post (12 hours later, not 1 comment) it was met with roaring indifference.
I guess if it's "our guy" it's all good.
At least we thought we knew what to expect from Romney.
IDK about you, but maybe I'm in the wrong place.
westerebus
(2,976 posts)2. At this point, some of us have very limited expectations.
It's not the comment count that matters in the economic forum. It's the information flow. Welcome, Leslie.