quote:Perhaps Jack Lew will elucidate during his Sec of Treasury hearing.
Why do people use off shore banks? Is this practice legal?
February 8, 2013
Lew’s Cayman Islands Fund a Likely Issue at Confirmation Hearings
By JONATHAN WEISMAN
As recently as 2010, Jack Lew, President Obama‘s nominee to be the next secretary of the Treasury, had $56,000 invested in a CitiGroup venture capital fund based in the Cayman Islands’ notorious Ugland House, a building whose mailboxes are home to nearly 19,000 corporate entities, many of them tax shelters.