President Obama's pick for Treasury Secretary, Jack Lew, faced his confirmation hearing this morning. He responded to questions about an investment he made in the Cayman Islands by saying his "benefit was really very small."
Lew had near $100,000 in assets in the Cayman Islands, a tax-free jurisdiction.
Lew explained that he was investing in a venture capital fund and said he didn't know the address of the partnership in the Cayman Islands.
Sen. Max Baucus (D-MT) pressed Lew, asking if he paid taxes on the money or earned anything from the deal.
"I lost money on the investment," Lew said. "In fact I lost money, which I didn't have a great deal of income."