www.bethelfinance.com/rm
The Cayman Islands' Chamber of Commerce has challenged critics of the
tax affairs of the new US Treasury Secretary Jack Lew, following
reports that he had held investments in a Cayman Islands investment fund
domiciled in Ugland House, during his private sector career.
Those in opposition say the appointment of Lew highlights the
duplicity of the Obama Administration's response to offshore investments
following ceaseless pre-election criticism of the tax affairs of the
Republic presidential candidate Mitt Romney.
In a bid to dispel myths surrounding Cayman investment, the
territory's Chamber of Commerce stated: "At this juncture, it is perhaps
worth asking why people are still surprised that Americans, including
both Republicans and Democrats, have money invested in Cayman investment
funds, when it is certainly the case that all Americans who have a
pension fund will likely have their money indirectly invested in a
Cayman private equity or hedge fund."
"There is nothing wrong with that at all. As the 2008 Government
Accountability Office's Report attests, Cayman is the domicile of choice
and a center of excellence for some of the world's leading
international investment funds."
"Cayman investment funds are an important part of helping to solve the
pension funds' need for investment diversification and the global
allocation of capital. Some of this capital is, for example, invested in
important infrastructure projects in emerging market countries. As a
consequence Cayman helps US fund managers manage money for foreign
investors, thus supporting jobs and service providers based in the US."
"It is high time that Cayman's important role in the global economy and capital markets is better understood by policy makers."
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