Now Is the Time for All Good Bankers to Bash the Caymans

A brief follow-up to my column today on Jack Lew, President Barack Obama's nominee to lead the Treasury Department: One of the subjects Lew took heat over during his Senate confirmation hearing last week was his investment in a Citigroup fund located in a Cayman Islands building known as a home for offshore tax havens.

As Bloomberg News has reported, Ugland House is a five-story office building on South Church Street in the Caymans. It served as the official address for 18,857 corporations as of March 2008, according to a U.S. Government Accountability Office study published that year. About half of those companies had U.S. billing addresses.