Lew Says He Didn’t Know Money-Losing Holding Was in Caymans

Jack Lew, the nominee for U.S. Treasury secretary, said he wasn’t aware that a personal investment involved a fund in the Cayman Islands and he lost money when he sold the holding.

Lew, selected by President Barack Obama last month to succeed Timothy F. Geithner, responded to senators’ questions about the investment and his work at Citigroup Inc. as he testified at his confirmation hearing before the Senate Finance Committee in Washington today. Lew also said he sees opportunities to broaden the tax base and lower corporate and perhaps individual tax rates.