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Income, okay? so there was no benefit to me from the cayman entity. as i said, the cayman entity was set up to accommodate nonprofit and pension funds that want to invest through offshore and a -- >> so you helped others avoid paying taxes. >> again, i'm not going to make a comment -- again, they didn't avoid. they followed the law. because i have experience as a hedge fund manager, i am committed to tax simplification. i think it makes no sense that we would encourage hedge fund managers to set up entities in the cayman islands or anguilla. there are people who set up offshore businesses and ...

Mnuchin failed to disclose $95 million in real estate assets. mnuchin said he didn't initially understand the questionnaire. said he wasn't trying to hide anything. democratic senators said if he used a cayman islands entity to avoid paying taxes. >> as i said, the cayman entity was set up to accommodate nonprofit and pension funds that want to invest through offshore in a certain -- >> and you helped others avoid paying taxes. >> again, i'm not going to make -- again, they didn't devoid. they followed the law. >> and mnuchin said he looks forward to working with the irs to close the tax loop ...

Income, okay. so there was no benefit to me from the cayman entity, as i said. the cayman entity was set up to accommodate nonprofit and pension funds that want to invest through offshore in a certain number of offshore -- >> so you help others avoid paying taxes. >> again, i'm not going to make a comic, they didn't avoid, they followed the law. because i have experience as a hedge fund manager, i am committed to tax simplification. i think it makes no sense that we would encourage hedge fund managers to set up entities in the cayman islands or anywhere else, where as you pointed out, i didn't...

From their homes. but then we're also learning today about his role in this group that was offshore in the cayman islands. this is something that according to a democrat memo from the committee came to light as the questionnaire that he had to fill out for this nomination hearing was processed. and that he had to amend it to include this. now he explained a little bit more about it under questioning from senator debby stab now. take a listen to a lib of that exchange. >> i did not use a cayman island entity in any way to avoid taxes for myself. i paid u.s. taxes on all that income. okay? so th...

Income, okay? so there was no benefit to me from the cayman entity. as i said, the cayman entity was set up to accommodate nonprofit and pension funds that want to invest through offshore in a certain number -- >> so you helped others avoid paying taxes? >> again, i'm not going to comment -- they didn't devoid, they followed the law. the other big hearing on capitol hill yesterday, rick perry up for energy secretary. a highly-critical article in "the new york times" loomed over perry, the one we told you about yesterday. the paper faced plenty of backlash and drew scrutiny over its sourcing ...