Tags: rangel | finances

Rangel Fails to Report 500K in Assets

Thursday, 27 Aug 2009 09:51 PM

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New York Democrat Rep. Charles B. Rangel, who is the subject of two House ethics investigations of his personal finances, failed to report at least $500,000 in assets on his 2007 Congressional disclosure form, according to an amended report he filed this month.

The New York Times reported that among the dozen newly disclosed holdings revealed in the amended forms are a checking account at a federal credit union with a balance between $250,0000 and $500,000; three vacant lots in Glassboro, N.J., valued at a total of $1,000 to $15,000; and stock in PepsiCo worth between $15,000 and $50,000.

The new forms report that Rangel’s total net worth is between $1,028,024 and $2,495,000 — about twice the amount listed in the original disclosure statement, filed in May 2008, which declared assets totaling between $516,015 and $1,316,000.

A spokesman for the congressman issued a statement saying the amended disclosure forms were Rangel’s attempt to rectify recently discovered omissions in his financial reporting.

“Congressman Rangel is confident that his records have been subjected to an exhaustive and complete review, and that the amendments accurately reflect his financial interests,” said the aide, Elbert Garcia.

House GOP leaders weren’t nearly so confident. This is only the latest in a series of questionable financial practices by Rangel, they pointed out. Previously, Rangel failed to declare $75,000 in rental income on a villa in the Dominican Republic or pay $10,000 in taxes on it, as unintentional bookkeeping errors. Republicans wonder aloud how he can continue on as chairman of the House Committee on Ways and Means, which oversees the tax code.

“This, again, raises serious questions about whether he should continue as chairman, given the multiple ethics investigations,” said Michael Steel, a spokesman for Representative John Boehner, a Republican from Ohio and the House minority leader.

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