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Rangel Now Discloses $500,000 In Previously Undisclosed Assets
By
Jen Chung
Published Aug 26, 2009
Modified Aug 26, 2009
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By
Jen Chung
Published Aug 26, 2009
Modified Aug 26, 2009
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Oh, Charlie! Rep. Charles Rangel, the powerful Democrat from Harlem who chairs the House Ways and Means Committee, has now added "more than $500,000 in previously unreported assets" in an amended 2007 financial report. According to CQ Politics, among the additions are "an account at the Congressional Federal Credit Union worth at least $250,000, an investment account with at least $250,000, land in southern New Jersey and stock in PepsiCo and fast food conglomerate Yum! Brands. None of those investments appeared on the original report, which was filled out by hand and filed in May 2008."
Rangel declined to comment, maybe because, as the NY Times points out, this money now states his net worth at 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." There are apparently a dozen differences between Rangel's original 2007 filing and the amended one; Sunlight Foundation senior fellow Bill Allison told CQPolitics, "I understand being sloppy, missing an asset once or twice. But what this shows is he doesn’t take financial disclosure seriously. How else can you year after year have these inaccuracies? It doesn’t look like there is a lot of care put it into compared to other members."
A Rangel source told the Daily News that there are "good explanations" for those holdings only being reported now and "he'll answer those questions in due time... The congressman is confident there was no effort to hide anything." Of course, Rangel is being investigated for his many rent-stabilized apartments, rental income on a vacation villa, donations to a graduate school being named after him...
Tagged
charles rangel
Congress
financial reports
investigation
rep charles rangel
undisclosed
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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