Human Eventsby Ross Kaminsky
First there was â€œCountrywide Chrisâ€ Dodd (D-Conn.), whose combination of poor judgment and possible corruption qualifies him to be Chairman of the Senate Banking Committee. Then there was Tim â€œTurboTaxâ€ Geithner, whose false tax return filings qualify him to be Secretary of the Treasury. And now, in keeping with the Democratsâ€™ recent tendency to have scoundrels in the highest positions involving regulation of the nationâ€™s finances, we have the Chairman of the tax-writing House Ways and Means Committee, Charlie Rangel (D-N.Y.), who recently filed amended financial disclosure reports showing a net worth about double what he had previously reported. (Rangelâ€™s original 2007 disclosure form and the amendment can be seen here in pdf form.)
In addition to showing his net worth increasing from a range of $516,015 and $1,316,000 to a range of $1,028,024 to $2,495,000 in his amended 2007 financial disclosure form filed last month, Rangel also reported substantial 2007 income and several transactions involving mutual fund sales, purchases, and exchanges which he had not disclosed earlier. The new numbers are not small, especially as a percentage of Rangelâ€™s total net worth.
For example, while Rangel was reporting net worth in the area of $1 million, he â€œoverlookedâ€ two accounts worth over $250,000 each (one checking, one mutual fund), another bank account, several other mutual fund accounts, and holdings of stock and land totaling another roughly $300,000. In other words, Rangelâ€™s unreported assets were worth about as much as his reported assets.
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