House Ways and Means Chairman Charles B. Rangel , already beset by a series of ethics investigations, has disclosed more than $500,000 in previously unreported assets.
Among the new items on Rangel’s amended 2007 financial disclosure report were 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.
According to the original report, Rangel’s net worth was between $516,015 and $1,316,000, while the amended report showed his net worth, as of Dec. 31, 2007, roughly double that amount — at least $1,028,024 and as much as $2,495,000.
Rangel also revised his disclosed investment income from 2007. The original report showed he had received between $6,511 and $17,900, but the new report shows between $45,423 and $134,700. The report also includes eight previously undisclosed financial transactions.
House rules allow lawmakers to exclude their personal residences and report asset values within broad ranges.Rangel’s office and his lawyers did not respond Tuesday to requests for comment.The forensic accounting firm he hired, Watkins, Meegan, Drury & Company, declined to comment.
Rangel, D-N.Y., filed the new paperwork Aug. 12, along with his months-late 2008 report. They were released by the House this week. The reports are required annually for members. Lawmakers frequently amend their financial statements, but rarely do they make such drastic changes.
It sounds nice to be a Democrat.
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