Dubious Accounting Shadows Top Democrat

Charles Rangel, Head of Powerful House Tax Committee, Admits to Under-reporting Assets by More Than $1M

(CBS)  He's one of the most powerful and longest-serving members of Congress, but today Charles Rangel is grabbing headlines for quite another reason - his dubious accounting.

In new reports filed during the dead of summer recess, Rangel fessed up to hundreds of thousands of dollars in income, bank accounts and property he hadn't reported before, reports CBS News correspondent Sharyl Attkisson.

Rangel, of all people, should know a thing or two about money. He heads the powerful House tax committee known as "Ways and Means."

"They're responsible for the tax code and here he is saying he can't fill out his financial disclosure forms," said Melanie Sloan of Citizens for Responsibility and Ethics.

Two House ethics investigations are already chewing on a mound of allegations against Rangel:

• failing to report rental income and pay taxes on a villa in the Dominican Republic

• failing to report income from a condo sale in Florida

• accepting an improper deal to rent a group of Harlem apartments

• raising money for a charity in his name from donors with business interests before his committee

• violating a ban on lobbyist-paid trips

Rangel has denied any wrongdoing.

Members of Congress are supposed to disclose their assets in an annual report, and lying would be a federal crime. Values are reported in ranges rather than exact numbers.

Rangel's original form for 2007 left off major assets he's now owned up to: stock, bonds, property and other investments.

The biggest omissions were two large accounts worth a quarter to a half million dollars each.

"Americans have to wonder: was that a willful failure to disclose or was that sloppy? If that is sloppy, how is it somebody forgets about a $150,000 checking account?" Sloan said.

There's evidence Rangel's troubles have become a liability for Democrats. Though his committee is a key player in health care reform, he hasn't been placed in the usual front-and-center role.

"He can be a very visible, engaging personality. And the fact that he hasn't been visible I think is telling," said political analyst Stu Rothenberg.

CBS News asked every Democrat on Rangel's Health Subcommittee for an interview on his effectiveness in leading the committee, but none would talk with us. Neither would House Speaker Nancy Pelosi nor Rangel's No. 2 on the Ways and Means Committee.

Rangel wouldn't talk with us either. At a news conference last year, he was at times cavalier and defiant when pressed on one facet of the investigations.

"God damn, I think, I really think, I think you're being annoying now because you cannot be creative," Rangel said at the time.

The new disclosures put Rangel's net assets at up to $2.5 million. That makes him worth up to twice what he originally claimed - except when it comes to political capital.

[brian1920]

Pelosi refuses to drain the swamp when the swamp is full of liberal Democrats. She is running a complete culture of corruption.

[jtom58]

To all of those who say this is old news, I would ask, 'Can you tell me why he is still chairman of the Ways and Means Committee'? Once there was an appearance of impropriety, he should have stepped down.

[tomar01]

another crooked politician. what do you bet his home state puts him back in office?? believe it or not, WE are the problem.

[Blatensphere]

Typical Democrap! HA HA HA HA HA

[afmcalax]

As an American this should concern us all whether we are Democrat or Republican. The sense of entitlement in all of our politicians is sickening. The rules are only for other people and they have annointed themselves as life time holders of these positions. Only term limits will rectify this position. I am a Democrat and very liberal; but sooner or later we all need to come together and eliminate the hypocrisy from both parties. Rangel's actions are not defensible.

[epagels]

Washington politics at their best. Seems to me that we should open investigations on all politicians and use their money to fund the new Health Care Bill...even if it is only a small percent.

[G-I_Jesus]

Rangel should retire before they kick him out!

[JaySilman]

Charles Rangel is following in the footsteps of his predecessor, Adam Clayton Powell III. Rangel represents an ultra liberal district in Manhattan and therefore has little or no opposition and no accountability to voters. In addition to his tax troubles he is playing games with the Washington Bridge Post Office which is in his district which had been scheduled to close but was postponed for the third time at the last minute by a one year extension so that the next crisis will occur after the next congressional election. The dispute is between the US Government and a private landlord in terms of a lease renewal for an extended period of time at a reasonable rate.

[michaelm07]

Democrat = Hypocrite

Charlie's a prime example

[jackp32]

It doesn't matter to him. He has stolen enough to last him a life time. Besides, the voters will put him back in office because they are brain dead.