Rangel Hid $500K in Assets

Richard Rubin of CQ Politics is reporting:

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.

NLPC’s exposure of Rangel’s unreported and undisclosed income from his Dominican Republic “villa,” touched off more intensive scrutiny of Rangel’s finances, leading Rangel to revise his filings, albeit months late.

Rangel can’t claim that he merely overlooked reporting a half million in various assets. These omissions appear willful and deliberate. Of course, we have no idea whether he has finally reported all his assets or is still hiding more. In any case, this is a matter not only for the Ethics Committee but also the U.S. Attorney. Lawmakers have gone to jail for less serious flaws in their financial disclosures.