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Saturday, January 3, 2009

Rangel Sought $10 Million Contribution From AIG, Then Approved Subpart F Exception Benefiting AIG

From the New York Times (Rangel Pushed for a Donation; Insurer Pushed for a Tax Cut):  Embattled House Ways & Means Chair Charles Rangel sought a $10 million donation from AIG for a school of public service that City College of New York was building in his honor and later changed his position and approved the subpart F active financing exception (worth millions annually to AIG) that was later enacted as part of the $700 billion bailout bill. For more, see American SpectatorGothamist, and UPI.  For prior TaxProf Blog coverage of Chairman Rangel's tax troubles, see:

http://taxprof.typepad.com/taxprof_blog/2009/01/rangel-sought-10-million-contribution-from-aig-for-his-ccny-school.html

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Comments

This NYT story seems really flimsy

Posted by: Bigdaddy | Jan 3, 2009 12:18:32 PM

USA FOR SALE! This is EXACTLY how politics in the USA is done and why things are so messed up. Blago is just the tip of the iceberg. Cheney's 'priviledged' meetings are EXACTLY more of the same. That is why he is so desperate to hide them NOT because of 'interference of candid views'. While the country circles the drain financially these people just carve up the US and sell things off to the highest bidder. This is why the politicians always get richer while the taxpayer drowns in evermore debt. The real proof of this is the 'patriot' laws that make it a crime to question what 'they' are doing in government and the FACT that more laws are passed in secret than in public.

Posted by: theo | Jan 3, 2009 12:18:32 PM

Rangel is such a character. It's amazing that all this is coming out now -- I wonder how much he's been getting away with over the years.

Posted by: Taxrascal | Jan 10, 2009 3:35:46 PM