EDITORIAL: Rangel Profits by Any Ways, Any Means

September 1, 2009

Charlie Rangel is one lucky guy. The Democratic congressman from Harlem, N.Y., just discovered that his net wealth is twice what he thought. That’s a pretty good day at the office for a public servant. Mr. Rangel also realized that he made tens of thousands of dollars more than he reported in many different years over the past decade. This is the most recent string in a series of financial bonanzas for Mr. Rangel, who last year admitted he had forgotten about $75,000 in rental income on his Caribbean resort property.

Mr. Rangel amended his 2007 financial disclosure form in August, explaining that he had overlooked between $500,000 and $780,000 in assets. It must be nice to be so wealthy that one forgets possessing more than $250,000 in a checking account at the Federal Credit Union. He also forgot his sizable investment accounts at J.P. Morgan, Merrill Lynch & Co., Oppenheimer and BlackRock. For good measure, throw in what might have been up to $50,000 in PepsiCo stock, but who is keeping track at this point? (Hint: not Charlie.)

Read more: (Editorial, “Rangel Profits by Any Ways, Any Means,” The Washington Times, 9/01/09)