Today in the ongoing examination into Rep. Charles Rangel's dealings, the NY Times wonders--on the front page-- about a pledged $1 million donation to a City College school of public service (being named after Rangel) from a oil executive. Eugene Isenberg, who has paid $200,000 of the donation so far, heads an oil drilling company Nabors Industries which dodged "tens of millions" in retroactive tax payments, thanks to Rangel. Nabors' practice of operating a Caribbean office to "reduce their federal tax payments" was targeted, but Rangel worked to keep the tax shelter--"Mr. Rangel said he stood with Nabors because, as much as he was offended by the company’s attempts to get around some of its United States taxes, he thought it wrong to impose a retroactive tax increase." Naturally, Rangel and Isenberg deny any wrongdoing , but read the article for other details--it's fascinating (and long).
Another Day, Another Question About Charles Rangel
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