Quote:
Originally Posted by Kevin
If anyone caught the op-ed piece in the NY Post penned by Dick Morris (I know, I know) and Eileen McGann, it raises some issues about Emanuel which on their face appear a lot more troubling than the sorts of things which have already caused other Obama cabinet potentials to withdraw their names from consideration.
The issues raised are these:
1) Emanuel lived rent-free in the home of Rep. Rosa De Lauro for several years and didn't report the fact that he received that home rent-free to the IRS as income (anyone who has had tax law knows the Duberstein case which basically says this is income, and it would appear that the gift wasn't completely gratuitous because Emanuel had used his influence with Freddie Mac to send some money the De Lauros' way). Accoridng to the op-ed, 'experts' think the rent could add up to $100K of taxable income.
2) Emanuel served on the board of Freddie Mac when the company lied about its earnings which led to a $50 million fine from the SEC. Freddie Mac has since been very kind to Emanuel, donating $25K to his campaign fund.
At any rate, item 1 is huge. Item 2... typical Washington.
Link if you care:
http://www.nypost.com/seven/02172009...ice_155536.htm |
Very interesting (and I love the
Duberstein reference, by the way; my tax prof would be very proud of you). I'll agree that I don't see #2 as such a big deal, but #1 is interesting. If nothing else it's terrible PR for the new administration.
Then again I'm not exactly a huge Rosa Delauro fan, so take my point of view for what's it's worth.