Rangel Linked to Tax Loophole for Oil Exec
Tuesday, Nov 25, 2008 | Updated 6:01 AM EDT
Nabors Industries Ltd. chief Eugene M. Isenberg promised to give $1 million to the school of public service slated to be named after the congressman.
An oil drilling company whose chief executive pledged $1 million to a school to be named for New York Rep. Charles Rangel benefited from a tax loophole the lawmaker helped preserve.
Nabors Industries Ltd. chief Eugene M. Isenberg promised to give $1 million to the planned Charles B. Rangel School of Public Service at the City College of New York.
At the same time last year, the company saved an estimated tens of millions of dollars annually when Rangel fought to preserve a tax loophole.
Rangel had recently become House Committee on Ways and Means chairman.
He earlier had criticized the company for opening a Caribbean office to reduce its federal tax payments. He says the gift played no role in his decision to protect the loophole.
Isenberg tells The New York Times he pledged the money because the school is a worthy cause. He says he didn't get special treatment from Rangel.
Copyright Associated Press
