Nov 25, 2008 8:52 am US/Eastern
Report: Exec Pledged $1M To Rangel School
NEW YORK (AP) ―
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U.S. Rep. Charles Rangel (D-NY)
AP
The New York Times says 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.
The money was pledged by Nabors Industries Ltd. chief Eugene M. Isenberg for the planned Charles B. Rangel School of Public Service at the City College of New York.
Rangel says the gift played no role in his decision to protect the loophole. Isenberg says the school is a worthy cause and he didn't get special treatment.
The Times says the company saved an estimated tens of millions of dollars annually when Rangel fought to preserve the loophole.
Rangel -- the House Ways and Means committee chairman -- had earlier criticized the company for opening a Caribbean office to reduce its taxes.
(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)
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