September 15, 2008
Rangel carried water for Yanks on bonds
The New York Daily News reports today that scandal-ridden Congressman Charles Rangel lobbied the IRS for tax-free bonds for the New York Yankees after receiving campaign contributions from team owner George Steinbrenner.
Early this year, reports the News, the chair of the House Ways and Means Committee sent the IRS a letter crafted by the team and city lawyers, asking that it approve $350 million in new tax-exempt bonds for the Yanks' new stadium (to pay for such things as a schmancier scoreboard and bigger concessions areas), which would cost federal taxpayers $66 million in lost tax revenues. Over the past eight years, Yankees execs and their lobbyists Akin Gump Strauss Hauer & Feld have donated $45,000 to Rangel and his National Leadership PAC.
If nothing else, it's looking like Thursday will be quite the show.
