Sen. Bob Corker is on the receiving end of some intense media scrutiny regarding his financial activities and disclosures.
Last month, a watchdog group called for an insider trading investigation regarding activity uncovered by the Wall Street Journal when they asked Sen. Corker about some financial disclosure discrepancies.
Last week, Sen. Corker filed new disclosures to correct the "technical errors." The new disclosures revealed millions in previously unreported income, including $3.8 million from commercial real estate holdings.
The allegations of insider trading involve investments in a real estate investment firm that Corker previously worked for and is now a major campaign donor. Sen. Corker serves on the U.S. Senate Committee on Banking, Housing, and Urban Affairs.
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Sounds like Corker has more
Sounds like Corker has more money than he can keep up with. Not that there's anything wrong with that.
Accounting firm didn't step up and say they made mistake
Seems like if the accounting firm actually dropped the ball, they'd step forward and take the heat for a public official, but I think this is a convenient methodology for Corker to distance himself from his own activities of playing fast and loose with the disclosure laws.
I'd like to see the state media do a bit more digging into who actually dropped the ball, I don't think that any accounting firm actually failed to disclose assets, that's not what accounting firms do, I think Corker's own bush league amateur hour people sacked the disclosure so as to avoid additional scrutiny on potential conflict of interest rules and leaving certain investments open to public criticism, figuring better to ask for forgiveness that do the right thing and conduct the senator's financial affairs in the right way.
If it smells like tax evasion...
tax evasion or technical error?
Guess that distinction depends on how much money you have.
Either/or/both
So is this a disclosure "error," a taxpaying "error," or both?
Because it sounds like he paid taxes on the money and willfully withheld the information from his disclosure team. Hard to say. The story has holes.
Just to be clear, it is a
Just to be clear, it is a financial disclosure "mistake" regarding the way realized/unrealized gains/losses are disclosed from what I understand.
The WSJ article sort of explains it.
There are no reports of underreporting income for tax purposes that I'm aware of.
But that could be next depending on how bad the accountants are that he blamed for the "mistakes" or what a mess his books are or both.