House Panel Charges Rangel With Ethics Misdeed

The web of accusations and innuendo has officially turned into ethics violations against embattled Congressman Charles Rangel.

And Thursday's charges could be just the beginning of more legal trouble.

What the House Ethics Committee panel did was give Rangel his day in court, which he's said he wanted all along.

What he probably didn't want was to have it happen now -- just before the fall elections and with a number of challengers – both Democrat and Republican -- salivating over winning his seat.

"I've been waiting for close to two years," Rangel said.

That right, the ethics panel has been investigating the Harlem Democrat for two years and there were so many separate allegations of wrongdoing that Rangel eventually gave up his seat as chairman of the powerful tax writing Ways and Means Committee.

"I just got notice today. They haven't told me a darn thing. But I want you to understand what they call it is a statement of alleged violations and I don't have the statement. You can bet your life when they go public and say whatever it is that's alleged that I will respond. I look forward to it," Rangel said.

Alleged violations are like an indictment. Charges filed that will lead to a trial, in this case by a jury of Rangel's fellow congressmen.

The investigation has focused on:

* His use of official stationery to raise money for the Charles B. Rangel Center for Public Service at City College of New York.

* Whether he had the Ways and Means Committee consider legislation that would benefit donors to the Rangel Center at the same time the congressman solicited donations or pledges.

* Preserved a tax shelter for an oil drilling company, Nabors Industries, which has a chief executive who donated money to the center while Rangel's committee considered the loophole legislation.

* Used four rent-controlled apartment units in New York City, when the city's rent stabilization program is supposed to apply to one's primary residence. This raises the question of how all the units could be primary residences. One was a campaign office, raising the separate question of whether the rent break was an improper gift.

* Whether Rangel, as required, publicly reported information on the financing and rental of his ownership interest in a unit within the Punta Cana Yacht Club in Punta Cana, Dominican Republic. Rangel also had to pay back taxes on the rental income.

* Intentionally failed to report -- when required -- hundreds of thousands of dollars or more in assets. The amended disclosure reports added a credit union IRA, mutual fund accounts and stock.

"This couldn't happen at a better time for me, whatever it is because it gives me the opportunity to respond to my friends and constituents that have been supporting me for close to 40 years. All I've been able to give them is trust me. Well, now the facts are going to get out," Rangel said.

Sources tell CBS 2 HD the committee and Rangel's lawyers tried to negotiate a settlement of the case, but that would have required the congressmen to admit certain ethics violations. He apparently didn't want to do that.