From the Daily News:Queens Congressman Gregory Meeks made no payments for three years on a secret $40,000 personal loan - and repaid the cash only when the FBI started asking questions, the Daily News has learned.
Meeks received a check for $40,000 from Queens businessman Ed Ahmad in January 2007 to finish paying off his new $830,000 home, two sources familiar with the matter said.
There was no discussion about interest rates, due dates or collateral requirements for the loan, the sources said, and Meeks did not report it on his 2007 and 2008 financial disclosure forms.
The congressman made no payments on the loan until early last month, a few weeks after the FBI questioned Ahmad about the check, the sources said.
That's when Meeks sent Ahmad a check for $59,000, having tacked on an annual interest rate of about 12.5%, the sources said.
In an interview, Meeks admitted he could not find documents to back up the loan. He also did not respond to a News request for copies of cancelled checks.
14 comments:
The press is loath to mention it, but this year Meeks has an election opponent. Republican Asher Taub.
An Orthodox Jew running to win in a largely black Democratic district. Perhaps this year, voters will stop reelecting the same tainted incumbents and think outside the box.
the koolaide drinkers do not get it .meeks will win again.
In an interview, Meeks admitted he could not find documents to back up the loan. He also did not respond to a News request for copies of cancelled checks.
This is a blatant example of RAY-CISM! Why should a "proud black man" be asked for loan documents and cancelled checks?
Where's Eric Holder? This is a blatant example of RAY-CISM, and should be investigated. How dare they ask this brutha for loan documents and cancelled checks! It's a 21st Century version of segregated water coolers.
An Orthodox Jew running to win in a largely black Democratic district. Perhaps this year, voters will stop reelecting the same tainted incumbents and think outside the box.
HAHAHAHAHAHHAA!!!!
You're speaking rhetorically, for comedic effect, right?
Do you really think Meeks' constituents will vote him out?
That district would vote for Idi Amin if they had the chance!
That district would vote for Jack The Ripper if he were black and a Democrat. Such dumb voters.
Maybe if the Congressional Ethics Office -- isn't that an oxymoron? -- reprimands him, or even better if the feds indict him, his opponent will have a chance.
I've loaned money to friends with no documents. What's the big deal?
It's 40,000, not 400,000.
I've loaned money to friends with no documents. What's the big deal?
We've captured your IP address, and are working on locating your home address and name.
Expect a visit from our agents on Monday.
Have a nice day!!!!
I've loaned money to friends with no documents. What's the big deal?
It's no problem as long as the public official discloses it on his/her annual financial disclosure form. Otherwise, there is the appearance that influence was being bought.
It's no problem as long as the public official discloses it on his/her annual financial disclosure form.
Interest MUST be reported on your annual tax return. See here:
http://www.fool.com/taxes/2002/taxes020816.htm
Also, see IRS Publication 550:
http://www.irs.gov/pub/irs-pdf/p550.pdf
I now see 2 people who will be receiving visits from our agents on Monday. Your IP addresses have been recorded; we will find your home addresses shortly. Your tax returns will also be audited.
Have a great weekend!
who said I charged interest, IRS agent?
who said I charged interest, IRS agent?
Interest MUST be charged, in order for the loan to be an "arms length transaction".
If you didn't charge interest, it is therefore imputed based on the amount loaned. The imputed interest amount must be reported on Schedule B of form 1040.
The fact that you just admitted you DID NOT charge interest, is also not going to be looked upon favorably.
Again, we have your IP address, our agents will be at your residence tomorrow morning.
Have a great weekend!
Why should anyone have to charge interest if they lend money?
We should be discouraging usury, not rewarding it !
What about all the credit card companies that offer 0% teaser rates for the first year?
"Meeks admitted he could not find documents to back up the loan."
This is understandable, things get lost when you have a very large house.
you are absolutely correct about how documents get lost in large homes. just ask Hillary Clinton,the former co-president. the documents in the "white water" corruption investigation went missing for years.
for some unknown reason they one day showed up on a table outside of her residence at the white house......
she had a remarkable lapse of memory when questioned by federal investigators.
this information is well documented in the grand jury testimony,so long ago.
i do not recall her party affiliation?
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