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Rangel Inquisitor Has His Own Reporting Problem

Similarly, McCaul reported his wife’s Clear Channel stock held by the partnership, valued in 2007 at a minimum of $500,000, had no value at the end of 2008. He did not indicate a sale — though his 2009 report states the asset had sold in 2008 — but did report more than $5 million in income from the stock.

But neither transaction is detailed in the report in the section that requires disclosure of the date of sale and the dollar value of the transaction.

In his 2008 report, McCaul reported that one of his dependent children sold Clear Channel stock, both individually and via the same family partnership, and he provided detailed transaction information on those sales.

McCaul reported that the dependent child earned $1 million to $5 million in income from the July 2008 sale of the individually held stock in a transaction valued at $1 million to $5 million. The partnership-held stock earned $100,000 to $1 million in income from a February 2008 transaction valued at $1 million to $5 million.

In his letter to McCaul, Millan stated the transaction details for the dependent child's Clear Channel stock also included that of McCaul's spouse.

"On the 2008 report, the Clear Channel Communications line item cell on the spreadsheet cut off the designation of SP which should have been included," Millan wrote. "This was a cell format printing error made in our office which had absolutely nothing to do with your providing information to our office."

In addition to those four accounts, both McCaul’s spouse and dependent child also sold Clear Channel stock in July 2008 via another family partnership, the Linda Mays McCaul Partners. He provided full details in his 2008 report on those sales.

Two private-equity firms purchased Clear Channel Communications in 2008, in a sale that was reported to have offered shareholders $36 per share.

According to his most recent financial disclosure form, which covers the 2009 calendar year, McCaul also indicated his spouse sold or purchased dozens of stocks, but he failed to detail the transactions, including the dates or values of the dealings.

McCaul, who alphabetizes his forms, provides detailed information on transactions involving stocks that begin with the letters A to E.

But McCaul’s form displays no information for more than 60 accounts that appear to have purchases or sales, beginning with Exxon Mobil Corp. and continuing through Western Union Co.

McCaul responded Sunday, stating that the missing information was the result of a clerical error and will be amended.

“According to Millan & Company, ‘This clerical error in no way stemmed from an omission by Congressman McCaul,’” McCaul said in a statement.

The Texas lawmaker, who will rank sixth on Roll Call’s upcoming annual survey of the richest Members of Congress with a minimum net worth of $73.75 million, has seen his fortunes sextuple since he filed his first financial disclosure report, which was for the 2004 calendar year.

But it is unclear whether McCaul’s latest growth spurt of nearly $36 million since 2008 is an impressive uptick in his fortunes or merely a reporting glitch.

On his most recent report, the lawmaker states that Linda McCaul owns a stake in “LLM Partners Ltd., Family Limited Partnership,” which is valued at $25 million to $50 million.

She also reports a stake in “LLM Partners, Ltd., Invest in LLM Family Investments,” valued at $25 million to $50 million.

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