CHATTANOOGA, Tenn. (AP) – Republican U.S. Sen. Bob Corker of Tennessee made profitable short-term trades in a Chattanooga real estate firm, but didn’t properly disclose the deals until challenged by the Wall Street Journal.
The newspaper reports Corker, a former Chattanooga mayor who is now chairman of the Senate Foreign Relations Committee, bought between $1 million and $5 million in shares of CBL & Associates Properties Inc. 2011, and sold them again five months later at a 42 percent gain.
Earlier purchases in the names of his daughters in 2009 likely netted more than $1 million, though the paper says the exact gain isn’t possible to calculate.
Corker in a written statement to the Wall Street Journal blamed the lack of disclosure required by congressional ethics rules on “filing errors” by his accounting firm.
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