Newspaper: Corker failed to disclose Chattanooga earnings

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.

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.

(Copyright 2015 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)

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