Spin Cycle

Charlie Rangel, backed by the Democrats as the House's chief tax writer, protected a tax loophole for an oil drilling company whose top executive gave $1 million to a fund for a CUNY public service school to be named for Rangel that the Congressman has been raising money for. Rangel also has apparently been receiving tax benefits in DC and rent breaks in NYC by claiming both places as his primary residence.

NYS Senate Republicans have hatched a clever plan to create a super powerful, autonomous Finance Committee and offer its chairmanship to one of the "Gang of Three" rogue Democrats in exchange for a vote that would keep the GOP in control of the chamber.

Obama seemed ready to take ownership of the economic crisis as he named his economic team yesterday, and today is expected to add a respected budget director to what experts are describing as a high wattage, centrist, market oriented team.

Tim Geithner was named Treasury Secretary the same day as a bailout of Citicorp, a bank for which he was supposed to be the lead regulator, as men intimately involved in creation of the current mess continue to throw around taxpayer money to try to find a way out. A day later, there's concern that the rescue, with its implicit government guarantee, may encourage imprudent risk-taking long-term.

In the latest plan, the Fed is going to get into the consumer and business lending business with seed capital from Treasury.

Dems are in and Republicans are out on K Street, but between the bailout money and the change of administration, it's fat city for lobbyists in Washington -- despite Obama's pledge to reduce their influence.

Obama's small-donor fundraising wasn't quite as impressive as advertised, according to a new study by a campaign finance group.

Chuck Schumer, gearing up for his own re-election bid, steps down as chairman of the Senate Democrats' campaign committee.

Prompted by the hate killing of Marcelo Lucero in Patchogue, a coalition of civil rights groups gathered in Washington to denounce immigrant bashing.

Bloomberg's approval rating has dropped in the wake of his term limits lie and power grab according to a new Quinnipiac poll, whose results echo a Marist poll last week.

Tom DiNapoli offers grim new projections on the NYS economy.