Sunday, May 20, 2007

Steve Kagen - shrewd politican but a poor business msn

Representative Steve Kagen is either a shrewd politician or a bad business man.
Kagen noted his Kagen Allergy Clinics had gross revenues of nearly $1.2 million last year; net income after tax was $220,000. He called himself sole proprietor of the business.

He entered Congress in January, and in light of a ruling from the Committee on Standards of Official Conduct, he then said he was selling his business to brother Charlie Kagen, a dermatologist.

In his report, Kagen said he sold the practice for $50,000 on Jan. 2.
Well, gosh. I guess he's just not very good business man is he? But yay for his brother who picked up a thriving business for a song.
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