Representative Charles Rangel (D-N.Y.) formally denied charges at a hearing Monday morning that he violated House ethics rules by failing to properly account for his personal finances and campaign fundrasing, and then walked out of the proceedings 40 minutes after they began.

Rangel requested a delay in the proceedings and requested counsel.  His request was denied on the grounds that the ethics committee must make a decision on Rangel's case before the new Congressional term begins in January. 

Rangel then walked out of the proceedings, saying, "my reputation of 50 years of public service has to suffer because this committee has concluded that it has to conclude this matter before the session ends."

The ethics committee chairwoman, Zoe Lofgren, continued the hearing after Rangel left the room.

Monday's hearing was the first of its kind since 2002 because settlements on ethics charges are usually brokered behind closed doors to avoid public embarassment. Rangel has steadfastly refused to settle and expressing confidence in his defense at every opportunity--even refusing to resign in a "passionate" 37-minute speech on the House floor earlier this year.

Rangel has been under investigation for more than two years. He's been charged with 13 violations, including failing to report some assests, failing to pay some taxes, improper use of House stationery, misusing a rent-controlled apartment and giving companies tax breaks in exchange for donations to schools he supported. Rangel served as chairman of the committee that writes tax laws from 2007 until March, when he resigned.

One expert predicted Rangel will at most get a slap on the wrist. The trial could last all week.

Rangel was elected to his 21st term in the House in a 80-10 landslide during the Nov. 2 midterm elections. His district is dominated by a mainly Hispanic and African-American section of Upper Manhattan.

House Republicans were furious that Democrats delayed the ethics trials of Rangels and Rep. Maxine Waters (D-Calif.) to after the midterm elections. They said the Democrats were not acting in the best interests of Americans by protecting themselves from bad publicity before the elections.

Democrats had made several attempts during the summer to persuade Rangel to settle, threatening him with expulsion if he didn't. However, no deal was ever reached.

Waters' trial will begin Nov. 29.