[DCPatriot]

Who in the heck spends $400K for real estate and then 'sells' it for the same price 3 years later...in one of the hottest real estate markets in the USA?

Who in the hell gives away title to the property yet remains a 'partner' on a possible future development...ON A HANDSHAKE?

I've got a kitty litter box at home that smells better than this deal.

[tioga]

Who you ask? Why, Hillary would claim that as she stuffed the big bucks into her carpetbag.

[Petronski]

Who in the hell gives away title to the property yet remains a 'partner' on a possible future development...ON A HANDSHAKE?

They made him an offer he couldn't refuse.

[nativist]

Who in the heck spends $400K for real estate and then 'sells' it for the same price 3 years later...in one of the hottest real estate markets in the USA? Who in the hell gives away title to the property yet remains a 'partner' on a possible future development...ON A HANDSHAKE? I've got a kitty litter box at home that smells better than this deal.

A person who doesn't want to pay taxes on that 400,000 piece of property that becomes worth millions but still wants to make a nice profit. A person who needs zoning changed to make that money but would raise suspicion if he influenced that change while owning the property.

The crooked bastard who bought from Reid supposedly thinks there doesn't need to be paperwork because they are friends. Reid is a freaking Senator and is supposed to be squeaky clean, both of these assholes know this.

Prepare yourself for the Caveman Lawyer defense from SNL.

[poobear]

"Who in the hell gives away title to the property yet remains a 'partner' on a possible future development...ON A HANDSHAKE?"

To keep his name out of the deal comes to mind.

[LachlanMinnesota]

The lawyer should have known better...if he claims to be a high-powered attorney in Nevada, he should have been aware of this rule requiring this matter to be in writing...

Rule 1.8. Conflict of Interest: Current Clients: Specific Rules.
(a) A lawyer shall not enter into a business transaction with a client ... unless:
(1) The transaction and terms on which the lawyer acquires the interest are ...fully disclosed and transmitted in writing ...;
(2) The client is advised in writing of the desirability of seeking and is given a reasonable opportunity to seek the advice of independent legal counsel on the transaction; and
(3) The client gives informed consent, in a writing signed by the client, to the essential terms of the transaction and the lawyer's role in the transaction, including whether the lawyer is representing the client in the transaction.

This issue is not whether Harry Reid was hurt by the client, the issue is the ethical bona fides of the lawyer when he declared that nothing was in writing...even lawyers right out of law school know this is bogus...

Who do they think they are kidding? Do they have someone on the board of professional responsibility in their pocket?

[savedbygrace]

He didn't sell it, he transfered it to an LLC in which he claims he was a partner. Even though there was no paper trail of his partnership in the LLC. If you or I tried that, the IRS would nail us bigtime.

IMO, the tax payments made by the mob lawyer are the real problem for Reid. Bacause there was no paper trail proving that Reid was a partner, they look like a gift, pronounced bribe.

[maryz]

Who in the heck spends $400K for real estate and then 'sells' it for the same price 3 years later...in one of the hottest real estate markets in the USA?

I wondered about that -- could it be so that he wouldn't be the owner of record when they got the zoning change (I heard on Rush -- whether it was from Rush or a caller I don't recall) that Reid's son was on the board or commission or whatever that handled zoning.

Also, it seems to me I've heard something about their getting something by the EPA that a private citizen wouldn't have had a snowball's chance in hell of getting! Details were never clear to me though -- haven't seen enough about it.

[DAC21]

"Who in the heck spends $400K for real estate and then 'sells' it for the same price 3 years later?"

One who is dodging to pay income taxes. I'm sure after transferring the property into the Corp. capital gains tax is more of a sweetheart deal. Probably not much in itself illegal EXCEPT the none reporting, and the possible enabling son I'm hearing whispers about.

[buck61]

Hell man, this is how all of congress critters do business.
Just a good old boy hand shake, works all the time. Ever look at your local court dockets for upcoming hearings in real estate?


Why, ever lawyer knows the proper way of dealing in real estate is with a hand shake, they never have a title search, or survey and, a tax report done on property.


So, lets all do as congress does, if we sell our home, don't report anything, LOL!! See where you end up.

[WoofDog123]

"Who in the hell gives away title to the property yet remains a 'partner' on a possible future development...ON A HANDSHAKE?"

a few thoughts -

1) if reed has a worth in the high 7-digits or higher, the value of his investment in this is not a major issue to him
2) if you have friends for that long, you probably know if they are a) going to screw you over money or b) broke and likely to have a motive.