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AP Exclusive: Reid got $1M in land sale
AP ^ | Oct 11, 2006 | By JOHN SOLOMON and KATHLEEN HENNESSEY, Associated Press Writers

Posted on 10/11/2006 11:21:50 AM PDT by Prost1

WASHINGTON - Senate Democratic Leader Harry Reid collected a $1.1 million windfall on a Las Vegas land sale even though he hadn't personally owned the property for three years, property deeds show.

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In the process, Reid did not disclose to Congress an earlier sale in which he transferred his land to a company created by a friend and took a financial stake in that company, according to records and interviews.

The Nevada Democrat's deal was engineered by Jay Brown, a longtime friend and former casino lawyer whose name surfaced in a major political bribery trial this summer and in other prior organized crime investigations. He's never been charged with wrongdoing — except for a 1981 federal securities complaint that was settled out of court.

(Excerpt) Read more at news.yahoo.com ...


TOPICS: Breaking News; News/Current Events
KEYWORDS: bookhimdano; crook; cultureofcorruption; democrats; dingyharry; dustyharry; eggonmyface; glasshousesalert; harryreid; jaybrown; lasvegasmafia; magnificentbastard; oopsididitagain; reid; rove; rovesfault; rymb; soiledharry; surprise; whitewaterii
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To: misterrob

Reid should step down pending an investigation. Sort of like what Delay did.


261 posted on 10/11/2006 12:09:53 PM PDT by EQAndyBuzz ("Freedom by its nature cannot be imposed, it must be chosen")
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To: jimbo123

PIAPS is running for President. She does not want to be minority leader.

I think this is coming from the GOP. If it has RAT parentage, my bet is on Durbin or Dodd, both of whom covet the leader position.


262 posted on 10/11/2006 12:09:54 PM PDT by mwl1
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To: Prost1

Wow!!!!! this is such a surprise...another corrupt politician has been outed.


263 posted on 10/11/2006 12:10:00 PM PDT by takenoprisoner
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To: Prost1
To use Harry's own words: "This guy is a liar and a looser". Culture of Corruption my eye!
264 posted on 10/11/2006 12:10:04 PM PDT by jackieaxe (Unsourced reporting is not reporting but a lie or a manipulation)
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To: mikeandike

If she doesn't come out defending him completely then we'll know who was behind the leak.


265 posted on 10/11/2006 12:10:08 PM PDT by mainepatsfan
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To: Jaysun

You took the words right from my keyboard.


266 posted on 10/11/2006 12:10:14 PM PDT by ShandaLear (So there!)
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To: All
269 stories of this funneled by AP story already according to Google!
267 posted on 10/11/2006 12:10:41 PM PDT by jrooney ( Hold your cards close.)
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To: nopardons

And McLaim sticking the NK thing up Hillary's ass the way that he did was priceless.


268 posted on 10/11/2006 12:10:49 PM PDT by misterrob (Bill Clinton, The Wizard of "Is")
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To: misterrob

Already off the front pages. Aircraft just crashed into a building in New York.


269 posted on 10/11/2006 12:11:57 PM PDT by EQAndyBuzz ("Freedom by its nature cannot be imposed, it must be chosen")
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To: Prost1

Oh, Harry, say it ain't so!


270 posted on 10/11/2006 12:12:18 PM PDT by Rocky (Air America: Robbing the poor to feed the Left)
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To: mainepatsfan

No doubt -- any ideas on how we can do that?


271 posted on 10/11/2006 12:12:48 PM PDT by WoodlandsTXFreeper
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To: Texas Songwriter

BTTT


272 posted on 10/11/2006 12:13:16 PM PDT by Unicorn (Too many wimps around.)
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To: WoodlandsTXFreeper

The GOP senators need to put the heat on him.


273 posted on 10/11/2006 12:13:36 PM PDT by mainepatsfan
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To: The G Man

LOL! That is SWEET! I get tired of the same old graphics, thanks for the updated version!


274 posted on 10/11/2006 12:14:49 PM PDT by Paradox (American Conservatives: Keeping the world safe for Liberalism.)
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To: jrooney
I just read the article in full (always a good idea), and I don't see a lot to the story. It makes Reid look bad, and he may have violated some technical reporting requirements, but I don't see any reporting of outright corruption. It doesn't say where he got the $400,000 initial investment, and it doesn't say that the zoning changes that the partnership got were obtained through undue influence.

So, basically, Reid invested $400k in a property in 1998, donated it to a partnership in 2001, the partnership got the land rezoned, and in 2004, the property was sold for an amount that earned Reid $1.1 million. That is not that unusual, folks. Properties can double in 6 years, and zoning changes can add to the value, especially if the architectural plans are already completed, and the project just needs to be built.

This deal is worthy of further investigation, but based on what is known, Reid only gets a slap on the wrist for failing to report properly, not jail time for corruptly accepting unearned monies.

No mention in the article on whether the $1.1 million sale was properly reported to the IRS as a $700,000 capital gain (or whether Reid paid Bush's reduced 15 percent capital gains tax rate on it instead of the 20 percent that Reid voted for). More facts may change things, obviously, but don't get too excited yet.

275 posted on 10/11/2006 12:15:36 PM PDT by Defiant (Do you realize if the Star Wars creator's last name was Thomas, we would have Tom Skywalker?)
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To: Agrarian
I hope you're right that this is an October surprise, and that the GOP is going to take off the gloves to win this fall.

If this doesn't work (which it will) , our next October surprise will be.... bin laden  found in a cave with a large stash of WMD's and wall maps of Washington DC and New York. 

Pelosi will probably be there giving him a lap dance.

276 posted on 10/11/2006 12:15:50 PM PDT by 1035rep
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To: Prost1

http://reid.senate.gov/contact/offices.cfm

Contact

I maintain three Nevada offices, in Las Vegas, Reno, and Carson City. Please locate the office closest to you. If you need to contact me directly, please go here.

Carson City
600 East William Street, #302
Carson City, NV 89701
Phone: 775-882-7343 / Fax: 775-883-1980

Las Vegas
Lloyd D. George Building
333 Las Vegas Boulevard South, Suite 8016
Las Vegas, NV 89101
Phone: 702-388-5020 / Fax: 702-388-5030

Reno
Bruce R. Thompson Courthouse and Federal Building
400 South Virginia Street, Suite 902
Reno, NV 89501
Phone: 775-686-5750 / Fax: 775-686-5757

Rural Nevada Outreach Contact
Susan Lisagor
Phone: 775-686-5750 / Fax: 775-686-5757

Washington
528 Hart Senate Office Building
Washington, DC 20510
Phone: 202-224-3542 / Fax: 202-224-7327
Toll Free for Nevadans: 1-866-SEN-REID (736-7343) -Restricted to calls originating from area codes 775 and 702

Reid Newsroom
(202) 224-9521


277 posted on 10/11/2006 12:16:02 PM PDT by AlGone2001 (He's not a baby anymore...)
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To: mainepatsfan

I think John Cornyn will, not so sure about Kay Bailey Hutchison. I've had the pleasure of meeting of my congressman Kevin Brady three times -- he seems to have the stomach to go to battle with Reid.


278 posted on 10/11/2006 12:16:34 PM PDT by WoodlandsTXFreeper
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To: Paradox

279 posted on 10/11/2006 12:16:35 PM PDT by The G Man (The NY Times did "great harm to the United States" - President George W. Bush 6/26/06)
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To: ErnBatavia
For sure the Dems are on all the same page......groan
280 posted on 10/11/2006 12:16:56 PM PDT by mad_as_he$$ (Never corner anything meaner than you. NSDQ)
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