AP Exclusive: Reid got $1M in land sale

AP ^ | Oct 11, 2006 | By JOHN SOLOMON and KATHLEEN HENNESSEY, Associated Press Writers

[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.

[AmeriBrit]

If the MSM won't get the news out there then damn it we'll do it ourselves. Why do you cut the Republicans short all the time?

[LibLieSlayer]

"The Pubs should make Harry the SlimeOcrat resign."

They should also make him the poster-boy for the dims.

LLS

[Bullish]

Good thing this isn't Tom Delay, or there would be hell to pay.

Democrat corruption makes Republicans look like Choirboys.

[Hildy]

ARE THERE ANY GOOD PEOPLE LEFT IN POLITICS?????

[LachlanMinnesota]

This is what the Nevada Rules of Professional Responsibility Requires of attorneys who do busines with their clients. Do you suppose this did not happen?

Rule 1.8. Conflict of Interest: Current Clients: Specific Rules.
(a) A lawyer shall not enter into a business transaction with a client or knowingly acquire an ownership, possessory, security or other pecuniary interest adverse to a client unless:
(1) The transaction and terms on which the lawyer acquires the interest are fair and reasonable to the client and are fully disclosed and transmitted in writing in a manner that can be reasonably understood by the client;
(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.

[Dog Gone]

If he was off the deed, he was obligated to report a sale of the asset on his tax return.

I'm not sure if that's true. If he sold it for exactly what he paid for it, there's no taxable transaction.

I'd like to know if he actually got paid that amount, or whether that's a bogus figure in order to have a non-reportable event.

The problem is that he also got an equity interest in the company which he didn't report. He can't have it both ways. Either he sold the property for no net gain or loss, or he didn't. Subsequent events show that he got 75% of the company in addition to $400,000.

No stock trail, but it doesn't add up. Either he was completely out of the deal for $400k, or, more likely, he never got paid a dime until the million dollar payoff.

Or both, but it doesn't have an innocent explanation in any event.

[unspun]

Looks like a classic politician's sweatheart (and fictitious) deal.

[Danae]

Burn em at the stake (of the MSM)!!!!!!!!!

[Enterprise]

Reid is a Democrat. He would never do anything questionable because Democrats are pure as the wind driven snow.

[Danae]

I agree, this has INVESTIGATION written all over it!

[devolve]

[Darth Republican]

You tell that ratf**k Reid that if he opens
his mutherf**kin' mouth about that land
deal I'll pluck his f**kin' eyes out with a
shrimp cocktail fork.

[unspun]

Looks like Reid will be coming soon to a prison near Las Vegas.

[LachlanMinnesota]

No way...What goes on in Vegas stays in Vegas...

[right-wingin_It]

[Alissa]

Looks like the Republicans have a few "October surprises" up their sleeves too!

[dr_who_2]

The majority leader should call for an immediate investigation.

[Centurion2000]

Have the Dems crashed in the 06 elections. She can then come in as the savior of the party for 08.

And pick up the sympathy vote if Bill dies in 10/2008. If I was Bill I wouldn't be anywhere NEAR Hillary in 2008.

[Alissa]

Sorry to break it to you, bud, but Reid is a Democrat and is thus exempt from the law.

This just might grow legs (with no help from the MSM), because I think voters have contempt for anyone who uses their office for financial gain. This skepticism already exists, so it doesn't take much to make them mad. Also, the fact that he's not taking phone calls is only confirming he knows he's in deep kimchee. (I hope)

[Suzy Quzy]

"Harry Reid"...just saying that name is an obscenity!!