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 ...
And one more other thing:
I couldn't find any mention of whether the LLC was dissolved after the land sale. Does Reid STILL have an "informal" (ha!) interest in the company?
So if Reid is out who will led the Dems if they take over?
Harry should be picking out an orange jumpsuit and get ready for a new room mate.
http://jacksonville.fbi.gov/dojpressrel/pressrel06/fraud030106.htm
The Democrats in the Media and Elected will blame Bush for Reid's troubles.
I think maybe best explanation is Reids partner was bribing Reid. His partner wanted Reid in on the deal to insure Reid made government process worked. I suspect the Reids partner was the true owner, giving Reid the cash to buy in the first place.
The FBI needs to uncover all records to prove Reids currupt looking deal is innocent.
Reid needs to demand an FBI inestigation immediatly to clear his good name.
FBI? We need an IRS investigation...they will cut off his shriveled balls.
If he transfered the property, there must be a county record with a price paid. County records are public.
I wonder what county records show. They should show the true owner.
Could it be Reid was getting checks from the LLC for a while, for other sales prior to this one? Holding ownership of the land, yet getting paid off for "selling the land" for "ownership of the LLC"?
Like a shell game for hiding pay offs?
"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."
If he donated the property, which I would presume is the same as selling the property to the company (minus tax advantages), he loses ownership. If he's not a listed partner in the company, how is he eligible for profit?
And what did other partners in the company gain from the sale?
Yawn, we've heard this before, think "Sandy Berger".
Please, let me be wrong for once in my life ;^)
Your questions are all issues to look into.
Haster is the Speaker of the House. Frist is the Seante Majority Leader. If they talked about it, then it would get coverage. People would know about it. But, no, they bury their heads in the sand and go out of their way to take Democrat scandals out of people's minds.
Hastert can call a press conference to talk about Foley, but not about this. Pathetic.
I don't expect the MSM to carry the water for us, but every now and then we do need to hand them a bucket.
Want more proof? Today, the finally get around to calling for an investigation into Sandy Burglar's theft of documents. His trial should be over now. If they can call a special prosecutor for Plamegate, they could have called one for Burglar.
Our side always bring a butter knife to a gun fight. Appeasing Democrats seems to be their primary goal in life. You would think it would be to get themsevles re-elected. But, no, they've done so much of the former that the latter is now in jeopardy.
Liblie..I salute you! Thanks for more info...I called earlier as well. It makes me feel better that they know how I feel.
I wonder if he'll be forced out by Friday or what. This bodes VERY BADLY for the dims if he's allowed to stay on...I mean, fraud and tax evasion. Those are serious charges...I want an indictment and I want a perp walk.
Is it too soon to gloat? LOL.
It will only grow legs if prominent DC Republicans talk about it, issue statements, etc, talk about it on the radio, cable, etc. Deman investigations, appoint a secial prosecutor, etc. If Bob Ney and Duke Cunningham can go to jail for this, so can Reid.
As it stands now, no Congressional Republican has said a single word about it.
THe last time we caught the Democrats in a sneaky lie, Orrin Hatch fired the staffer who exposed it.
No wonder every DC Republican walks around with their tail between their legs ready to appease Democrats at every turn.
A partnership agreement need not be in writing. If it is oral, it is just harder to prove the terms.
According to the article, he was a 3/4 partner in the partnership, the other guy had 1/4. When the property sold for $1.6 million, he got $1.1 million. Since he got less than $1.2 million, there were probably some expenses that got repaid by the partnership before the net profit was doled out. Presumably, the other guy got something a little less than $300k.
Harry Reid skims 1M-MSM coverage 2 days.
What makes no sense to me, is no proper paper trail involving almost half a million dollars.
I dont care who it is I'm dealing with, I dont give half a million to anyone without reinbursment, that being a legal document proclaiming ownership of this LLC.
This really stinks to high heaven.
Reid is in no trouble, because no one will hold him accountable for it.
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