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.

[jrooney]

Yeah, you are right. That is why the GOP is going to open hearings to see what really happened there since they were asked by Comey from the DOJ, retired now and a democrat and the one that gave Fitzgerald super duper magical powers, not to investigate anything until the case was resolved legally. Per other posts you have done to me, you are a half empty type of person. I am a half full. I repeat, Reid is in trouble and I stand by my comment.

[Rennes Templar]

Ok. I'm a Senator. A friend donates one-quarter million dollars in my name to a company of which I am a silent oral partner. The company cashes out 3 years later and I get two million, which I use for my campaign. This is legal?

[unspun]

Yahoo Users! Go to this site and "RECOMMEND" this story: http://news.yahoo.com/s/ap/20061011/ap_on_go_co/reid_land_windfall_6

[thoughtomator]

My glass is half full, yours is obviously half empty.

GoBucks has a half-empty glass of Jack Daniels... yours is half full of Kool-Aid.

Let's be serious here... Rep. Jefferson got caught by the FBI with $90k cash in his freezer, and he's still serving many months later. What leads you to believe there will be any consequences for Reid?

[Timeout]

I'm not too familiar with IRS regulations, but isn't a taxpayer required to disclose income from a partnership? If I'm not mistaken the LLC must issue a K-1 (similar to a 1099) to both the taxpayer/partner and to the IRS. But Reid treated this property as if it were a personal holding. Did he report (to the IRS and/or the Senate) that this was income from the LLC or did he report it as a personal long-term capital gain?

[jrooney]

Because the investigation into Jefferson is ongoing. He will be ultimately indicted and convicted. The FBI has already been on the record months ago when this first came to light, they had enough to arrest him on. The Nigerian VP Jefferson bribed has just been indicted in his own country for deals involving Jefferson.

Investigations that lead to successful prosecutions are never rushed because you only get one chance in a court trial. If you lose, you can not retry them.

As far as the Kool-aid remark, you are wrong. I have been involved in a few thousand investigations in my life and I know what is involved to get a strong case. I do not run off half cocked without looking at all the facts, like yourself.

[thoughtomator]

Then explain to me how Jefferson is not only not in jail, but still serving in Congress.

I'd be willing to make a wager that there will be no consequences for Reid... say, if there is no arrest within 8 months, you donate $100 to FR, above and beyond any other contribution you would normally make, otherwise I will do so, above and beyond my normal contribution.

[zendari]

Where are the calls to resign?

Allen & stock options = bad.
Reid & land sales = good.

[skr]

As long as Mr. Reid has, since he is the Democratic leadership in the Senate.

I wonder if he shared any of his investment tips with his Senatorial buddies?

[jrooney]

I will first off donate to FR because everyone should that uses the services here. Second, there is no way to determine how long the investigation will take. It could take weeks, months or over a year.

Jefferson was removed from his committe position by the whole donk congress because they know he is radioactive and in serious trouble. He is elected to Congress, so he can stay until convicted. Charges being brought by the feds or indictments by a federal grand jury still can not force him out of congress, only a conviction can. Jefferson is an egomaniac and will stay until he is placed in handcuffs and hauled off to jail.

[dandiegirl]

"Unless something changes in the way the DOJ enforces the law, Reid is not in any trouble."

The Clintons probably have something on Alberto Gonzales.

[Prost1]

"Reid is in no trouble, because no one will hold him accountable for it."

I'm so glad I was the 1st to post this article.

It engenders so much positivism regarding our system of justice I just want to take a moment and say PROST EINS!

[Defiant]

That's not what happened, according to the article.

[Victoria Delsoul]

Time to rumble!!!

LOL! I'm looking forward to having some fun.

[Defiant]

The article does not state how Reid treated this transaction in his IRS filings, which would be unavailable to anyone except with Reid's permission. He could well have done the IRS filings properly, while failing to properly document the transfers in his Senate filings, which are public. Again, these are all issues for further investigation.

[HitmanLV]

Ping! My senator in action! Haha!

[1035rep]

He's a crook so the Democrat party will embrace him until he is led off in handcuffs.

[bitt]

"I'm tellin' ya, my hands are sweatin', my head is shakin', and I have diarrhea running down my legs..."

[jrooney]

You are right. It is truly sad how the donk party will embrace him.

[Victoria Delsoul]

Right now I'm singing and dancing on my chair, hahaha.

I love this song...

click on it