Sen. Harry Reid, D-Nev.
Posted on 10/11/2006 2:54:55 PM PDT by Libloather
Corruption claimed in Harry Reid deal
Senate Minority Leader hung up phone when queried about $1 million windfall
Posted: October 11, 2006
3:02 p.m. Eastern
© 2006 WorldNetDaily.com
Sen. Harry Reid, D-Nev.
Senate Democratic Leader Harry Reid hung up the phone when questioned by the Associated Press about a $1.1 million windfall on land he had not owned for three years, the wire service is reporting.
Reid collected on the Las Vegas land sale in a deal engineered by a longtime friend and former casino lawyer, Jay Brown, whose name has surfaced in organized crime investigations, the AP said.
According to records and interviews obtained by the AP, the senator 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 the company.
Defending the senator, his aides argued the deal was not disclosed because it was considered a "technical transfer."
No money changed hands, they insisted, and Reid's ownership stake in Brown's company was equal to the value of his land. The senator, they contended, also continued to pay taxes on the land.
The aides also explained there were no documents to prove Reid's stake in the company, because it was an informal agreement between friends.
The AP said Reid bought the undeveloped residential property on the outskirts of Las Vegas for about $400,000 and sold it in 2001 for the same price to Brown's limited liability corporation.
Reid did not disclose the sale on his annual public ethics report or tell Congress he had any stake in Brown's company, the AP notes, but continued to report to Congress that he personally owned the land.
Brown then convinced local officials to rezone the property for a shopping center before his company sold the land in 2004 to other developers.
Reid nearly tripled his investment, taking $1.1 million of the proceeds. He then reported it to Congress as a personal land sale.
The AP said Reid hung up the phone when questioned about the deal during an interview last week.
Reid spokesman Jim Manley told the wire service the 1998 purchase "was a normal business transaction at market prices."
"There were several legal steps associated with the investment during those years that did not alter Senator Reid's actual ownership interest in the land," he said.
But Senate ethics rules require lawmakers to disclose on their annual ethics report all transactions involving investment properties, regardless of profit or loss, the wire service points out, and to report any ownership stake in companies.
A former Federal Election Commission official affirmed Reid's failure to report the sale and his ties to Brown's company violated Senate rules.
"This is very, very clear," said Kent Cooper, who oversaw government disclosure reports for federal candidates for two decades. "Whether you make a profit or a loss you've got to put that transaction down so the public, voters, can see exactly what kind of money is moving to or from a member of Congress.
"It is especially disconcerting when you have a member of the leadership, of either party, not putting in the effort to make sure this is a complete and accurate report," said Cooper. "That says something to other members. It says something to the Ethics Committee."
*itch's retort:
"It was Bush's Fault!
"Finally, something to take Mark Foley off the Front Page."
Do you really think this will be reported by the lame stream media?
Ok, you tell me as soon as this hits the front page.
In a real world this would be front page tomorrow. I wont hold my breath.
If it was just a "technical transfer", then why not report it?
Too bad, Repubs did not strike first. . .or even second or third or at least sometime in the past EIGHT years.
Incomprehensible to me. But hey. . .he 'out there' and lookinig uglier. . .if that is possible.
No wonder these Demrats went after Foley; as per the 'long list'; probably thought they could kick sand (and worse) forever, in the faces of every Repub; whenever they just needed their numbers 'up'. . .
Reminds me when Jimmy Swaggart pointed his finger to OUT the TV evangelist Jim Bakker. You reap, and then you sow.
Reid and Berger..a classic one/two punch..
Rove, you've done it again. Resign Harry. Resign Nancy.
No money changed hands, they insisted, and Reid's ownership stake in Brown's company was equal to the value of his land. The senator, they contended, also continued to pay taxes on the land.
The aides also explained there were no documents to prove Reid's stake in the company, because it was an informal agreement between friends.
Key points that need to be understood.............
Hey Dopey, Live by the soundbite, die by the sound bite.
Has Reid Resigned yet? By this time in the Foley non- scandal Foley had been required to resign.
IRS Calling! Hi.."yeah, did you really say there was no paperwork because the transaction was between friends?"...Could you come with us Sir..Mr. Senator?
A "technical trade", but an informal agreement by handshake by friends, without traceable documents.
You may be right in that the Media went after Cunningham, Delay and Ney simply because they were Republicans. of course they relegate Jefferson and Reid to the back pages.
Nancy Pelosi is deeply disturbed.
He's gonna get that little town of "Searchlight" up his arse. No way he survives this.
What goes on in Vegas stays in Vegas.
Time for the Duke Cunningham treatment.
This is very "troubling" Harry, I think you should step down, or better yet resign.
How could they have known? He hid everything until the property sold in 2004 and he pocketed the windfall.
As far as the public records showed, he bought and sold land without making a profit...then claims a profit after the fact from an undisclosed interest in his buddy's business venture.
Probably the earliest this would have been disclosed was 2005...not 1998.
WE NEED AN INVESTIGATION !!!!!
WE NEED A SPECIAL PROSECUTOR!!!
REID MUST RESIGN !!!!!!
WHAT DEMOCRATS KNEW AND WHEN DID THEY KNOW IT???
NANCY PELOSI MUST ALSO RESIGN= !!!!!!!!!!!!
REMEMBER THE CHILDREN!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!
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