Posted on 10/13/2006 7:12:03 AM PDT by Dems_R_Losers
A lucrative land deal benefiting U.S. Senate minority leader Harry Reid (D., Nev.) deserves full scrutiny by the Senate ethics committee.
In 1998, Reid purchased undeveloped residential property on the outskirts of Las Vegas for $400,000. He bought one lot outright, and a second lot with a partner, Jay Brown. In 2001, Reid sold the land for the same price to a corporation created by Brown. Reid retained an ownership stake in the corporation and continued to pay taxes on the property. There was no written agreement; Brown told the Associated Press that the two had been friends for 35 years and didn't need one.
So the Senate Democratic leader engaged in a seven-figure handshake and didn't feel the need to disclose all the details. Experts on Senate ethics rules say Reid should have disclosed the sale in 2001 on his annual ethics report, and informed Congress of his part-ownership in Brown's corporation. Reid didn't.
After the land was rezoned for a shopping center, the corporation sold it in 2004. Reid received $1.1 million in the sale, turning a neat profit of nearly $700,000 in six years.
While now insisting he did nothing wrong, Reid is also offering to make a "technical change" to his earlier ethics reports if the ethics committee so desires. Simply giving the Democratic leader a mulligan is hardly the way to handle this case. When the Senate debated ethics reforms earlier this year, Reid was out in front to demand the toughest of standards from lawmakers.
"Americans have been shocked and even disgusted by revelations of corruption in our current system by Republican lobbyists, senior Bush Administration officials, members of Congress, and former congressional staff," Reid said in March. "The scandals have shown that some outsiders and insiders believed they could act with impunity."
That's how this case looks, too. Unless Reid comes up with a better explanation for this lack of disclosure, Democrats should not keep him as their leader in the new Congress in 2007.
Well then, I will have to resend it to Mr. Frist. Thank you for the correct information
bttt
I hope this story will get legs. Seems slow getting started.
I think it will pick up, right after the election, to get Hillary! to take over as Majority/Minority leader.
Hell man, this is how all of congress critters do business.
Just a good old boy hand shake, works all the time. Ever look at your local court dockets for upcoming hearings in real estate?
Why, ever lawyer knows the proper way of dealing in real estate is with a hand shake, they never have a title search, or survey and, a tax report done on property.
So, lets all do as congress does, if we sell our home, don't report anything, LOL!! See where you end up.
re: Reid can try and spin this as a 'technical error', which he'll correct asap, but the question is did this profit, show up on his federal tax return for that year?
Bingo... it didn't exist. Wait a minute... coulda sworn I saw the LLC docs yesterday... BRB.
Oh, yeah. Nice work!
...ummmm, only how long until they pull it?
Well Done !!!!! Harry wants to know if you will put your video in his LLC --- on a handshake, of course.
"Harry Reid is DIRTY Mafia."
I think so, too. Brown is a Mafia lawyer, I read. I wonder how many "wins" Dirty Harry's friends have cashed in at casinos, by way of laundering payoffs.
I will donate it to him as long as he promises to keep playing it.
'Calling for Reid's head may be their way of saying "See? We are unbiased, we went after a Dem!"' (re the Dinosaur Media)
While I hope you're right, I'm getting pretty ticked that the Repbulicans aren't doing that particular job. Yah, It's all fine and dandy to be a "gentleman" and "above the fray"-- we all know what happens to 'nice guys'.
"Now calls for Reid's stepping down? Well shut my mouth!"
- And hush my puppies.
Harry is talented and hard working to say the least.
Run a realestate scam, work with the mafia, and be a senator all at the same time. Such a busy guy.....
ROFL!!!! That is fantastic!!! You really need to get this to Brit Hume.
Please send it if you have time. Thanks.
I think there is something else playing here. Like maybe they know of another story getting ready to break , and their paving the way for that.
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