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Reid's Land Deal (Philly Inquirer calls for Harry Reid to be replaced as Dem leader!)
The Philadelphia Inquirer ^ | October 13, 2006 | Editors

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.


TOPICS: Breaking News; Crime/Corruption; News/Current Events; Politics/Elections
KEYWORDS: corruption; cultureofcorruption; democrats; liberals; msm; reid; resign; stepdown; whatdidheknow; whendidheknowit
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To: DCPatriot

"Cankles" is Her Heinous Hineyness, not Rove.


41 posted on 10/13/2006 7:36:19 AM PDT by RegulatorCountry
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To: Suzy Quzy

You ju T gave Harry Reid hi new name, DIRTY HARRY!!

My letter after r i not pringtin up on the keyboard, might have omething to do with the coffee I pilt on it thi morning.


42 posted on 10/13/2006 7:37:22 AM PDT by gulfcoast6
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To: Dems_R_Losers
I went to the Philly Inquirer's Internet site and read the story.

I like the header as well as the cartoon

PRACTICE WHAT YOU PREACH

LOL

43 posted on 10/13/2006 7:37:30 AM PDT by hawkaw
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To: DCPatriot

Either Hillary or The Dick Durbin who wants his job!!


44 posted on 10/13/2006 7:37:36 AM PDT by Suzy Quzy ("When Cabals Go Kabooms"....upcoming book on Mary McCarthy's Coup-Plotters.)
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To: DCPatriot; holdonnow
Who in the hell gives away title to the property yet remains a 'partner' on a possible future development...ON A HANDSHAKE?

They made him an offer he couldn't refuse.

45 posted on 10/13/2006 7:38:54 AM PDT by Petronski (Living His life abundantly.)
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To: RegulatorCountry
I completely disagree.

If Hillary & friends were behind this they wouldn't have it coming to light 4 weeks prior to the most important mid-term election in US history.

They would have waited until November 10, 2006

46 posted on 10/13/2006 7:39:07 AM PDT by DCPatriot ("It aint what you don't know that kills you. It's what you know that aint so" Theodore Sturgeon)
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To: DCPatriot
Who in the heck spends $400K for real estate and then 'sells' it for the same price 3 years later...in one of the hottest real estate markets in the USA? Who in the hell gives away title to the property yet remains a 'partner' on a possible future development...ON A HANDSHAKE? I've got a kitty litter box at home that smells better than this deal.

A person who doesn't want to pay taxes on that 400,000 piece of property that becomes worth millions but still wants to make a nice profit. A person who needs zoning changed to make that money but would raise suspicion if he influenced that change while owning the property.

The crooked bastard who bought from Reid supposedly thinks there doesn't need to be paperwork because they are friends. Reid is a freaking Senator and is supposed to be squeaky clean, both of these assholes know this.

Prepare yourself for the Caveman Lawyer defense from SNL.

47 posted on 10/13/2006 7:39:16 AM PDT by nativist (Don't hit at all if it is honorably possible to avoid hitting, but never hit soft.)
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To: Excuse_My_Bellicosity

uh... dunno what news you are getting, but this hasn't even hit fauxNews with regularity (not surprising seeing how Murdoch is hanging with libs these days)...


48 posted on 10/13/2006 7:39:20 AM PDT by fhlh (Polls are for Strippers.)
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Comment #49 Removed by Moderator

To: nativist

PLUS, Reid SUPPOSEDLY paid the Property Taxes, although late one time, on property he DIDN'T own??? I don't think so.


50 posted on 10/13/2006 7:40:36 AM PDT by Suzy Quzy ("When Cabals Go Kabooms"....upcoming book on Mary McCarthy's Coup-Plotters.)
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To: DCPatriot

51 posted on 10/13/2006 7:40:46 AM PDT by Petronski (Living His life abundantly.)
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To: Squeako
There was no written agreement paper trail Brown told the Associated Press...

If true, then Reid could technically still be the owner of the real property. Why? Under the "statue of frauds," which exists in one form or another in most states, a conveyance of real property is unenforcable unless memorialized in writing and signed for the grantor. There are exceptions in some states, such as when the transfer is supported by consideration and has been fully performed, but I don't know the specific law in Neveda. Either way, the transaction stinks like the culture of corruption that is epidemic in Washington D.C.

52 posted on 10/13/2006 7:41:24 AM PDT by Labyrinthos
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To: Suzy Quzy
Nope...common sense dictates they would not jeopardize ruining their momentum (compliments of the MSM) 4 weeks out of the mid-term elections where they're trying to gain the majority.

This is something that would see the light of day mid November...after the votes are counted.

53 posted on 10/13/2006 7:41:57 AM PDT by DCPatriot ("It aint what you don't know that kills you. It's what you know that aint so" Theodore Sturgeon)
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To: hawkaw

Is the Inquirer a newspaper with a conservative or liberal slant?


54 posted on 10/13/2006 7:41:59 AM PDT by no dems (I'll take a moral Mormon over a demonic Democrat or repugnant RINO anyday.)
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To: DCPatriot

SO who then??


55 posted on 10/13/2006 7:42:35 AM PDT by Suzy Quzy ("When Cabals Go Kabooms"....upcoming book on Mary McCarthy's Coup-Plotters.)
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To: Excuse_My_Bellicosity
Amazing. I would've thought the MSM would have a news blackout about this. Even AP is hitting Reid hard.

The Houston Chronicle ran a Foley article on the top of the front page yesterday and ran the Reid story on page 7.

Today, there was no mention of the Reid story whatsoever.

56 posted on 10/13/2006 7:43:30 AM PDT by Dog Gone
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To: no dems

Very liberal slant - - - and it's the main remaining dinosaur media in Philly...


57 posted on 10/13/2006 7:43:34 AM PDT by LikeLight (RYMB)
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To: Paradox
I watched Brian Willliams last night just to see how much they would talk about this....It got maybe 15 seconds after 15 minutes of Foley.

The drive-by media will give the short schrift and move on.
58 posted on 10/13/2006 7:43:46 AM PDT by Ouderkirk (Don't you think it's interesting how death and destruction seems to happen wherever Muslims gather?)
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To: dfwgator
“It's time for a change... ”


59 posted on 10/13/2006 7:43:53 AM PDT by johnny7 (“And what's Fonzie like? Come on Yolanda... what's Fonzie like?!”)
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To: Dems_R_Losers

Posted by Notwithstanding to Prost1
On News/Activism ^ 10/13/2006 5:32:56 AM EDT · 599 of 599 ^


http://209.85.135.104/search?q=cache:ZZoUCGSWNUYJ:www.reviewjournal.com/lvrj_home/2005/Jun-06-Mon-2005/news/26661753.html+%22Patrick+Lane+LLC%22&hl=en&ct=clnk&cd=2

From the Las Vegas Review-Journal

Monday, June 06, 2005
Copyright © Las Vegas Review-Journal

Reports detail legislator wealth

By STEVE TETREAULT
STEPHENS WASHINGTON BUREAU


WASHINGTON -- Sen. Harry Reid sold Las Vegas property last year for a seven-figure gain, reinvesting the profits in stocks and municipal bonds.

...

They also show Reid adding to a hefty retirement fund while Ensign is socking away money for his three young children and Porter is still profiting from his earlier career as an insurance salesman.

...

While the latest reports, covering 2004, are scheduled to be released publicly by Congress on June 14, the Nevada lawmakers have made theirs available.

...

The reports list the approximate value of investments, income derived from them and transactions lawmakers completed during the year. Congress members also are required to report profits from speaking engagements and any free travel they accepted.

It is difficult to pinpoint exact values because lawmakers are allowed to categorize their holdings in broad ranges. For instance, Reid reported income from his property sale as between $1 million and $5 million.

The politicians also are not required to disclose the value of their homes or the income of their spouses. The figures also don't include their Capitol Hill salaries. Senators and House members are paid $162,100. Reid, the Senate minority leader, is paid $180,100.

Following are sketches of the Nevadans who filed reports:


REID:

Reid, 65, reported assets between $2.1 million and $5.5 million. His wealth includes land and mining claims in Searchlight, his hometown. His largest listed asset is 160 acres of land in Bullhead City, Ariz., valued at $500,000 to $1 million.

Reid's portfolio contains municipal and school bond investments of $520,000 to $1.2 million. He has put money into offerings from Clark County and Henderson as well as jurisdictions in Illinois, Wisconsin, Texas, Arizona, Oregon, Pennsylvania, New Jersey, Utah, Alaska, Tennessee and Michigan.

Reid reported that he sold a piece of property and a 47 percent interest in an adjoining piece of land in January 2004 for a price that he reported as between $1 million and $5 million.

Clark County records indicate that Reid was involved in a sale completed in January 2004 of 4.73 acres on Patrick Lane just west of Fort Apache Road, south of Spring Valley. Records show the buyer was Patrick Lane LLC, whose manager was listed as Jay Brown, an attorney and longtime Reid friend and associate.

Records available Friday did not indicate sales prices. Reid declined through a spokeswoman to detail the transaction or verify the county information.

Reid's profits from the transaction were reinvested in a Wells Fargo money market fund and in bond offerings, his aide confirmed from his financial report.

Reid also bought stock in companies that included Best Buy, Emerson Electric, Anheuser Busch, Apache Corp., an oil and gas developer, and Boston Scientific, which manufactures medical devices.

During 2004, Reid sold stock in companies that included mortgage lender Freddie Mac, Intel Corp., Kohls Corp. and hospital operator HCA Inc.

Reid delivered a dozen speeches, at $2,000 apiece, in 2004. He donated the $24,000 to charity as required by Senate rules. He declined through a spokeswoman to identify the beneficiaries.

...


60 posted on 10/13/2006 7:43:53 AM PDT by Notwithstanding
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