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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: katieanna
Now calls for Reid's stepping down? Well shut my mouth!

The question is....will Pelosi walk the talk?
Will she practice what she preached?
Is she really against political corruption - even for democrats?

Or will she rally and cover for her left hand man the way she did for....say..... Studds?

61 posted on 10/13/2006 7:44:41 AM PDT by concerned about politics ("Get thee behind me, Liberal.")
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To: misterrob
She's the Junior Senator from New York and only going into her second term. Too many people would be pissed if she cuts ahead in line.

Do you really think she would care?

How did she get on the Armed Services Committee, as a Junior Senator? Arm twisting in a deal with Mary Landreau. For Bill Clinton to support Landreau in her tight re-election bid, Landreau had to give up the Armed Services seat to Hillary.
62 posted on 10/13/2006 7:45:08 AM PDT by TomGuy
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To: Dems_R_Losers
From another lib paper, the AJC, first paragraph of an editorial today:

Senate Democratic leader Harry Reid would be well advised to stop thundering about corruption in the Republican ranks or crying "cover-up" over the GOP's failure to promptly and appropriately deal with former Rep. Mark Foley (R-Fla.) and his sexually explicit e-mails to congressional pages. Reid faces too many questions about his own behavior to crusade against the misdeeds of others.

63 posted on 10/13/2006 7:45:35 AM PDT by groanup (Limited government is the answer. What's the question?)
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To: Republican Red
Polipundit lists two other liberal newspaper ediorial boards ripping Reid.

The AJC:
Sen. Reid should look in mirror first

The Washington Post:
Mr. Reid's Nondisclosure
64 posted on 10/13/2006 7:45:59 AM PDT by Republican Red ("There’s God, then there’s the president and then there's my father.”- 6 yr old Jack Roberts)
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To: DCPatriot
I'll bet somebody one hundred dollars U.S. that it was 100% financing no $$$ down!

This is an example of why congressman and Senators should not be able to buy or sell real estate while in office. They can own their own home, but no investments, vacation properties or land deals. And while we are at it, go back to when only property owners could vote!!!!!

I deal with renters on a daily basis, most, not all, lack responsibility, knowledge of right and wrong, they claim victim status, and are very ignorant. I have said before, why am I having to deal with other parents mistakes? Other parents who have raised these disfunctional humans? Most of them are young and I hope will grow up. It is frustrating, knowing some of these young ones, will have ballots mailed to them and will vote.

65 posted on 10/13/2006 7:47:10 AM PDT by thirst4truth
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To: DCPatriot

"Who in the hell gives away title to the property yet remains a 'partner' on a possible future development...ON A HANDSHAKE?"

To keep his name out of the deal comes to mind.


66 posted on 10/13/2006 7:47:33 AM PDT by poobear (Political Left, continually accusing their foes of what THEY themselves do every day.)
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To: nativist
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.

I agree more with your 2nd point.

Reid is too slick to hide this over a tax liability...especially since he had no idea in 2001 what his profit would be. Especially when he's hogged the soapbox preaching about GOP transgressions.

Trying to get zoning changed without his name anywhere on a deed makes sense however.

67 posted on 10/13/2006 7:48:41 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: Dems_R_Losers

Knowing the Stinky, the paper's motivation may be that they want Hillary installed as a stepping stone to the rat nomination for Prez. Never believe for a second that the Stinky wants anything but what is best for their party. Their intentions are ALWAYS suspect.


68 posted on 10/13/2006 7:48:51 AM PDT by Lancey Howard
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To: Petronski
Thanks Petronski.

..shamefully, I have yet to learn how to post graphics....but boy oh boy...when I do...WATCH OUT!!! ;^)

69 posted on 10/13/2006 7:50:29 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: sono

70 posted on 10/13/2006 7:50:38 AM PDT by unixfox (The 13th Amendment Abolished Slavery, The 16th Amendment Reinstated It !)
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To: tiredoflaundry
I think so, too.

BULLETIN OFF TOPIC:

Air America has filed for bankruptcy!

71 posted on 10/13/2006 7:50:40 AM PDT by Miss Marple (Lord, please look over Mozart Lover's and Jemian's sons and keep them strong.)
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To: Suzy Quzy

It's Rove's October Surprise!!!


72 posted on 10/13/2006 7:51:10 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: Dems_R_Losers

bump


73 posted on 10/13/2006 7:51:49 AM PDT by GOPJ (Liberals:- Free speech for me, but not for thee...Frikkin' hypocrites.- FreeperLIConFem)
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To: DCPatriot
The lawyer should have known better...if he claims to be a high-powered attorney in Nevada, he should have been aware of this rule requiring this matter to be in writing...

Rule 1.8. Conflict of Interest: Current Clients: Specific Rules.
(a) A lawyer shall not enter into a business transaction with a client ... unless:
(1) The transaction and terms on which the lawyer acquires the interest are ...fully disclosed and transmitted in writing ...;
(2) The client is advised in writing of the desirability of seeking and is given a reasonable opportunity to seek the advice of independent legal counsel on the transaction; and
(3) The client gives informed consent, in a writing signed by the client, to the essential terms of the transaction and the lawyer's role in the transaction, including whether the lawyer is representing the client in the transaction.

This issue is not whether Harry Reid was hurt by the client, the issue is the ethical bona fides of the lawyer when he declared that nothing was in writing...even lawyers right out of law school know this is bogus...

Who do they think they are kidding? Do they have someone on the board of professional responsibility in their pocket?
74 posted on 10/13/2006 7:51:56 AM PDT by LachlanMinnesota
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To: Dems_R_Losers

Rush ought to be good to listen to today about this!


75 posted on 10/13/2006 7:51:57 AM PDT by rawhide
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To: Suzy Quzy

Reid's land WAS deeded over to the LLC.

And apparently checks exist to show Reid thereafter did pay property tax at seom point on that peroperty.

Actually, that sort of backs up his claim that he still thought of himself as an owner due to his being a partner in the LLC.

But his tax burden would likely be very different depending on whether he owned the land personally or through his partnership in the LLC (one major function of an LLC being tax and liability benefits).


76 posted on 10/13/2006 7:52:23 AM PDT by Notwithstanding
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To: Labyrinthos

There was a deed from Reid to the LLC, so the fact he sold the property to the LLC was documented...it was his ownership interest in the LLC that was not put in writing, IIRC.


77 posted on 10/13/2006 7:53:53 AM PDT by LachlanMinnesota
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To: Notwithstanding

He's friends with a MOB lawyer, Jay Brown and he buys Anheuser Busch stock...a BEER company!! What kind of Mormon is he???


78 posted on 10/13/2006 7:54:16 AM PDT by Suzy Quzy ("When Cabals Go Kabooms"....upcoming book on Mary McCarthy's Coup-Plotters.)
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To: Dems_R_Losers
This is the standard MSM two-step. Vent their supposed outrage in the editorial pages, but notice the close:

Unless Reid comes up with a better explanation for this lack of disclosure

Meanwhile, if you go to the Philly.com website (web version of the Inky and Daily News), there have been no stories about Reid on the lead pages, yesterday or today. You have to search for them.

I might get a copy of the Inky today and see where they buried the news story.

So this isn't quite what it seems. They bury the news, and give themselves an out in their editorial. Do you think they gave a similar out to Tom DeLay?

79 posted on 10/13/2006 7:54:42 AM PDT by dirtboy (Good fences make good neighbors)
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To: Labyrinthos

Dingy Harry Reid did deed the property over to the LLC.

He just never estabished his ownership rights in the LLC on paper - which as a congresscritter he MUST do.

That's the whole point: transparency. Doing sweetheart deals with an old friend of 35 years on a handshake is EXACTLY what should be transparnet and was instead COVER UP by Reid's SCHEMING DIRTY DEAL.


80 posted on 10/13/2006 7:54:43 AM PDT by Notwithstanding
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