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.
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?
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.
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.
"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.
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.
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.
..shamefully, I have yet to learn how to post graphics....but boy oh boy...when I do...WATCH OUT!!! ;^)
BULLETIN OFF TOPIC:
Air America has filed for bankruptcy!
It's Rove's October Surprise!!!
bump
Rush ought to be good to listen to today about this!
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).
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.
He's friends with a MOB lawyer, Jay Brown and he buys Anheuser Busch stock...a BEER company!! What kind of Mormon is he???
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?
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.
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