Democratic Leader's $1 Million Land Deal Under Scrutiny

[JLB]

http://www.cnn.com/2006/POLITICS/10/12/reid.landwindfall.ap/index.html

WASHINGTON (AP) -- Senate Democratic leader Harry Reid is awaiting word from the Senate ethics committee on whether he failed to properly account for a business deal that allowed him to collect a $1.1 million windfall on land he hadn't personally owned for three years.

Reid sought the opinion after The Associated Press reported Wednesday that the senator didn't disclose to Congress that he first sold the land to a friend's company back in 2001 and took an ownership stake in the company. He didn't collect the seven-figure payout until the company sold the land again in 2004 to others.

Reid reported the 2004 transaction as a personal sale, never disclosing his earlier sale or the stake in the company.

The Nevada Democrat's deal was engineered by Jay Brown, a longtime friend and former casino lawyer whose name surfaced in a major political bribery trial this summer and in other prior organized crime investigations. Brown has never been charged with wrongdoing, except for a 1981 federal securities complaint that was settled out of court.

Ethics experts told AP that Reid's inaccurate accounting of the deal to Congress appeared to violate Senate ethics rules and raised other issues concerning taxes and potential gifts.

[Meathead]

typical liberal

[nehemiah]

:rofl:

jlb is spelled "shameless".

[nehemiah]

http://instapundit.com/archives/033154.php

[JLB]

:rofl:

jlb is spelled "shameless".

Thats just the story.
I didn't make it up.
Harry is one of those guys that has a few ethical problems.
This is reported by CNN one of your favorites.
Throw all the bums out.

[JLB]

Dirty Harry will get what he's got coming.
His association with organized crime.
As a high priced mouthpiece troubles me just a bit.
He has many questions to answer.
You see when you live in that glass house.
Its a bitch when you start throwing those stones he's got troubles.

[ckg68]

Cue Ozzie Guillen saying "Pssshh! Please."

John Solomon's basically a hit-piece writer who has it in for Dems.

http://americablog.blogspot.com/2006/10/apparently-harry-reid-is-bad-bad-man.html
(here,John Aravosis tries to make ANY sense of the piece Solomon wrote)

http://mediamatters.org/items/200610120001 (showing the many other times Solomon's penned :bs: and,instead of getting called on it,gets a $500 bonus from the AP rather than a correction)

[gilchristfan]

Thats just the story.
I didn't make it up.
Harry is one of those guys that has a few ethical problems.
This is reported by CNN one of your favorites.
Throw all the bums out.

the author may be digging in the wrong area.

Transferring property to a corporation, or an LLC, or a partnership, is done all the time, and is completely above board. As the tax attorney in the blog cited by Nehe said, its considered a tax free event by the IRS, so he wouldn't have to report a gain or a loss, because there isn't either. Its merely a change of ownership from one entity (an individual) to a company. In exchange, depending on the entity, he receives stock in the company or a percentage of the company interest.

Failing to report that the land was now owned by a corporation might be a technical violation, but its done all the time by people who don't deal with corporations much. They're not trying to be dishonest, they just don't normally think in those terms.

I think the real question would be whether he asserted any influence over the County Commission, especially considering that the County Chair was convicted of influence peddling. That's why I think the author might be digging in the wrong area.

Or maybe he did, and found nothing.

[JLB]

the author may be digging in the wrong area.

Transferring property to a corporation, or an LLC, or a partnership, is done all the time, and is completely above board. As the tax attorney in the blog cited by Nehe said, its considered a tax free event by the IRS, so he wouldn't have to report a gain or a loss, because there isn't either. Its merely a change of ownership from one entity (an individual) to a company. In exchange, depending on the entity, he receives stock in the company or a percentage of the company interest.

Failing to report that the land was now owned by a corporation might be a technical violation, but its done all the time by people who don't deal with corporations much. They're not trying to be dishonest, they just don't normally think in those terms.

I think the real question would be whether he asserted any influence over the County Commission, especially considering that the County Chair was convicted of influence peddling. That's why I think the author might be digging in the wrong area.

Or maybe he did, and found nothing.

Being that Reid is an attorney any legal oversites seem strange.
He has not owned the land for over 2 years so he should not have recieved compensation in anyway.Earlier today after first saying it was an unjustified attack on him by the right he issued an apoligy for his own mistakes that he did all by himself.This is his bag of nuts nobodies but his.He is in a small bind that might just get much bigger.

[coastal]

Dumb.

Just plain dumb.

[gilchristfan]

Being that Reid is an attorney any legal oversites seem strange.

Surprising, but not shocking.


He has not owned the land for over 2 years so he should not have recieved compensation in anyway.

Why, is that an ethics rule?

But technically, the proceeds from the land sale should have went to the LLC, who would then write a check to him, based on the LLC compensation agreement, whatever that was, or by its operating agreement. Its basically writing one more check, but the amount would be the same.

It could be how it was done, I don't know. Reporting it to the IRS is a little different than reporting to the Senate Ethics committee. No one is accusing him of failing to report it to the IRS, however.

[/QUOTE]

[JLB]

Surprising, but not shocking.



Why, is that an ethics rule?

But technically, the proceeds from the land sale should have went to the LLC, who would then write a check to him, based on the LLC compensation agreement, whatever that was, or by its operating agreement. Its basically writing one more check, but the amount would be the same.

It could be how it was done, I don't know. Reporting it to the IRS is a little different than reporting to the Senate Ethics committee. No one is accusing him of failing to report it to the IRS, however.



Gil I'm sure you know the law but he's very concerned right now.
If he doesn't have anything to hide why is he so defensive.
He understands his demise is because of his own actions.
That tired old Right Wing conspiracy crap doesn't fly anymore.

[gilchristfan]

Gil I'm sure you know the law but he's very concerned right now.
If he doesn't have anything to hide why is he so defensive.
He understands his demise is because of his own actions.
That tired old Right Wing conspiracy crap doesn't fly anymore.


The only 2 things I can think of that should make him worried are:

1. If he was trying to hide his ownership interest in the company, maybe because of his association with this Brown guy; or

2. He might be nervous of a claim of undue influence iwth the Clark County Commission. They were the ones that changed the zoning, and overruled the zoning commission, all after his name was mentioned. THAT is the area that I'd look at.

[JLB]

The only 2 things I can think of that should make him worried are:

1. If he was trying to hide his ownership interest in the company, maybe because of his association with this Brown guy; or

2. He might be nervous of a claim of undue influence iwth the Clark County Commission. They were the ones that changed the zoning, and overruled the zoning commission, all after his name was mentioned. THAT is the area that I'd look at.

Thanks Gil I believe this will be exploited.
However I don't know for sure how much more will be uncovered.
I do believe we have not seen the end of this or any apparent scandals.
He's been put under a investigation earlier this year.
That investigation is still being done.
I believe it was over his improper method of getting prize fight tickets.
He broke a rule of some kind ethics related.
He also is under scrutiny with money from Abramoff.
He early on refused to return it.
Now its discovered it was wrong and inappropriately handled.
It was always strange to me to see him say this is a Republican problem well guess what Harry its your problem too.

[TigerJ]

Hopefully, it will give us some entertainment for a few days.

[nehemiah]

making stuff up is a republican pastime.

:clapper:

[gilchristfan]

Hopefully, it will give us some entertainment for a few days.

Nope, just boring old financial stuff. Now, if he was molesting Girl Scouts to their Thin Mints, we'd have a thread.

[jimmifli]

I love thin mints.

They don't sell them up here.

[nehemiah]

i'll send you some thin mints in exchange for some back bacon.

[gilchristfan]

I love thin mints.

They don't sell them up here.

That's what I figured. You come down to the states to rape our girl scouts and steal their thin mints.

I shudder to think what your sales presentation is like.

[ckg68]

Oh,jlb....the claim that Reid made a cool mill on the deal? Even FURTHER :bs:....

http://www.tpmmuckraker.com/archives/001782.php

[JLB]

Oh,jlb....the claim that Reid made a cool mill on the deal? Even FURTHER :bs:....

http://www.tpmmuckraker.com/archives/001782.php

I just posted the story.
I'll take you at your word its good with me.
Do you believe that there is any clean politician?
I would bet you don't am I wrong?
Sometimes its important to admit your not snow white.
Whenever a Rep is in trouble...................no good bad guys!!!!
Whenever a Dem is in trouble conspiracy.............they was framed!!!!

[JoetheDictator]

can we see what factcheck.org has to say. Oh and JLB, as much as I know you want the GOP to win, you have to remember what we all learned from Clinton. People don't care how you **** up, they only care who you **** over. I find it especially amusing and kinda sad that people don't care if a politician i.e George Caligula Bush ****s the nation and the constitution but when they **** a minor or have an affair its front page news. Oh well its kinda funny seeing the septic tank of religious right hypocricy back up and explode in their faces. Sorry JLB but people don't care about graft in this day and age.

[JLB]

can we see what factcheck.org has to say. Oh and JLB, as much as I know you want the GOP to win, you have to remember what we all learned from Clinton. People don't care how you **** up, they only care who you **** over. I find it especially amusing and kinda sad that people don't care if a politician i.e George Caligula Bush ****s the nation and the constitution but when they **** a minor or have an affair its front page news. Oh well its kinda funny seeing the septic tank of religious right hypocricy back up and explode in their faces. Sorry JLB but people don't care about graft in this day and age.



I am glad Mark Foley was eliminated.
This article was posted because it was in the news thats it.
I don't have anything personally against any politician.
I hold them all in contempt all of them.
I trust absolutely none.

[ckg68]

There's no charge or evidence that suggested Reid used his authority to boost the land's value. THAT's a problem. Apparently,this isn't...

*Charles Taylor(R-NC)has been able to get earmarks ranging in the millions of dollars for his district to improve land where he owns thousands of acres and has even developed. One earmark gave him $11.4 million to Maggie Valley(in his district);another gave $4.8 million to improve a highway in the district through timber tracts that his companies own.

*And Dennis Hastert has had questions raised about a highway project in northeastern Illinois which would reap about $1.8 million from land deals near their home.

http://www.cbsnews.com/stories/2006/06/22/politics/main1740900.shtml

[JoetheDictator]

I don't have anything personally against any politician.
I hold them all in contempt all of them.
I trust absolutely none.

Same here. There is this great quote I saw once on a bumper sticker that said politicians are like diapers. They need to be changed often, and for the same reason.

[JoetheDictator]

There's no charge or evidence that suggested Reid used his authority to boost the land's value. THAT's a problem. Apparently,this isn't...

*Charles Taylor(R-NC)has been able to get earmarks ranging in the millions of dollars for his district to improve land where he owns thousands of acres and has even developed. One earmark gave him $11.4 million to Maggie Valley(in his district);another gave $4.8 million to improve a highway in the district through timber tracts that his companies own.

*And Dennis Hastert has had questions raised about a highway project in northeastern Illinois which would reap about $1.8 million from land deals near their home.

http://www.cbsnews.com/stories/2006/06/22/politics/main1740900.shtml


What you don't like pork? :D

[JLB]

There's no charge or evidence that suggested Reid used his authority to boost the land's value. THAT's a problem. Apparently,this isn't...

*Charles Taylor(R-NC)has been able to get earmarks ranging in the millions of dollars for his district to improve land where he owns thousands of acres and has even developed. One earmark gave him $11.4 million to Maggie Valley(in his district);another gave $4.8 million to improve a highway in the district through timber tracts that his companies own.

*And Dennis Hastert has had questions raised about a highway project in northeastern Illinois which would reap about $1.8 million from land deals near their home.

http://www.cbsnews.com/stories/2006/06/22/politics/main1740900.shtml


I know you only sight bad Rep's thats fine but there are just as many bad guys on the other side.This is what I mean when I say throw the bums out there's just so many.The diaper change analogy is very appropriate thanks Gibby!!!

[ckg68]

True,but the Dems aren't as blatant about it,jlb.

You can't deny that.

[JLB]

True,but the Dems aren't as blatant about it,jlb.

You can't deny that.

No I won't try to defend any of em.
They don't deserve it.

[jimmifli]

That's what I figured. You come down to the states to rape our girl scouts and steal their thin mints.

I shudder to think what your sales presentation is like.
I was setting myself up for that joke.

[Papaduke]

There's no charge or evidence that suggested Reid used his authority to boost the land's value. THAT's a problem. Apparently,this isn't...

*Charles Taylor(R-NC)has been able to get earmarks ranging in the millions of dollars for his district to improve land where he owns thousands of acres and has even developed. One earmark gave him $11.4 million to Maggie Valley(in his district);another gave $4.8 million to improve a highway in the district through timber tracts that his companies own.

*And Dennis Hastert has had questions raised about a highway project in northeastern Illinois which would reap about $1.8 million from land deals near their home.

http://www.cbsnews.com/stories/2006/06/22/politics/main1740900.shtml


I am not so sure Reid did not influence the value of the land, after the transfer it was rezoned from residential to commercial. At the council meeting, his name was invoked and if I could wager on it I would bet he made phone calls to those council members to lobby on behalf of it. Plus when you straight up hang up on a reporter asking about it... that wreaks of dirty laundry.

[gilchristfan]

I know you only sight bad Rep's thats fine but there are just as many bad guys on the other side.


Here's another for you- from the Abramoff gang:


Rep. Ney pleads guilty; GOP vows ouster

http://news.yahoo.com/s/ap/20061013/ap_on_go_co/ney_corruption

WASHINGTON - Rep. Bob Ney (news, bio, voting record) pleaded guilty Friday in the Jack Abramoff influence-peddling investigation, the first lawmaker to confess to crimes in an election-year scandal that has stained the Republican-controlled Congress and the Bush administration.

Standing before Judge Ellen S. Huvelle, Ney pleaded guilty to conspiracy and making false statements. He acknowledged taking money, gifts and favors in return for official actions on behalf of Abramoff and his clients.

Ney did not immediately resign from Congress, and within minutes, Republican and Democratic leaders vowed to expel him unless he steps down. The White House also called for Ney's resignation.

[ckg68]

I am not so sure Reid did not influence the value of the land, after the transfer it was rezoned from residential to commercial. At the council meeting, his name was invoked and if I could wager on it I would bet he made phone calls to those council members to lobby on behalf of it. Plus when you straight up hang up on a reporter asking about it... that wreaks of dirty laundry.

Here's what is known:

*He did own the land,but 3 years ago transferred it from his own name into an LLC.

*Reid did inform the ethics committee of this;maybe the only quibble he'd have is disclosing ownership of it as a personal asset instead of ownership in the land's LLC. That's it. Reid might have done a technical violation of the rules,but not the spirit of them. Would you rather he have disclosed his ownership of a private LLC with no public access to its assets.

But we're all jumping on this story to make us look away for why the R's are coddling a sexual predator.

[JLB]

Here's another for you- from the Abramoff gang:


Rep. Ney pleads guilty; GOP vows ouster

http://news.yahoo.com/s/ap/20061013/ap_on_go_co/ney_corruption

WASHINGTON - Rep. Bob Ney (news, bio, voting record) pleaded guilty Friday in the Jack Abramoff influence-peddling investigation, the first lawmaker to confess to crimes in an election-year scandal that has stained the Republican-controlled Congress and the Bush administration.

Standing before Judge Ellen S. Huvelle, Ney pleaded guilty to conspiracy and making false statements. He acknowledged taking money, gifts and favors in return for official actions on behalf of Abramoff and his clients.

Ney did not immediately resign from Congress, and within minutes, Republican and Democratic leaders vowed to expel him unless he steps down. The White House also called for Ney's resignation.

Give me a list of one Dem. in trouble?
I'll give you a clue N.J.

[JLB]

Here's another for you- from the Abramoff gang:


Rep. Ney pleads guilty; GOP vows ouster

http://news.yahoo.com/s/ap/20061013/ap_on_go_co/ney_corruption

WASHINGTON - Rep. Bob Ney (news, bio, voting record) pleaded guilty Friday in the Jack Abramoff influence-peddling investigation, the first lawmaker to confess to crimes in an election-year scandal that has stained the Republican-controlled Congress and the Bush administration.

Standing before Judge Ellen S. Huvelle, Ney pleaded guilty to conspiracy and making false statements. He acknowledged taking money, gifts and favors in return for official actions on behalf of Abramoff and his clients.

Ney did not immediately resign from Congress, and within minutes, Republican and Democratic leaders vowed to expel him unless he steps down. The White House also called for Ney's resignation.



Menendez rally backfires.


"Here we have two machine politicians under federal criminal investigation sharing the same stage," Hazelbaker said. "Perhaps they can share notes on who has the best criminal defense attorneys."

After the rally at the Kaighn Avenue Baptist Church, Menendez tried to distance himself from Bryant, a powerful Democratic state senator from Lawnside.

"We did not invite him and did not know he was going to be there," said Matthew Miller, a Menendez spokesman

[gilchristfan]

Give me a list of one Dem. in trouble?
I'll give you a clue N.J.

You'd expect anything less from Jersey?

[JLB]

You'd expect anything less from Jersey?


You are very intelligent but you already knew that.

[gilchristfan]

You are very intelligent but you already knew that.

The older I get, the dumber I realize I am. And that is one of the few things i do know.

[JLB]

The older I get, the dumber I realize I am. And that is one of the few things i do know.

Learning never ends but neither does forgetting it as you grow older.
But thats cool struggling is fun sometimes.
It brings out your best if you'll fight for it.
Read that shit 3 times fast see how confusing it gets?