Harry Reid Hangs Up on Reporter Questioning $1 Million Land Deal

From the Associated Press:

Senate Democratic Leader Harry Reid collected a $1.1 million windfall on a Las Vegas land sale even though he hadn't personally owned the property for three years, property deeds show.
In the process, Reid did not disclose to Congress an earlier sale in which he transferred his land to a company created by a friend and took a financial stake in that company, according to records and interviews.
I wonder what possessed AP to dig up dirt on a Democrat? Apparently, Harry Reid wondered the same thing [emphasis added]:
The complex dealings allowed Reid to transfer ownership, legal liability and some tax consequences to Brown's company without public knowledge, but still collect a seven-figure payoff nearly three years later.

Reid hung up the phone when questioned about the deal during an AP interview last week.

Let's see how prominently this is mentioned, if at all, in the rest of the Mainstream Media.

Posted by: Bluto at 12:37 PM

Comments

1 Now, why does the name Edwin Edwards come to mind?
Yep, sounds like the same stuff he used to pull regarding hospital and highway development, and hidden real-estate dealings.
Reid should ask Fast Eddy what its like to get old in jail.

Posted by: Bob at October 11, 2006 02:01 PM

2 Lol, aww nobody is going to cover this with the exception of Fox News. Democrats get away with everything. But, hey maybe I am wrong. Maybe he will be exposed. Who know!

Posted by: Angela at October 11, 2006 02:14 PM

3 Is it possible there are other properties in Arizona and Nevada that Harry owns, or used to own, that should be researched?

Posted by: Bud at October 11, 2006 02:31 PM

4 Is it possible there are other properties in Arizona and Nevada that Harry owns, or used to own, that should be researched?

Posted by: Bud at October 11, 2006 02:31 PM

5 Mr. Cleanface’s Dirty Laundry: Harry Reid’s Mob Money

http://www.freerepublic.com/focus/f-news/1561650/posts

Posted by: Ali at October 11, 2006 04:42 PM

6 A hypertechnical mistake is not even news. he continued to report that he owned the land, which was the ethical way to handle the transfer to the LLC. this is a complete non-story.

Posted by: mills62 at October 11, 2006 05:24 PM

7 If you don't understand how businesses work, Dread Pundit, that's fine, but you probably shouldn't advertise it.

LLCs are pass-through entities, meaning that all economic effects "pass through" to the shareholders. He owned the land in proportion to his interest in the partnership, which in this case would be - tada!- the 400k it was worth when transferred.

Posted by: jpe at October 11, 2006 08:48 PM

8 He owned the property through the pass-through entity. It's a very common way of organizing real property ownership, because it gives provides certain protections one wouldn't otherwise have (hence the term "limited liability corporation.") The stuff posted at CQ is potentially damaging; this AP story, by itself, is nothing.

Posted by: jpe at October 11, 2006 08:53 PM

9 He owned the land through the pass-through entity. It's an extremely common way of organizing real property ownership, as it provides certain protections one wouldn't get otherwise (hence the term "limited liability corporation"). While the stuff at CQ is potentially damaging, this AP story tells nothing more than that Reid did something that any smart businessman would do.

Posted by: jpe at October 11, 2006 08:56 PM

10 mills62: I think you may be confused. The point of the AP story is that, according to the deeds,he didn't own the land...yet collected $1.1 million for its sale.

Posted by: The Dread Pundit Bluto at October 11, 2006 09:34 PM

11 Hey Bob: Edwin Edwards and Huey Long are saints. Do you think Huey or Edwin would put up with the muslim shit? I estimate 90% of the office holding politicans in Washington are on the take in one way or the other. Strange you didn't mention Willie Jefferson.

Posted by: Greyrooster at October 12, 2006 03:34 PM

12 Posts 6,7, and 8 are correct. Reid owned the property through the property. So it wasn't technically in his name, it was in the LLC's name. Nevertheless Reid owned the LLC, so he owned the property.

It appears all Reid is guilty of is being sloppy, and not including this extra info in his disclosure.

Sorry, no corruption here.

Posted by: jim at October 12, 2006 07:13 PM

13 Deleters are goat fuckers. Their mama are goat suckers.

Posted by: Greyrooster at October 13, 2006 06:45 AM

14 Deleters and banners will fade into oblivion as real thinking bloggers move on to greener pastures leaving behind only the chattering, poo-flinging gleepers and flamers .... it is begun...

Posted by: Last gasp Larry at October 13, 2006 10:36 AM

15 What!? No Rapture!?

Posted by: Last gasp Larry at October 17, 2006 12:45 PM






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