Reid got $1.1 million for land he no longer owned

[Soldier4Christ]

Reid got $1.1 million for land he no longer owned 
Democratic leader may have violated Senate rules by not disclosing earlier sale

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 this week 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.
"Everything I did was transparent," Reid told a Las Vegas news conference Wednesday after the AP story was published. "I paid all the taxes. Everything is fully disclosed to the ethics committee and everyone else. As I said, if there is some technical change that the ethics committee wants, I'll be happy to do that."
Through complex business dealings, Reid transferred ownership, legal liability and some tax consequences to Brown's company without public knowledge but still collected the payoff nearly three years later.
Reid hung up when questioned about the deal during an AP interview last week.
Senate ethics rules require lawmakers to disclose on their annual ethics report all transactions involving investment properties -- regardless of profit or loss -- and to report any ownership stake in companies.
Kent Cooper, a former Federal Election Commission official who oversaw government disclosure reports for federal candidates for two decades, said Reid's failure to report the 2001 sale and his ties to Brown's company violated Senate rules.

[airIam2worship]

Reid got $1.1 million for land he no longer owned 
Democratic leader may have violated Senate rules by not disclosing earlier sale

May have ??

[Soldier4Christ]

May have ??

Yep, that's because he is a Democrat. If he were anything else he would automatically be guilty.

[Soldier4Christ]

Harry Reid pays Christmas bonuses with campaign cash 
Federal law bars candidates from converting political donations for personal use


 Senate Democratic leader Harry Reid has been using campaign donations instead of his personal money to pay Christmas bonuses for the support staff at the Ritz-Carlton where he lives in an upscale condominium. Federal election law bars candidates from converting political donations for personal use.

Questioned about the campaign expenditures by The Associated Press, Reid's office said Monday he was personally reimbursing his campaign for $3,300 in donations he had directed to the staff holiday fund at his residence.

 Reid also announced he was amending his ethics reports to Congress to more fully account for a Las Vegas land deal, highlighted in an AP story last week, that allowed him to collect $1.1 million in 2004 for property he hadn't personally owned in three years.

In that matter, the senator hadn't disclosed to Congress that he first sold land to a friend's limited liability company back in 2001 and took an ownership stake in the company. He collected the seven-figure payout when the company sold the land again in 2004 to others.

Reid portrayed the 2004 sale as a personal sale of land, making no mention of the company's ownership or its role in the sale.

Reid said his amended ethics reports would list the 2001 sale and the company, called Patrick Lane LLC. He said the amended reports would also divulge two other smaller land deals he had failed to report to Congress.

"I directed my staff to file amended financial disclosure forms noting that in 2001, I transferred title to the land to a Limited Liability Corporation," Reid said in a statement issued by his office.

He said he believed the 2001 sale did not alter his ownership of the land but that he agreed to file the amended reports because "I believe in ensuring all facts come to light."

Reid labeled the AP story as the "latest attempt" by Republicans to affect the election. AP reported last week that it learned of the land deal from a former Reid adviser who had concerns about the way the deal was reported to Congress.

On the Ritz-Carlton holiday donations, Reid gave $600 in 2002, then $1,200 in 2004 and $1,500 in 2005 from his re-election campaign to an entity listed as the REC Employee Holiday Fund. His campaign listed the expenses as campaign "salary" for two of the years and as a "contribution" one year.

Reid's office said the listing as salary was a "clerical error."

Residents and workers at the Ritz said the fund's full name is the Residents Executive Committee Holiday Fund and that it collects money each year from the condominium residents to help provide Christmas gifts, bonuses and a party for the support staff.

Federal election law permits campaigns to provide "gifts of nominal value" but prohibits candidates from using political donations for personal expenses, such as mortgage, rent or utilities for "any part of any personal residence."

The law specifically defines prohibited personal use expenses as any "obligation or expense of any person that would exist irrespective of the candidate's campaign or duties as a federal officeholder."

Land deeds show Reid and his wife, Landra, purchased a condominium for their Washington residence at the hotel for $750,000 in March 2001. The holiday fund has existed for years the at the condo, workers said.

Reid said Monday he believed the expenses were permissible but he nonetheless was reimbursing the campaign.

"These donations were made to thank the men and women who work in the building for the extra work they do as a result of my political activities, and for helping the security officers assigned to me because of my Senate position," Reid said.

Larry Noble, the Federal Election Commission's former chief enforcement lawyer, said Reid's explanation is aimed at a "gray area" in the law by suggesting the donations were tied to his official Senate and political work.

"What makes this harder for the senator is that this is his personal residence and this looks like an event that everybody else at the residence is taking out of their personal money as they're living there," Noble said.

On the land dealings, Reid announced Monday he had failed to disclose two other transactions on his prior ethics reports and would account for those on his amended reports along with the 2001 sale.

The first, he said, involved the sale in 2004 of about one-third acre of land in 2004 he owned in his hometown of Searchlight, Nev. And, he said he had not reported his ownership since 1985 of a quarter acre of land his brother gave him in 1985.

Reid said the failure to disclose those transactions previously was due to "clerical errors" and they amounted to "two minor matters that were inadvertently left off my original disclosure forms."

He had asked the Senate Ethics Committee last Wednesday for an opinion on the 2001 land sale but decided to amend his forms prior to the committee acting.

Reid's announcement came after numerous newspapers nationwide published editorials criticizing both his initial failure to disclose the full details of his Las Vegas land deal and his response to AP's story.

The $1.1 million land 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.

[Soldier4Christ]

Reid also announced he was amending his ethics reports to Congress to more fully account for a Las Vegas land deal, highlighted in an AP story last week, that allowed him to collect $1.1 million in 2004 for property he hadn't personally owned in three years.

Yep, "I got caught so now I'll tell the truth".   

[nChrist]

UM 

It sounds like there might be much more to this story. I would be greatly interested in the organized crime connections and how much more there is.

If Reid did his duty, he would have the Organized Crime Committee call for a Special Prosecutor and get all of this out in the open.

Please - don't anyone hold your breath for this. It appears that a sweeping team was called instead. Now someone will have to find the carpet.

[Soldier4Christ]

Now someone will have to find the carpet.

The carpet is buried too ....  under the DNC headquarters.

[nChrist]

UM?

I wonder if Jimmy Hoffa might also be there.   

[Soldier4Christ]

Now that is a thought. I wonder if he got a democrat mad or tried to threaten to expose one?