Harry Reid's Land deal

[Lefty]

http://www.washingtonpost.com/wp-dyn/content/article/2006/10/11/AR2006101101640.html?nav=hcmodule

Looks like Dems have their own trbles.

[Lefty]

lbj, you laughingly say media is rightwqing. Read this...



http://newsbusters.org/node/8291

[Dave Schwartz]

Since this is a local story (I am from Reno), I will give you the direct skinny as I heard it from someone who dislikes Harry as much as I do.

Reid owned the property.
Sold it to an LLC he is a "member" of.
The LLC sold the property and he got his rightful portion of the profits.

This happens all the time. And it was not like Reid guided some legislation to enhance the value of the property.

Now, understand I am no fan of Harry Reid's. After all, he is from "the
other side." <G>

But there was no wrongdoing here. (I kinda wish there was.)


Regards,
Dave Schwartz

[Snag]

Since this is a local story (I am from Reno), I will give you the direct skinny as I heard it from someone who dislikes Harry as much as I do.

Reid owned the property.
Sold it to an LLC he is a "member" of.
The LLC sold the property and he got his rightful portion of the profits.

This happens all the time. And it was not like Reid guided some legislation to enhance the value of the property.

Now, understand I am no fan of Harry Reid's. After all, he is from "the
other side." <G>

But there was no wrongdoing here. (I kinda wish there was.)


Regards,
Dave Schwartz

The problem with the deal was that he "sold" the property to the LLC for the same price he paid for it. He owned it himself for 4 to 5 years and didn't show any apprecitation in price. He also continued to show he owned it as a personal asset instead of having sold it to the LLC. He was not shown on any of the papers filed for the LLC so the "sale" was not accounted for properly. Techy I know but there are rules against doing it that way.