Reid got $1M in land sale - Mercedes-Benz Forum

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post #1 of 12 (permalink) Old 10-11-2006, 04:16 PM Thread Starter
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Reid got $1M in land sale

What is it with Democrats and land scams?

Angelides here in Cali got all of his money from corrypt land dealings with Tsakopolous and Matsui.

http://news.yahoo.com/s/ap/20061011/..._land_windfall
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post #2 of 12 (permalink) Old 10-11-2006, 04:43 PM
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What is the deal with Republicans and corruption in general?

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post #3 of 12 (permalink) Old 10-11-2006, 06:44 PM
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If the man broke the rules, he needs to go before the ethics board, if no rules were broken, then he does not. Since the Republicans own the ethics board it should be a fast call as to whether he goes before it or not.

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post #4 of 12 (permalink) Old 10-11-2006, 08:18 PM
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Lame attempt at a counter-scandal. Story will die on the vine:


The latest Reid hit piece
by kos
Wed Oct 11, 2006 at 02:58:29 PM PDT


The AP's John Solomon, the go-to guy at the Associated Press for any anti-Democratic efforts, and this piece is absolute crap. The crux of the claim:

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.

Actually, he did own that land. It just so happened that three years ago, he transfered the property from his own personal name to that of an LLC.

It'd be kind of like me selling Daily Kos, and someone claiming I reaped a windfall from it because I "sold it three years ago". I didn't. Daily Kos became an LLC. As did Reid's piece of land.

And btw, this was all disclosed to the ethics committee. The place were things got sloppy is that Reid continued to disclose ownership of the land as a personal asset rather than ownership in the LLC which owned the land. But that's it. Fact is, the LLC had no other assets other than this piece of land, and Reid disclosed ownership of the piece of land.

Solomon is either being dishonest or an idiot. But watch the wingers and GOP try to gain traction off this story to divert from their coddling of a sexual predator.

Update: Note that there is no charge or evidence or anything that would suggest that Reid used his position of authority to boost the value of the land. That would be troublesome. As it is in NC-11 where Rep. Charles Taylor (R) used earmarks to line his pockets:



New Report Shows Taylor's Earmarks Benefit Land he Owns. According to a new report by the Wall Street Journal, Charles Taylor, a wealthy businessman and banker, was able to get millions of dollars in earmarks for his district to improve land where Taylor owns thousands of acres and where he has even developed. The report shows that Taylor owns at least 14,000 acres of prime land in his district, some of which is near the main highway in Maggie Valley which, last year, received $11.4 million in federal dollars. Taylor's companies own thousands of acres near the highway and had already developed a subdivision called Maggie Valley Leisure Estates. Another earmark last year sent $4.8 million to widen a highway through timber tracts that Taylor's companies own. He also got millions for a loan for long-time contributors and millions more for improvements to a park that sits directly in front of his flagship bank in the district.



Or, let's shoot even higher:



House Speaker Dennis Hastert denied Thursday that he pushed for federal funding for a proposed highway in northeastern Illinois so he and his wife could reap about $1.8 million from land deals near their home in Kendall County.

The Sunlight Foundation, a newly created group whose declared aim is to inform the public about what members of Congress do, has accused Hastert of not divulging connections between the $207 million earmark he won for a highway, the Prairie Parkway, and an investment he and his wife made in nearby land.



There are others -- Reps. Jerry Lewis, Richard Pombo, and Gary Miller for starters. This isn't a case of "everyone does it". It's a case of projection -- accusing Reid of doing something Republicans have made a habit of doing.

That they got the gullible or ideologically compromised Solomon to bite on the non-story was a nice touch, but has no bearing on the reality of the matter.

Update II: To refresh your memories, Solomon is this guy:



Associated Press writer John Solomon reported that Senate Democratic Leader Harry Reid (NV) had attended three Las Vegas boxing matches as the guest of the Nevada Athletic Commission while the agency "was trying to influence him on federal regulation of boxing." But Solomon failed to inform readers that, rather than taking any actions favorable to the NAC, Reid allowed the specific legislation that the agency had opposed to pass.*



Subsequent info made Solomon's story even more ridiculous:



The Las Vegas Journal-Review and TPM Muckraker reported several facts that appear to undermine the thrust of John Solomon's Associated Press article suggesting that Senate Democratic Leader Harry Reid (D-NV) acted improperly by accepting free tickets from the Nevada Athletic Commission to, as Solomon claimed, three boxing matches at a time when the agency "was trying to influence him on federal regulation of boxing."



Some of those facts? The fact that state law prohibited Reid from reimbursing the commission for those fight tickets.

And that's not all. There's much more.

Update III: A tax lawyer reader writes:



FYI, I am a tax attorney. A single member LLC (i.e. an LLC owned 100% by a single person) is treated by the IRS as non-existent for tax purposes. The LLC owner continues to treat himself as the direct owner of the property for tax purposes as if the property were never transferred to the LLC. That could explain why someone might continue to consider himself the owner of property which he has transferred to a single member LLC.

A multiple member LLC is treated as a partnership for tax purposes. Again, if an existing partnership transfers property to an LLC owned by the same partners in the same percentages, the LLC will usually be treated as the same entity as the orignal partnership, and again an individual might reasonably believe that no transfer has taken place.



The latter paragraph is relevant to this discussion. Reid owned a 75 percent interest in two plots of land, his partner 25 percent. They created the LLC in the same exact percentages.

Ultimately, there might be a technical violation of Senate rules -- Reid has asked for clarification from the ethics committee. But bottom line is that Reid followed the spirit of the law. He disclosed his ownership of the land -- down to the exact plots -- which would allow for watchdogs to monitor any potential conflicts of interest. That is better than disclosing ownership in a shadowy private LLC, with no public access to its assets. (Which is, btw, essentially what Hastert did.)
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post #5 of 12 (permalink) Old 10-12-2006, 05:32 AM
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As usual you got the liberal slanted version of the story. Reid sold his interest in the property and never stated that, then the property was sold by the "new" owner and Reid got a 1.1 millon kick back to the 400,000 he made when he sold the property. Over a 300% gain for the few years he owned it. There is something not right there, and you damn well know it..........

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post #6 of 12 (permalink) Old 10-12-2006, 06:22 AM
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Quote:
Originally Posted by Bruce R.
As usual you got the liberal slanted version of the story. Reid sold his interest in the property and never stated that, then the property was sold by the "new" owner and Reid got a 1.1 millon kick back to the 400,000 he made when he sold the property. Over a 300% gain for the few years he owned it. There is something not right there, and you damn well know it..........
Damn, I'd love to get in on a deal like that.

B
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post #7 of 12 (permalink) Old 10-12-2006, 07:10 AM
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Originally Posted by BackRoll23
What is the deal with Republicans and corruption in general?
Obviously, THEY now how to business and the DEMS are just jealous.
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post #8 of 12 (permalink) Old 10-12-2006, 07:53 AM
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Quote:
Originally Posted by Bruce R.
As usual you got the liberal slanted version of the story. Reid sold his interest in the property and never stated that, then the property was sold by the "new" owner and Reid got a 1.1 millon kick back to the 400,000 he made when he sold the property. Over a 300% gain for the few years he owned it. There is something not right there, and you damn well know it..........
I transfer property in and out of LLC's all the time. As far as I'm concerned, I still own it on a percentage basis with my partners - whether it is in my name or in the partnership's name, its mine. This story is bullshit.
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post #9 of 12 (permalink) Old 10-12-2006, 09:09 AM Thread Starter
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Originally Posted by FeelTheLove
I transfer property in and out of LLC's all the time. As far as I'm concerned, I still own it on a percentage basis with my partners - whether it is in my name or in the partnership's name, its mine. This story is bullshit.
Nice try.

The reality is this:

Local city councils control zoning. If you can own the council, you can make millions in real estate. Larger cities have liberal elected officials on these councils. Developers support Democrat candidates for purely financial reasons.

Example:

Angelo Tsakopolous (Phil Angelides owner).

He got rich buying land that was off limits for development at pennies on the dollar, then "developed" it by buying off council members. They changed the zoning and turned the dirt into gold. His biggest coup was buying flood plain north of the Sacramento River, then "developed" it by an elaborate "business relationship" with the late congressman Matsui's wife. She made a ton of money. Matsui lobbied to get the Army Corps of Engineers to certify that the land was safe...worthless land became a sea of homes. (God help them when the flood occurs.)

He lured Angelides away from government with a "job" developing a huge area where Angelides made millions. Sort of like the classic tale of the college football player paid to watch the automatic sprinklers to go on. Now Angelides is a "former businessman". A wholly owned subsidiary of AKT Development.

I think that this all bubbles up into the national Democrat party.
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post #10 of 12 (permalink) Old 10-12-2006, 09:46 AM
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Quote:
Originally Posted by FeelTheLove
I transfer property in and out of LLC's all the time. As far as I'm concerned, I still own it on a percentage basis with my partners - whether it is in my name or in the partnership's name, its mine. This story is bullshit.
Well maybe we ought to start looking into YOUR financial doings ....

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