BYRON YORK: Reid Senate career a story of money and muscle.
In 1998, Nevada Sen. Harry Reid paid $400,000 for two pieces of residential land outside Las Vegas. It was a complicated deal. Reid secretly transferred ownership of the property to a company set up by his friend and lawyer Jay Brown, who then convinced the local government to re-zone the land for commercial development. In 2004, Brown sold it to a group of developers and Reid walked away with $1.1 million.
“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,” the Associated Press reported in 2006. “Reid hung up the phone when questioned about the deal during an AP interview.”
It was a classic Harry Reid transaction: legal but a little shady, and undoubtedly lucrative. Business deals like that allowed Reid to do very well during his years in the Senate, spent of late in a luxury condominium in Washington’s Ritz Carlton.
Democrats: Fighting for the little guy.