Thursday, April 24, 2014

Harry Reid's Long, Steady Accretion of Power & Wealth

That isn’t the only problematic land deal Reid was involved with at the time. In 2002, he put $10,000 into a pension fund controlled by another friend, Clair Haycock. The payment gave Reid a sizable parcel of land in Bullhead City, Ariz. According to the Los Angeles Times, Reid purchased the land for one-tenth of its estimated value (and one-fortieth of what it had sold for a decade earlier). Two actions created suspicion afterward. First, Reid sponsored an $18 million earmark for a bridge that would connect Laughlin, Nev., and Bullhead City. This bridge would likely increase property values in the area. Reid also introduced legislation that would benefit Haycock’s lubricant company. Reid aides denied that his support for the earmark or lubricant dealer bill was related to the land purchase. By 2011, Reid’s initial $10,000 investment was valued at between $250,000 and $500,000. The property did not appear in his 2012 disclosure.

No comments: