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News & Politics News & Politics

Shouldn't this be the bigger question?

Posted by on Sep. 22, 2012 at 2:28 PM
  • 17 Replies
How did Harry Reid become a multi millionaire on a bureaucrats salary?
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by on Sep. 22, 2012 at 2:28 PM
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GardenerArtist
by Bronze Member on Sep. 22, 2012 at 2:44 PM

he's estimated to be worth anywhere from $3 mill to $10 mill.  Over 40 yrs in public service, I'm sure he invested money over the years.

DSamuels
by Gold Member on Sep. 22, 2012 at 2:56 PM
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Averaging maybe $100K a year? I know head of the senate makes close to $200K but that's only been the last six years. He made a lot less the previous 34 years.

And during the years in the senate he's had to maintain 2 residences, travel, etc.
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Mommy_of_Riley
by Just Jess on Sep. 22, 2012 at 2:58 PM
Investments?
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DSamuels
by Gold Member on Sep. 22, 2012 at 2:59 PM
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Some pretty damn lucky ones on his salary!

Quoting Mommy_of_Riley:

Investments?
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gsprofval
by Gold Member on Sep. 22, 2012 at 3:22 PM

Perhaps we need to see his taxes.

Quoting DSamuels:

Averaging maybe $100K a year? I know head of the senate makes close to $200K but that's only been the last six years. He made a lot less the previous 34 years.

And during the years in the senate he's had to maintain 2 residences, travel, etc.


SallyMJ
by Ruby Member on Sep. 22, 2012 at 3:30 PM
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I think the larger question is why do we let all Congressmen & women, Senators, and presidents and VPs always become millionaires? They work for us, not the other way around.

Ednarooni160
by Eds on Sep. 22, 2012 at 4:25 PM
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I think he needs to be investigated.. Coming up with the Romney scenerio might be paid off and/or a nod to get aid for that Chinese business that he's been working on.. I would like to see WHERE all his money is coming from.. Spys get paid well don't they?  Just kidding Harry.. I"m sure you made your money the LEGAL way..(cough)....

Sisteract
by Socialist Hippie on Sep. 22, 2012 at 4:29 PM

Mu husband has a saying. You never really know how or where people are made; get their funding.

Maybe he's had side businesses, inherited money, won the lottery. Maybe Mrs. Reid has worked, owned side businesses or inherited money. Maybe they spend their free time at Harrahs.



DSamuels
by Gold Member on Sep. 22, 2012 at 5:12 PM
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This is from an opinion piece Dec. 2009 in the Nevada News & Times

The problem, for Harry Reid, is that since he graduated college, there hasn’t been a lot of time outside of government service. Reid was elected to the State Assembly in 1966 and in the past 43 years (when Reid went from 27 years old to 70 – and your humble correspondent went from 2 to 45), the only gap in public service was the two years in the mid-70′s between his term as Lt. Governor and his service on the Nevada Gaming Commission. And during that time he ran for Mayor of Las Vegas, leaving little time to build up a fortune in the private sector.

Right now, as Senate Majority Leader, Reid earns $193,400.00 per year – a back-bencher earns $174,000.00.

Reid has been earning that 193 grand for a few years, but when he first entered the Senate in 1987, I think the Senate salary was about $125,000.00 per year. In order to build up $4.6 million dollars over the past 43 years, Reid would have had to sock aside – out of various government salaries – nearly $107,000.00 per year.

Does anyone want to believe that Reid has done this? That he has saved his government-salary pennies (including for all those years when he made far less than even $107,000.00 per year) and built up his fortune just out of the money we know he’s been earning since he entered public office? And what if Reid’s fortune is actually closer to the higher estimate of $6.3 million?

It’s just not credible that Reid has done this just out of his government salary. The man has raised 5 kids, through college. His various government salaries were enough to live on but how, with all the expenses, did Reid build up so much money? What did he do? How did he do it?

DSamuels
by Gold Member on Sep. 22, 2012 at 5:18 PM
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Methinks Harry has some 'splainin' to do! Here's an article from National Review Online:

Try this thought experiment. Imagine that someone grows up in poverty, works his way through law school by holding the night shift as a Capitol Hill policeman, and spends all but two years of his career as a public servant. Now imagine that this person’s current salary — and he’s at the top of his game — is $193,400. You probably wouldn’t expect him to have millions in stocks, bonds, and real estate.

But, surprise, he does, if he’s our Senate majority leader, whose net worth is between 3 and 10 million dollars, according to OpenSecrets.org. When Harry Reid entered the Nevada legislature in 1982, his net worth was listed as between $1 million and $1.5 million “or more,” according to the Las Vegas Review-Journal. So, since inquiring minds inquire, let’s try to figure out how Reid’s career in public service ended up being so lucrative. He hasn’t released his tax returns, which makes this an imperfect science, but looking at a few of his investments helps to show how he amassed his wealth.

In 2004, the senator made $700,000 off a land deal that was, to say the least, unorthodox. It started in 1998 when he bought a parcel of land with attorney Jay Brown, a close friend whose name has surfaced multiple times in organized-crime investigations and whom one retired FBI agent described as “always a person of interest.” Three years after the purchase, Reid transferred his portion of the property to Patrick Lane LLC, a holding company Brown controlled. But Reid kept putting the property on his financial disclosures, and when the company sold it in 2004, he profited from the deal — a deal on land that he didn’t technically own and that had nearly tripled in value in six years.

When his 2010 challenger Sharron Angle asked him in a debate how he had become so wealthy, he said, “I did a very good job investing.” Did he ever. On December 20, 2005, he invested$50,000 to $100,000 in the Dow Jones U.S. Energy Sector Fund (IYE), which closed that day at $29.15. The companies whose shares it held included ExxonMobil, ChevronTexaco, and ConocoPhillips. When he made a partial sale of his shares on August 19, 2008, during congressional recess, IYE closed at $41.82. Just a month later, on September 17, Reid was working to bring to the floor a bill that the Joint Committee on Taxation said would cost oil companies — including those in the fund — billions of dollars in taxes and regulatory fees. The bill passed a few days later, and by October 10, IYE’s shares had fallen by 42 percent, to $24.41, for a host of reasons. Savvy investing indeed.

Here’s another example: The Los Angeles Times reported in November 2006 that when Reid became Senate majority leader he committed to making earmark reform a priority, saying he’d work to keep congressmen from using federal dollars for pet projects in their districts. It was a good idea but an odd one for the senator to espouse. He had managed to get $18 million set aside to build a bridge across the Colorado River between Laughlin, Nev., and Bullhead City, Ariz., a project that wasn’t a priority for either state’s transportation agency. His ownership of 160 acres of land nearby that stood to appreciate considerably from the project had nothing to do with the decision, according to one of his aides. The property’s value has varied since then. On his financial-disclosure forms from 2006, it was valued at $250,000 to $500,000. Open Secrets now lists it as his most valuable asset, worth $1 million to $5 million as of 2010.

How Reid acquired that land is interesting, too. He put $10,000 into a pension fund his friend Clair Haycock controlled, to take over the 160-acre parcel at a price far below its assessed value. Six months later, Reid introduced legislation that would help Haycock’s industry, a move many observers said appeared to be a quid pro quo, though Reid and Haycock denied that the legislation was the result of a property deal.

We don’t know how much more money Reid has or how he made all of it. For that, we’d have to see his tax returns.

— Betsy Woodruff is a William F. Buckley Fellow at the National Review Institute.

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