In 2001, Haycock’s firm began liquidating assets of the pension fund, and Haycock found he could not buy it himself. Instead, he offered it to Reid — for a price that amounted to one-tenth the value of the original purchase, and one-fortieth of the price the parcel fetched on the market ten years earlier.
Reid and his apologists point out that the parcel has topographical challenges, and that a minority share would have been difficult to sell to anyone but the majority partner. However, the LAT researched adjacent parcels and discovered that they commanded a price far above Reid’s eventual purchase price — over $4,000 an acre. Minority sales generally get discounted at around 20%, not 98%, even in the Mojave Desert.
This isn’t the first time we’ve seen shady land deals involving Harry Reid. He also had the singular achievement of getting paid over a million dollars on land for which he never disclosed his ownership, a story the LAT reported in October of last year. Reid stopped talking about the “culture of corruption” during the final weeks of the midterms last year — probably because it hit too close to home.
And, apparently there are other ways to accumulate wealth as well. Like trying to push utilities into supporting Chinese investors. (Of course, Dirty Harry might just be making sure his offspring get some pie, too.)
Unfortunately, we’re now playing Squirrel! on the left’s terms by even talking about this, but there it is.
They want us distracted to avoid talking bout Obama’s miserable record. But we should stay focused.
Update: What John Hinderaker said, too. Harry Pelosi just has a certain ring to it.