More real estate issues for Senate Majority Leader Harry Reid? The Los Angeles Times reports that in 2002, Reid bought land in fast-growing northern Arizona for $166 per acre from a friend whose pension fund had owned the land jointly with Reid. "Reid's price... was less than one-tenth of the value the assessor placed on it at the time. Six months after the deal closed, Reid introduced legislation to address" an issue that his friend's "family had brought to Reid's attention in 1994... If Reid were to sell the property for any of the various estimates of its value, his gain on the $10,000 investment could range from $50,000 to $290,000... In a statement, Reid's spokesman Jon Summers said that the transaction was not a gift and that the price was due to the property's history and the fact that only a partial interest was sold." Summers also said Reid's action on the legislation "was unrelated to the sale."
USA Today, sticking to the ethics beat, reports that Speaker Nancy Pelosi, fourth-ranking House Democrat Rahm Emanuel, and Sen. Evan Bayh (D) "have failed to disclose they are officers of family charities, in violation of a law requiring members of Congress to report non-profit leadership roles... All three foundations are funded and controlled by the lawmakers and their spouses, and do not solicit donations from outside sources."