Reid Follows Frist, Sets Up Blind Trust

[NVMojo]

September 26, 2005

Senate Minority Leader Harry Reid (D-Nev.)is placing all of his assets into a blind trust, saying his new position of authority prompted him to seek out a way to avoid any questions of impropriety.

Reid, who was worth at least $2 million at the end of last year, is setting up a financial arrangement akin to the one being run by his counterpart, Majority Leader Bill Frist (R-Tenn.), whose decision to tell his trust to sell stock from his family's hospital chain has prompted a dual-track federal investigation.

While the paperwork has not been finalized on Reid's trust, the Minority Leader said that having a financial arrangement in which he wouldn't know which stocks or other publicly traded assets were being bought and sold would avoid any appearance of conflict on his voting and leadership decisions.

more...

http://www6.lexisnexis.com/publisher/EndUser?Action=UserDisplayFullDocument&orgId=574&topicId=100007426&docId=l:313659054&start=5

[OneBlueSky]

1. why is it that everyone in Congress seems to be a millionaire? . . . n/t

.

[maxsolomon]

4. you have to be a millionaire to be elected senator in the US

there are exceptions, but you should think of it as the House of Lords, not the House of Commons.

i wish i had something to put in a Blind Trust.

[trogdor]

5. $2 million isn't what it used to be.

It's more than I've got, but you could hardly call him a one-percenter.

[sandnsea]

13. Yes, that IS a one percenter

98% of Americans have incomes of less than $200,000 annually. 2.5% of Americans have accumulated wealth, including their homes, of one million. To have accumulated a whole OTHER million, very very rare and definitely a one percenter.

If people knew how low the odds are of being even comfortably wealthy, they'd support social programs a whole lot more.

[TankLV]

19. Thanks for getting that truth out. Most just don't know.

That's how the repukes get away with all their lies on the estate tax and medicade and medicare scams, among many others.

[RUMMYisFROSTED]

26. The point is made.

7.5 million millionaires as of 2004.

http://money.cnn.com/2005/05/25/pf/record_millionaires/


My math gets me roughly 2.5%.

Still an absurd number to base fiscal policy on.


ETA: Left out the word "million." What a surprise.

[shanti]

12. many of them are trust fund babies

n/t

[KoKo]

2. Ummm....shouldn't Reid have done this before?

:eyes: How can Frist be blamed if Reid hasn't even attempted to put his assets in a blind trust until now?

[leesa]

23. One wonders whether Harry's helping Frist out...blunting the crime, so to

speak. A new twist on the GOP's "Well, THEY do it too". All these guys will protect their troughs.

[Journeyman]

3. So Reid's looking for a way to avoid the appearance of impropriety. . .

almost a year after his elevation to Minority Leader. This in the wake of a brewing scandal involving the finances of his Republican counterpart, actions which Reid this morning claimed were not cause for investigation (www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=132&topic_id=2115329).

Someday, the People will get better control over the financial possibilities of all government employees, and when that happens we'll have a better chance for government that works for all our interests.

[MeasureTwice]

6. There's a difference

What's his 2 million invested in? if it's publicly traded funds, there's not much difference between that and a blind trust, but he may have decided to make it a blind trust so there was no doubt.

Besides, trusts take time to set up, and they cost a lot more if you hurry the lawyers.

[Journeyman]

11. He's been Minority Leader for 10+ months. . .

We can make excuses faster than improprieties can be uncovered. That's the easy part. The truth is, the lure of lucre infests our entire government -- from self-interested law-making clear through to those who trade actions for positions within private enterprise. Washington will remain a cesspool of self-interest -- swirled together little shits from both parties -- until such time as the People decide there must be something done to rectify it. This will be difficult enough under the best of conditions, impossible so long as everyone's more interested in excuses than they are accountability. And it starts with people like Reid seeing nothing wrong with what Frist did, even as Reid prepares to set himself up with the same scenario.

[NVMojo]

18. MeasureTwice, read the whole article, he's invested in Microsoft,

Walmart, United Technologies (a defense company), go figure.

[lakeguy]

7. i hate to say it, but most members of congress are outside what

we would consider the "norm". think about it for a minute, do you think you could run for national office? not without a buttload of money behind you. i have many friends and would guess that most would support any type of run, but without wealthy "connections" it is a lost cause. dean sort of changed my mind on this a bit. but without the cash, you won't go anywhere...

[pokercat999]

16. Hmmmmm.........maybe we need new rules.

Say no millionaires, no lawyers, no doctors, no CEO's or former CEO's. No one who has ever held any Federal Job GS, Appointment or elected. That would of course limit people to one term and one term only. How about no corporate money of any kind (or union for that matter), limit donations to individuals who may only give a maximum of say $100.00 per candidate with a $300.00 max per year.

When monkey's fly out my ass.

[Eurobabe]

8. PLUTOCRACY ring any bells?

eom

[Orsino]

15. Go democracy!

Which corporate-approved, rich old white guy in a suit did you vote for?

[Dr Fate]

9. When does my family get to have somthing like this?

???

[VegasWolf]

10. How many tens of millions does it take to be a US Senator nowadays?? Ralph

was right!!

[sandnsea]

14. How many millions does Ralph have?

Hmm, let's see...

http://www.salon.com/politics/feature/2000/06/20/nader/

[TankLV]

20. OUCH!

Hahahahahahaha.

Hoisted on their own petard, I should say!

[VegasWolf]

21. Yes, but he is not stuck in the pockets of corporate interests. At least

not blatantly! Given choices, I would opt for Ralph over the corporate types.

[Rex]

17. Networth = political power.

Just look at the poor in NO; if just one resident would have been a rich senator then they all would have been saved! The only intermingling between the rich and the poor is when the servants open the door of the stretch limo.

[Gloria]

22. Frankly, I'm sick of Reid. He's beginning to drag us off into

weird places....I'm ready for a change. Anybody with a mouth and the ability to use it with directness....

[NVMojo]

24. Reid can do that at times. He's had several highlights this past year

going after Bushco. If only he'd been more careful, especially supporting the bankruptcy bill while taking money from Citigroup for campaigns and buying their stock ...

In general, he's a great leader ...but if we want to bring down the Bushco, we can't be acting like them ...

[Doremus]

25. Dennis Kucinich. Less than $50K net worth

http://en.wikipedia.org/wiki/Dennis_Kucinich