Hmmm? How Did Harry Reid Get Rich?

[jhood001]

Never did like this guy.

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.

Article:

http://www.nationalreview.com/articl...betsy-woodruff

[Irving]

I don't understand. This is how a lot of people get rich. Are you just upset that he has used his position in congress to affect the value of his investments? I understand being mad about that, but not the rest. The first couple of paragraphs of that article are stupid.

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.

This is the most dumb part of the article. You don't need to have millions of dollars in order to purchase investments that are worth millions of dollars. What he gets paid by congress, doesn't have anything to do with how much money he is able to make with the money he does get paid.

[Danimal]

I don't understand. This is how a lot of people get rich. Are you just upset that he has used his position in congress to affect the value of his investments? I understand being mad about that, but not the rest. The first couple of paragraphs of that article are stupid.



This is the most dumb part of the article. You don't need to have millions of dollars in order to purchase investments that are worth millions of dollars. What he gets paid by congress, doesn't have anything to do with how much money he is able to make with the money he does get paid.

That is one hell of a return on investment. Maybe he should teach Warren Buffet a thing or two about investing and show him how to make some real money.

[Irving]

That's what investing is all about. Why do you think people do it?

My favorite part is about the stock he sold. He would have made that money by selling that stock anyway. The part about the bill that reduced the stock price happened after, and independently of the stock price dropping.

Basically, this article just spotlights how members of congress and senate can engage in insider trading, in other venues besides the stock market.

[milwaukeeshaker]

You defended him, so apparently you don't find anything wrong with any of that? Really??? Head tucked???

[Irving]

I don't like how congress is able to engage in insider trading, and I don't like how he used his position to influence the value of his investments. However, if I had the opportunity to increase the value of any of my investments, I would in a heartbear, as would anyone else with half a brain. I don't like that he directed tax payer money for highway thing. There should be certain things that are off limits to someone in his position.

Another example is Al Gore and the whole cap and trade system. Cap and trade is utter bullshit, but as far as a way to litteraly create money out of thin air, the idea is brilliant. The problem is that the cap and trade system has now made it's way into law. A similar thing is Radon testing. Radon is a joke, but people are getting rich off of it. Fortunately, it isn't as invasive as cap and trade.

My problem with the article is that it perpetuates the myth that you need to have money to make money, and anyone who makes millions when their day job only pays 100,000, must be breaking the law or swindling people to do so.

[milwaukeeshaker]

Yes I agree. Congress critters should not be able to take advantage of their positions to increase their bank statements, but in reality we all know how that goes. Majority are a bunch of crooks, and scumbags.

[jhood001]

Are you just upset that he has used his position in congress to affect the value of his investments? I understand being mad about that, but not the rest.

Yes, and only that. I agree that anyone can (and should) invest. My issue here is that because of his position, he has increased the value of his investments through his position and also shielded himself from losses that the rest of us would have taken had we invested in the same things.

And as I said in my original post - I never liked him much anyway.

[tmckay2]

if you really want to know the crux of his money making, im talking all the way back to even getting to where he is to make the money, you need to look at his relationships with union bosses.