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October 08, 2006

Good Grief -- Michael

We just can't catch a break.

What smells almost as bad for the average American as an older politician trying to bugger a teenager? I said, almost as bad.

I'll tell you.

Anything to do with stock options. Especially when it looks like bribery.

Stock options are what average Americans don't get, and I have the impression that most people are convinced that there is something dirty about them. They are something that the big shots use to enrich themselves at everyone else's expense.

By SHARON THEIMER and BOB LEWIS, Associated Press Writers

20 minutes ago

RICHMOND, Va. - For the past five years, Sen. George Allen (news, bio, voting record), has failed to tell Congress about stock options he got for his work as a director of a high-tech company. The Virginia Republican also asked the Army to help another business that gave him similar options.

Congressional rules require senators to disclose to the Senate all deferred compensation, such as stock options. The rules also urge senators to avoid taking any official action that could benefit them financially or appear to do so.

I'm sure hoping that Senator Allen can work up a better story than this initial tone-deaf response:

In interviews, Allen and his staff sought to play down his corporate dealings, saying they were a good learning experience but did not lead to extraordinary riches except for a quarter-million-dollar windfall from Com-Net Ericsson stock.

Allen's office said he sold his Xybernaut stock at a loss and has not cashed in his Commonwealth options because they cost more than the stock is now worth. The senator also said he saw no conflict going to work for companies shortly after assisting them as governor.

[Emphasis added.]

Oh well. It always was more fun to be the minority party.

Whoops! Sen. George Allen Fails To Report Stock Options

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posted by Ace at 05:36 PM

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