AP: Allen didn't disclose stock options

[IChing]

By SHARON THEIMER and BOB LEWIS
Associated Press Writers



AP Photo/KEVIN WOLF


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RICHMOND, Va. (AP) -- For the past five years, Sen. George Allen, 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.

Those requirements exist so the public can police lawmakers for possible conflicts of interest, especially involving companies with government business that lawmakers can influence.

Allen's stock options date to the period from January 1998 to January 2001 when Allen was between political jobs and had plunged into the corporate world.


An Associated Press review of Allen's financial dealings from that era found that the senator:>>>>>snip

http://hosted.ap.org/dynamic/stories/A/ALLEN_IN_BUSINESS?SITE=FLSTU&SECTION=HOME&TEMPLATE=DEFAULT

[AlCzervik]

1. ohmahgawd i love it!

[Virginian]

32. He may be in trouble with SEC on one of them.

I posted this when it came out last month.

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=132x2790744

The company that filed for Bankruptcy -- was it because of Allen being on their Board of Directors?

Just a Gigolo

In the go-go ’90s, George Allen sat on the board of a Virginia tech company. Now, the company faces several class-action suits and an SEC insiders probe.

By Garance Franke-Ruta
Issue Date: 09.12.06

<snip>

Despite the plethora of dubious characters surrounding Xybernaut, the true identity of many of the company’s financiers remains obscure. In the company’s heyday, its officers claimed to have the support of major Wall Street firms, but that was more hype. What SEC records show instead is that during the company’s 16-year history, it relied heavily on offshore firms for financing. And during Allen’s board tenure, it received the vast bulk of its money from outfits based in the most notorious havens for tax cheats and money launderers: the Turks and Caicos, the Cayman Islands, the British Virgin Islands, the Bahamas, Liechtenstein, and Israel.

<snip>

But three things seem clear. First, he did benefit in indirect ways from his association with the company: Allen’s law firm did work for Xybernaut while he was on the board, and its officers contributed to his campaigns. While Allen was serving on the Xybernaut board, he was also a partner at the prestigious Richmond-based law firm McGuire Woods LLP. In 1998 and 1999, the firm billed $315,925 to Xybernaut for legal work and was also granted 1,996 shares of stock in lieu of payment for services rendered. According to a disclosure form candidate Allen filed on May 12, 2000, he earned $450,000 from McGuire Woods from January 1999 through April 2000. During much of that time, the firm was doing work for Xybernaut.

In addition, Xybernaut officers -- four directors, an advisory board member, the comptroller, and an officer’s wife -- donated a total of $10,750 to Friends of George Allen in 1999 and 2000. After Xybernaut retained McGuire Woods to handle its more current legal problems in May 2005, McGuire Woods staff donated $32,500 to Friends of George Allen that very month -- compared to $31,625 during Allen’s entire two-year 1999-2000 Senate campaign.

<more>

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I thought he was a lawyer, then why doesn't he know the law regarding disclosure.
Did he cheat or have someone else take his bar exam?

[Fridays Child]

2. Allen is rotten on so many levels, it takes a scorecard just to keep up.

K&R

[IChing]

7. "He has all the virtues I dislike and none of the vices I admire."

Winston Churchill

[Fridays Child]

15. Winston Churchill, eh?

If I'd had to guess, I would have said Mark Twain.

Good quote!

[Tandalayo_Scheisskopf]

3. Such actions have a one-word description:

Illegal.

[ChairmanAgnostic]

6. two words:

dead meat
or e-coli. your choice.

[LiberalFighter]

27. Felix have you had your spinach yet?

[MADem]

4. Oh, happy day!! Senator Macacawitz steps in it again!!

K and R!

[Polemicist]

37. That's Senator "Stock Option" Macacawitz now.....

Allen is just one big bundle of scandal, isn't he?

[Fridays Child]

5. By the way, here's the Yahoo link. Let's go rate it up.

http://news.yahoo.com/s/ap/20061008/ap_on_el_se/allen_in_business_1

[spooky3]

13. done--plus k&r

[xchrom]

8. oh goody!

[wakeme2008]

9. $250,000 is peanuts... :grr:

:grr:

n 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.

[The Witch]

10. WEBBdrenaline...!!

OR something like that .

In any case, hooray for the power of the press!

[Rose Siding]

11. Why wasn't this an issue in his LAST campaign?

Failing a better media, Dems need better oppo researchers. Geeze, I'm glad someone caught it this time.

When they're drowning, throw 'em an anchor.

[LiberalFighter]

26. He wasn't a Senator yet I believe

[babylonsister]

12. It's getting real tiresome hearing this clown apologize yet again.

:evilgrin: This appears more serious, not a question of 'possible (read: probable)' racism. Tsk tsk.

[Joanne98]

14. YES!

[BootinUp]

16. So what does it mean if

this corrupt racist prick wins again? I hope we don't have to answer that question.

[tanyev]

17. Allen thought the options would never be discovered, as he

had purchased them with the pseudonym "Jose Macacawitz".

[Wetzelbill]

18. it is amazing and weird watching this guy implode like this

I guess when you have that many skeletons in the closet and a limited amount of brain cells in your head, something has to give at some point.

[IndianaGreen]

25. How did this guy ever get himself elected?

Did anyone ever take a close look at his background before they voted him into the Senate?

[0007]

29. Jeff Sessions & John Cornyn slipped in like Allen......

[momster]

35. Only Investigated the Part that Said "Football!"

I honestly believe most of those Virginians who voted for him did so because his dad was thee George Allen, the football coach. I live on the other side (Maryland) and the news radio here spends a quarter of each hour (five minutes here, ten minutes there) talking about sports. Doesn't matter what else is going on...the question of the day at least twice a week is about sports. The new baseball stadium takes up a percentage of the day's news as well, and it was worse when they were looking for the Nationals' new ownership. So since sports is a vital part of the nation's business (apparently for everyone but me), it makes sense that they'd elect somebody just because they liked the way his dead dad coached a team. Never mind that the son is a racist, dishonest, s-t-u-p-i-d good ol' boy...from California. Kinda like that other good ol'boy squatting in the White House...from Connecticut...whose only qualification seems to be *his* daddy.

[Virginia Dare]

41. He benefited from VA's one-term Governorship....

While he was Governor he was considered very popular because Virginia was enjoying good economic times while he was lowering taxes. Bear in mind that this was during the tech boom, and Clinton's Presidency, so in reality Felix had little to do with it, and his successor, Jim Gilmore, eventually felt the fallout when he tried the same tricks and the bottom fell out.

Also, Allen deceivingly ran as a "moderate" and also ran two very dirty campaigns, first for the Governorship where they implied that his opponent Mary Sue Terry was gay because she was unmarried, and then against Chuck Robb, where they capitalized on the rumors of infidelity.

I think his win for the Senate was more of an anti-Robb vote than a pro-Allen vote, and the state has really changed demographically since then as well. Of course we do have our share of yahoos in this state who think he's just swell.

[Doctor_J]

19. The Culture of Corruption

tsk, tsk, tsk. George Felix Allen Jr. is a crook as well as a chickenhawk and a racist.

[Supersedeas]

38. the Corp Media will bury this too

[wiley]

20. Good Thing he's not Martha Stewart!

or anyone we would expect to be concerned about the law or corruption. He's a Republican Senator. Of course this is all nothing but merely overlooking what he thought was an over-concerned law that he would deal with if things got worse - or if he got CAUGHT.

[Eurobabe]

21. See ya FELIX!!

Don't let the doorknob hit'ya where the dog shoulda bit ya.

[Herman74]

22. How serious will Virginia voters take this?

Is Felix truly in knee-deep macaca, or will Virginia's media and voters largely ignore all this?

Virginians, how is this all this playing in your state?

[cyberpj]

23. WAIT. You're saying he could be a "...director of a high-tech company."

Am I the only one finding that a little hard to believe? I'd venture to say he doesn't know jack about high tech! When is this crap going to STOP?!?!

[Virginian]

30. He was on the Board of Directors

You know, one of those honorary jobs. They wanted his title associated with them, Former Governor George Allen.

He is such an embarrassment to some of us here in Virginia. Especially in the blue areas.

[Oilwellian]

24. Allen responds

Via TPM: Late Update: We have word that Allen has responded to the AP story. "I don't even know what 'stock options' means. I just made the term up. I have never used that term in my private life." Maybe so, but we understand that the use of "stock options" began in French colonial North Africa, where Allen's mother was raised. We're looking into it.

:rofl:

[Canuckistanian]

28. Of Course he didn't. Why should he?

Laws are for suckers and Democrats (not always in that order).

[Kool Kitty]

31. He really is toast, isn't he.

Tsk. Tsk. Tsk.

[Ashy Larry]

33. Perfect timing!

This news comes just in time for the final debate tomorrow night at 8PM on CSPAN. Felix has some explaining to do.

[cboy4]

34. Tisk, tisk, tisk Mr. Allen.....always reports your "mastockas"

you unpatriotic, poor excuse for a United States Senator. :puke:

[conscious evolution]

36. Is this story related to the

Ides of october thread?

[Virginia Dare]

39. Felix has the trifecta: Liar, Crook and Racist....n/t

[Eurobabe]

40. He learned well while a GOPer

Gross Old Perverts party.

[Supersedeas]

42. the accountability party???