by Jonathan Singer, Sun Oct 08, 2006 at 10:36:28 AM EDT
Things were already bad enough for George Allen. The junior Republican Senator from Virginia has faced an unrelenting steam of negative press over the past two months as real questions about his racial insensitivity and possible racist proclivities have emerged, and the latest polling from his reelection campaign show him in a dead-heat against Democrat Jim Webb, with Gallup showing a statistical tie among likely voters. But now, Allen is bound to face even more questions following a report by the AP's Sharon Theimer and Bob Lewis that he failed to disclose stock options in one company, as is required by Senate ethics law, and interceded on behalf of another company from which he had received similar benefits.
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.
An Associated Press review of Allen's financial dealings from that era found that the senator:
_Did not have to look far to find corporate suitors, joining three Virginia high-tech companies he assisted as governor. Allen served on boards of directors for Xybernaut and Commonwealth Biotechnologies and advised a third company called Com-Net Ericsson, all government contractors.
_Twice failed to promptly alert the Securities and Exchange Commission of insider stock transactions as a Xybernaut and Commonwealth director. The SEC requires timely notification and can fine those who file late.
_Kept stock options provided to him for serving as a director of Xybernaut and Commonwealth, but steered other compensation from his board service to his law firm.
Today's article by Theimer and Lewis is quite in-depth, so I would highly recommend you check it out in full rather than simply reading what I've quoted above. Taken as a whole, the article is fairly damning and provides yet another piece of negative press for Allen -- news that could represent the final straw for the Virginians who still had faith in Allen even after reports about his race issues.