Tuesday, October 10, 2006
Allen Exposed and Spanked
In a must-read article by Bloomberg News, Allen is once against exposed as a lying politician who will say anything to justify the indefensible and hoodwink his constituents.
Remember those stock options Allen received when he left Xybernaut to take his oath of office and he characterized as worthless?!? Well, surprise, SURPRISE. It turns out Allen was lying.
Stock options that Senator George Allen described as worthless were worth as much as $1.1 million at one point, according to a review of Senate disclosure forms and U.S. Securities and Exchange Commission filings.
The records appear to contradict remarks he made to the Associated Press. ``I got paid in stock options which were worthless,'' AP quoted him as saying.
Legislators are required to disclose all stock options in companies with business before Congress, Allen failed to do so.
In the meantime, Allen happily advanced legislation that benefited Xybernaut. "Allen wrote a letter to the U.S. Army on Xybernaut's behalf in December 2001." Two years later, the "U.S. Defense Department announced $2.13 million in contracts to buy the company's wearable computers." And...
Oh yes, it's always for the children and our men in uniform, according to the shameless prevaricator.
In the Senate, Allen opposed an accounting rule change that requires companies to list options as an expense on their financial reports. Allen co-sponsored a measure to block the rule change and in a hearing that year linked the awarding of stock options to increasing the security of U.S. troops in Iraq.
He said stock options make investments in technology companies more attractive, leading to innovations that helped make ``it safer for our men and women in uniform.''
Indeed, it's too bad the issue never came up during last night's debate. Thankfully, the fourth estate in Virginia is reporting and informing voters. "Allen's Lapses Keep on Coming, "The Roanoke Times headlines this morning.
Of course, we've also learned that the options weren't always worthless.
The language is clear. Allen was supposed to report his holdings. They might have been worthless on the filing date, but that could have changed at the whim of the stock market. A government contract here or well-placed help there might have done the trick.
Some of the companies with which Allen had stock options actively sought government contracts, and he intervened on behalf of one in a dispute with the Army.
Now, is there anyone but the most radical wingnuts who still think Allen deserves to be reelected when a stellar alternative is available to serve all the people?
I didn't think so!