Skip to main content has put another nail in George Allen's coffin with some investigative digging showing his concealed stock options were worth quite a bit of money.

"Oct. 10 (Bloomberg) -- 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."

Further complicating Allen's public defense, Bloomberg reports:

"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."  

In other words, issuance of stock options would be harder for shareholders and the public to detect - making it impossible to analyze conflict of interest problems for non-disclosing public officials like Allen.  

Originally posted to PM on Tue Oct 10, 2006 at 04:02 AM PDT.

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