From the Associated Press:
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.
The options date from the late 90s when Allen had left the Governor's mansion but hadn't been elected Senator yet, so you might think, "He was a private citizen when he received the options. No problem, right?" Think again.
According to AP:
Those [ethics rules] exist so the public can police lawmakers for possible conflicts of interest, especially involving companies with government business that lawmakers can influence.
It doesn't matter when Allen got the options. The Senate ethics manual is clear: he owns the options, and thus he's required to report them, so that Congress and we can monitor possible conflicts of interest.
And possible conflicts there were! In addition to everything above, AP found that Allen:
_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.
In response to AP's inquiries, Allen's attorney said he was unaware that Allen should have reported the options -- despite clear language in the Senate ethics manual requiring him to do so.
So now, Allen's office is asking the Senate ethics committee for an opinion about what he should have done. Nice try, Allen, but I'm afraid you've already committed the ethics violation. The damage already is done.