» Sen. George Allen's secret finances add yet more to GOP's Culture of Corruption

9 October 2006 - 10:03am

Sen. George Allen's secret finances add yet more to GOP's Culture of Corruption

media girl's picture

Hot on the heels of the Republicans' child-predator cover-up come new revelations that Senator George Allen, already famous for his "macaca" outburst and alleged racist bigotry revealed in unguarded moments in the past, George Allen of Virginia had secret financial dealings:

RICHMOND, Va. - 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.

Unfortunately, at this point, I'm not at all surprised.

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.

So what does the good Senator have to say?

Allen himself said he could not recall helping, and only met former company associates socially. "Whether I see a former — whatever the question is — personally at some social event or political event over the years, so what?" Allen asked.

Xybernaut declined comment.

Apparently, this is all in keeping with his history as governor, too.

As Virginia's governor, Allen took representatives of Xybernaut and Ericsson on trade missions. He helped steer $4 million in tax-exempt bonds to Commonwealth for new headquarters and announced an $800,000 state grant to help Lynchburg, Va., prepare a site for an Ericsson expansion.

Then he went to work for those companies.

How convenient -- though that's what most politicians do, especially today when the GOP has made their K Street Project into an unprecedentedly humungous political corruption er, influence -- um -- lobbying enterprise. What's remarkable about these latest disclosures about Allen is just how unremarkable they are.

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BitShifter's picture

Why be surprised by this news? I'd be surprised if anyone in office was straight and true! I believe everyone who went into office doesn't have their country's welfare in mind. Only theirs. Except of course for a few which I hope still exist. All in office have their own little side business.


(14 November 2006 - 3:00am)

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» Sen. George Allen's secret finances add yet more to GOP's Culture of Corruption