George Allen’s defense to the revelation that he had failed to disclose stock options to the Senate as its rules require was that the options were worthless and thus not worth disclosing (never mind that the Senate rules require disclosure regardless of value, and that even options with negative value are a potential conflict since there might be incentive to move the stock to a position where the options become profitable).
Well, it turns out that Allen lobbied the Army for one of the firms at a time he held their options. And, those “worthless” options? They were worth $1.1 million at their peak. I guess that’s “worthless” only if you’re a Republican.
Bonus: Here’s the latest anti-Allen ad from the Democratic Senatorial Campaign Committe:
