George Felix Allen: “Worthless” = $1.1 Million In His Pocket

Michael Forsythe and Miles Weiss for Bloomberg report: 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. As previously noted here, Allen violated Senate rules by failing to properly report the options in required financial disclosure statements. His excuse that the stock options were "worthless" is irrelevant in any event, because the underlying asset is in a company that has business before Congress. His direct profiteering from legislation he supported explains the reason that financial disclosure rules exist in the first place.