Bruno's Boo-Boo

New York State Senate Majority Leader Joe Bruno committed a big no-no in using campaign funds to buy stock in companies that do business in the Capital District. Well, it would be a no-no in many other states, but not in New York whose ethics guidelines are quite lax. By lax, I mean virtually nonexistent and full of holes that any legislator with the slightest bit of competence could navigate:

The investments, though legal, were unusual even for New York, whose election laws are considered relatively lax. While some campaign committees have reported earning interest or dividends from mutual funds, Mr. Bruno, a Republican, appears to be one of only a few lawmakers to use excess campaign funds to make loans to private companies or to buy individual stocks, according to a review of state records.

Mr. Bruno’s purchase of stock in a start-up company with volatile prices led him to lose money contributed by supporters. And campaign finance experts say such investments pose the potential for abuse, because it is hard to monitor whether candidates are receiving beneficial treatment from companies.

State campaign finance rules are vague about which details candidates must disclose about investments by their campaign committees. The State Board of Elections does not include investment records in the reports it makes public.

Investigators will continue probing Bruno's actions, looking for signs of a quid pro quo that indicates that Bruno's acts were not altruistic but rather seeking to influence outcomes.