The storm of controversy stirred up by the stock options given to Republican vice presidential nominee Richard Cheney by Halliburton, the oil services company he led for five years, reveals how sensitive the electorate is about politicians whose fortunes are too closely tied to companies. But it's also brought to light a related issue: stocks as campaign contributions. In an era when so many people, particularly in high-tech fields, have been granted stock options, the prospect of such contributions is interesting.

Cases as high-profile as Mr. Cheney's are rare, but political watchdogs say such contributions occur all the time; they're devilishly difficult to quantify, however, because they're considered "in-kind" contributions, a catchall basket that can include anything from paper clips to airline tickets. This despite the quite obvious fact that the implications of stock and stock option contributions are much more complex and far-reaching. "They bloody well ought to be illegal," said Larry Makinson, executive director for The Center For Responsive Politics. "Stock and stock options are not a one-time delivery of a fixed value. They are a beginning of a relationship, which will grow depending on the actions of the politicians. It's bad business, it's bad politics, and it's bad public policy."

Spokespeople for both George Bush and Al Gore say they do not accept such gifts. Mr. Cheney, for his part, has pledged that, if elected, he will forfeit 233,000 shares of future stock. But the rancor remains. "The attacks against Secretary Cheney suggest that people who have value in the country's economy should be prevented from participating in the country," says Tucker Eskew, a spokesperson for Mr. Bush.

Stock and stock options as political contributions pose a problem beyond the potential conflict of interest. Stock contributions are valued at the market price on the day of the gift, but are then free to increase or decrease in value, potentially breaching the federally mandated $1,000 personal contribution cap. Nevertheless, the Federal Elections Commission does not have rules regarding stock options.

Of course, giving stocks as a political contribution only looks particularly crafty in a bull market. Given the roller-coaster ride tech stocks have had since April, some campaigns may be ruing their supporters' ingenuity.