Perry's Land Deals: He Discloses, You Decide

What does the law say about Gov. Perry's land transactions? Simple: they are clearly legal.

As long as the profits from the sales were not contingent on Perry doing a specific favor for whomever he sold the land to, Perry has nothing to fear from the law.

Connections, favoritism and inside information may enable Gov. Perry to buy a plot of land below market value and sell it for a profit. Some might call this an abuse of power or an ethical breach. Yet again: legal.

States cope with the ethical issues arising from business transactions by requiring elected officials to disclose their sources of income.

Texas legislators are required to report:

Amounts of net gain or loss from the sale of stocks, bonds, notes, businesses or property. Source and category of amount of income >$500 from interest, dividends, royalties, rents. Source and amount category for all income from trusts, identification of each known asset from which income >$500.

And as far as we can tell, Perry has not had any trouble being open about his financial dealings. Texas voters have not objected to what they have learned. We'll see if national voters feel the same way.