More Frist Deep Doo-Doo

[KharmaTrain]

http://www.miami.com/mld/miamiherald/news/12875498.htm

AP: Frist accumulated stock outside trusts

LARRY MARGASAK and JONATHAN M. KATZ

Associated Press


WASHINGTON - Outside the blind trusts he created to avoid a conflict of interest, Senate Majority Leader Bill Frist earned tens of thousands of dollars from stock in a family-founded hospital chain largely controlled by his brother, documents show.

The Tennessee Republican, whose sale this summer of HCA Inc. stock is under federal investigation, has long maintained he could own HCA shares and still vote on health care legislation without a conflict because he had placed the stock in blind trusts approved by the Senate.

However, ethics experts say a partnership arrangement shown in documents obtained by The Associated Press raises serious doubts about whether the senator truly avoided a conflict.

In that case, the HCA stock was accumulated by a family investment partnership started by the senator's late parents and later overseen by his brother, Thomas Frist. The brother served as president of the partnership's management company and as a top officer of HCA. Sen. Frist holds no position with the company.

Note to investigators: Those red flags are now crimson. Gentlemen...start your subpoenas.

[chalky]

1. OOPS.

:rofl: :rofl: :rofl: :rofl: :rofl: :rofl:

[SpiralHawk]

2. Oh Poo

Republican Culture of Corruption

[in_cog_ni_to]

3. This is too much!

They're IMPLODING! I love it! :rofl:

[esvhicl]

4. restore dignity to the WH lol

[babylonsister]

5. Can you enlighten me? Is he in trouble because

of the conflict of interest between these stocks and his job, or because he earned thousands from stocks controlled by his brother that were not in a blind trust? Or both? I had read that he knew what stocks were in the blind trust so they weren't so blind. The current stocks at issue are another group of stocks? I'm so confused!

[BurgherHoldtheLies]

6. Sounds like insider trading

A not-so-blind trust where shares were sold right before they fell.:shrug:

[malaise]

7. As Queen would sing

Another one bites the dust
Another one bites the dust
And another one gone and another one gone
Another one bites the dust, eh
Hey, I'm gonna get you too
Another one bites the dust

:rofl: :rofl: :rofl:

[ChairmanAgnostic]

9. man, I love that tune. so grateful for iPods.

even more grateful for the upcoming frisking of frist.

"doctor, assume the anal examination position."

[KharmaTrain]

8. We Can Start With Conflict Of Interest

If Frist voted for the Medicare bill...that benefits HCA...and using his position of leadership ensure the passage of the bill, which in turn benefits his family, which in turn benefits him. Now you tell me what you call that.

At the least, ethic rules require that any financial conflicts be disclosed. This is a major violation of that trust as Frist, not only was able to prompt his executor to sell his stock (the original conflict that's being investigated).

This is a whole different can of worms, since this show causality between Frist's votes, his position of power and the way he and his family have benefitted from the first day he walked into the Senate. Yes, another group of stocks...this his "inheritence". You see, other than shaking down contributors and other politicians, Frist has never really earned a living.

[BurgherHoldtheLies]

10. But didn't the sudden sell off of his HCA stock prompt the SEC probe?

[KharmaTrain]

12. That's His Blind Trust

This is a different set of stocks...different trust.

Maybe this will spell it out better:

Bowling Avenue Partners' HCA shares became marketable securities when the estate of Frist's mother was settled in probate. Frist then began transferring those shares in stages from the Tennessee blind trust to the Senate-approved trusts in 2001 and 2002.

The value of all the transferred shares, calculated on the dates they went into the Senate trusts, was between $775,000 and $1.57 million, according to letters the trustees sent to Frist and the Senate. That stock was on top of millions of dollars in various investments Frist already owned in the Senate blind trusts.

With his background as a heart surgeon as well as majority leader, Frist has been at the forefront of legislation that would affect the hospital chain. Among the issues: a Medicare prescription drug benefit and limits on medical malpractice lawsuits.

Frist kept HCA stock in Bowling Avenue Partners and the Tennessee blind trust - but outside the Senate-approved trusts - between 1998 and 2002.

[babylonsister]

13. Thanks for clarifying; I think I've got it! Do you know if the

SEC cares about conflict of interest, or would that be up for a review by Frist's peers?

[KharmaTrain]

17. Two Different Tracks Here

The SEC surely is looking into the insider trading and violation of blind trust laws, if Frist told his executor to dump stock after finding out the stock was gonna take a hit. That's Martha Stewart 101.

There's also the Senate track. His oath of office requires that he work for the people of Tennessee, not for his own interests. The blind trust laws were set up so millionaires (and isn't that the requirement to be in the Senate?) could play statesman without the taint of their own wealth. Surely Ted Kennedy is vested deeply in a blind trust which could have stocks that his votes affected, but since the trust is blind, he would have no idea about that. The only notice he would get is a 10-99 on his yearly taxes...and one would think these guys have never prepared their own taxes.

If Frist, knowing the affect of his votes or lobbying for certain health care issues would benefit his HCA stock (and many of us here have long surmised that's exactly what he's been doing) and it can be documented he directly benefitted from those votes, the ethic violations should not only drive him out of leadership, it should kick his ass out the Senate door.

[babylonsister]

18. Again, thanks for educating me! This will be yet

another segment of the 'culture of corruption' to watch!

[chalky]

11. It actually has more to do with him SELLING said stocks just before

the price took a YOOGE nosedive.

In short--insider trading.

[babylonsister]

14. So Frist could get nailed for insider trading and conflict

of interest. Sweeeeet!

[BurgherHoldtheLies]

15. Pass the popcorn.

:popcorn:

[Vinnie From Indy]

16. Ouch! That's gonna leave a mark Bill!

Cats of america are doing back flips at this news.

[WiseButAngrySara]

19. And this from the party that supposedly won on 'Family Values?'

GAG me! I hope their hypocrisy causes them all to implode on themselves. Lies and hypocrisy are an anathema to any god.