More Hot Water for Frist (Accumulated Stock outside Trusts)

[G_j]

http://www.truthout.org/docs_2005/101205Z.shtml

AP: Frist Accumulated Stock outside Trusts

By Larry Margasak and Jonathan M. Katz
The Associated Press

Tuesday 11 October 2005

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.

..more..

[napi21]

1. Surely he's not that stupid? I hate Frist's politics, but at least he

always spoke like he had a fair amount of intelligence. He also has enough $$ to have afforded GOOD lawyers for advice on how to handle the ethics conflict.

Is he sooo arrogant that he just disregarded their advice?

[mattclearing]

2. He was dumb enough to sell on insider information.

The fact that he could sell at all indicates that he didn't set it up in a trust. What an idiot.

[rkc3]

3. Greed can make smart people stupid.

[Hobarticus]

4. Lawyers can make mistakes, or be flat-out dumb, too...

Dealing with one right now, personally!

[G_j]

6. I'll attest to that .. n/t

:-)

[FSogol]

5. Isn't it time he stepped down? n/t/