Frist's (feeble) explanation of stock sale

[dajoki]

NYT
http://www.nytimes.com/2005/09/22/politics/22frist.html?ei=5088&en=b2091d67b4be89cf&ex=1285041600&adxnnl=1&partner=rssnyt&emc=rss&adxnnlx=1127361879-VMupezZBI6jDDlQzbQyYZg

Senate Leader Explains His Sale of a Stock That Then Plummeted

By DAVID D. KIRKPATRICK
Published: September 22, 2005

WASHINGTON, Sept. 21 - Senator Bill Frist offered an explanation on Wednesday for the timing of his sale in June of his stake in HCA, the giant hospital company that his family founded, as its shares reached a peak and began a steep slide.

An aide to Mr. Frist, majority leader of the Senate and brother of the HCA chairman emeritus, disclosed the sale on Monday in an interview with Congressional Quarterly.

The senator's spokesman, Bob Stevenson, said Wednesday that Mr. Frist "made a conscious decision to divest himself of all HCA assets" so he could pursue an ambitious agenda of health care legislation free of any appearance of self-interest.

<<snip>>

"Good fortune, isn't it?" asked Prof. John C. Coffee, an authority on securities law at Columbia. Professor Coffee said such well-timed sales in the families of top executives were a red flag of possible insider trading and often drew regulatory inquiries, although just a small fraction of such instances lead to formal investigations.

[RUMMYisFROSTED]

1. Criminal.

[dajoki]

3. investigate? prosecute?...

not likely. bastards can get away with anything.

[RUMMYisFROSTED]

6. Not likely.

"Class" has it's advantages, after all.

[texpatriot2004]

2. Criminal...he should go to jail like Martha did. n/t

[dajoki]

4. yes...

and martha basically did nothing. but this is criminal.

[koopie57]

5. sock sale?

ahh stock sale. My eyes are really getting bad.

[dajoki]

7. i know how it feels koopie57...

don't want to give in to those glasses.

[dajoki]

8. another thread on subject

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=102x1798299

[orleans]

9. insider trading? sounds like this asshole could be president!

bush pulled the same crap.

[NVMojo]

10. he needs to be "martha'd"!!!!

[dajoki]

13. or worse n/t

[American in Asia]

11. oh puleeeeaasssee !!!

"free of any appearance of self-interest"


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

[dajoki]

15. that gave me a good laugh too n/t

[ladylibertee]

12. "Good fortune, isn't it?" I didn't know that was the new name for

Immoral Conduct....Martha Stewart should have said the same thing.She wouldn't have had to waist all that time in "TIME-OUT" for grown ups.

[Nothing Without Hope]

14. Another thread on this NYT article - note the mention of the HCA FRAUD

http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=104x4846742
thread title: NYT on FRIST’s possible insider trading - and HUGE 2000-3 HCA FRAUD

The earlier articles didn't mention the history of massive health care fraud in the Frist family company. I find the fact that this one does - days after DUer bozita drew attention to it - to be significant and encouraging.