(DNC Release) FRIST'S TRUST: Was Blind, But Now, I See

[MaineDem]

For Immediate Release
October 12, 2005

Contact: Josh Earnest - 202-863-8148

FRIST'S TRUST: Was Blind, But Now, I See

Washington, DC - Even after it was disclosed that Republican Senate
Leader Bill Frist's so-called blind trust was really only
'near-sighted', the Associated Press now reports that Frist had HCA
stock holdings in another partnership that may pose serious conflicts of
interest. Yesterday's revelation about Frist's personal financial
conflict of interest is just the latest installment in the Republican
culture of corruption.

Since entering the Senate, Senator Frist has claimed that he was not
involved in managing his vast holdings in the health care company his
father founded, HCA. But, it turns out that Frist ordered the sale of
his holdings only weeks before HCA's stock price sank by 10 percent, and
that his brother controlled up to $1.5 million more of Frist's HCA stock
in a previously undisclosed partnership. 10/12/05]

Yesterday, the AP reported on a new arrangement that benefited Frist in
which HCA stock was accumulated by a family investment partnership for
Frist and others. The partnership was started by the senator's late
parents and managed by his brother. Ethics experts say the partnership
arrangement raises "serious doubts about whether the senator truly
avoided a conflict" of interest by accumulating HCA stock in this
vehicle.

"The questions raised by Republican Leader Frist's suspicious stock
dealings are bad for the Senate and bad for America," said Democratic
National Committee Communications Director Karen Finney. "This deal
raises even more questions about the Republican culture of corruption in
Washington, DC. It seems that for years, Frist may have misled his
constituents and the American people about his health care industry
stock holdings and the conflict of interest they created as he drafted
our nation's health care policy. The American people deserve public
servants who will use their authority to improve public health care, not
the profit margins of HMOs. Democrats are committed to fighting for
affordable health care for all Americans. America can do better."

See below for a new document from DNC Research:

FRIST AND HCA: A LITTLE BIT CLOSER THAN ARM'S LENGTH

Senator Frist and his staff have said for years that he had limited or
no contact with members of his family or the HCA leadership when it came
to business issues or potential policy decisions, saying that he wanted
to keep "absolute arm's length" from HCA and the family business. But
from 1994 until 2002, Frist had a substantial amount of HCA stock in
Bowling Avenue Partners, a company that was established by his brother
and listed his home address as the company's mailing address - stock
that earned him $265,000 over four years. And the money kept flowing,
with more than $171,000 contributed to Frist's campaigns, leadership
PAC, and 527 from executives in the HCA leadership since 1993.

"WE DON'T DISCUSS IT...AT ALL"
Senator Bill Frist and His Brother Thomas Frist, Largest HCA
Shareholder: "Very, Very Cautious" About Their Personal Contact.
Margaret Campo, communications director for Senator Frist, said her boss
really has nothing to do with Columbia/HCA. Columbia/HCA spokesman Jeff
Prescott said Tom Frist, former chief executive of HCA, current HCA
director, and the largest individual shareholder in the company, and his
senator-brother are very, very cautious about their personal contact
because of conflict of interest concerns. And Senator Frist said himself
that "I don't discuss it with my brother at all because I want to
keep absolute arm's length." Knoxville News-Sentinel, 7/15/99; The Chattanooga Times, 12/17/97; AP
9/27/05]

But They Had HCA Business In Common All the Same. Bill Frist and his
brother Thomas shared the Bowling Avenue limited partnership from 1994
to 2002, which was used to hold non-public shares of HCA that Frist
inherited from his mother's estate. Limited Partnership, Filing # 28491, ID# 0284911, TN Secretary of State,
3/4/03; SOPR Filings for William H. Frist, 5/15/00 and 5/15/03; AP
10/12/05]

KEEPING IT ALL IN THE FAMILY: BOWLING AVENUE PARTNERS, L.P.

Bowling Avenue Partners, LP. Thomas Frist created Bowling Avenue
Partners in 1994. Before it was dissolved in 2002, Bill Frist held
$775,000 to $1.57 million worth of HCA stock in the company, outside the
Senate approved blind trust. The company's mailing address is the
Frist family home, Senator Frist's current home address. Frist
advisors confirmed that the Senator's brother could influence
investment decisions in the partnership. Frist, 5/15/02; Certificate of Cancellation of Limited Partnership,
Filing # 284911, ID# 0284911, TN Secretary of State, 3/4/03; AP
10/12/05]


Frist Earned $265,000 in Four Years Through Bowling Avenue Partners.
Frist reported Bowling Avenue Partners, made up mostly of non-public HCA
stock, earned him $265,495 in dividends and other income over the four
years.

HCA'S OPEN WALLET
VOLPAC received over $146,000 from HCA executives. HCA executives Jack
Bovender, John Hooper, Frist's brother and HCA Director Thomas Frist,
and Victor Campbell donated over $146,000 to Frist's PAC, VOLPAC since
1999. Jack Bovender has contributed $29,000 to VOLPAC, and Frist's
brother has donated over $80,000.

HCA Executives Have Donated Over $15,000 To Frist's Senate Campaigns.
HCA executives Jack Bovender, John Hooper, and brother / HCA Director
Thomas Frist have donated $15,500 to Frist 2000 and Bill Frist for
Senate.


Paid for and authorized by the Democratic National Committee,
www.democrats.org. This communication is not authorized by any
candidate or candidate's committee.

[indepat]

1. No matter what they say, one thing is a moral certainty: no insider of HCA

would ever convey even the most insignificant material inside information to Senator Frist for that would be illegal should HCA stock be bought or sold based on such material inside information and we know no HCA insider would ever do anything wrong.

[texpatriot2004]

2. I love the DNC releases they are so clever and spot on. n.t

[reality based]

3. Amazin' Frist

Amazin' Frist
How sweet the sound
Of excuses he makes
To the SEC
He shows us how
To diagnose from afar
His trusts though blind
Somehow they see.

[shance]

4. "Was blind but now I see."

Love it.