More News About Frist's HCA Stock

by TChris

Bill Frist apparently hasn't given up his dream of running for president, as evidenced by this "exploratory meeting with local power brokers" in Miami. While he's on the campaign trail, he'll have plenty of opportunities to explain his ethical missteps.

Investigators are already questioning Frist's suspiciously timed stock sale, which occurred despite his assurances that his family stock was held in a blind trust so as not to influence his Senate votes. The trust wasn't as blind as he wanted voters to believe, but now the AP reveals that his brother controlled a family investment partnership that accumulated HCA stock. Frist owns a share of that partership and earned more than a quarter million dollars from it over a recent four year period.

Edmond M. Ianni, a former Wilmington, Del., bank executive who established blind trusts for corporate executives, questioned why the senator's brother was able to manage assets "when the whole purpose of a blind trust is to ensure lack of not only conflict of interest but appearance of conflict of interest?"

Frist was keenly aware that he earned money from HCA stock. The potential conflict of interest is obvious.

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.

Run, Frist, run. It's great fun to watch ethically challenged Republicans seeking even greater power.

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    Re: More News About Frist's HCA Stock (none / 0) (#1)
    by aw on Sat Dec 17, 2005 at 01:04:55 PM EST
    I wish the media would stop ignoring the huge Medicare fraud his family company perpetrated on the people where they had to pay a $1 billion fine. These people are criminals.

    Re: More News About Frist's HCA Stock (none / 0) (#2)
    by squeaky on Sat Dec 17, 2005 at 01:04:56 PM EST
    Looks like Frist is getting the heat turned up.
    Senate Majority Leader Bill Frist (R-Tenn.) has been subpoenaed to turn over personal records and documents as federal authorities step up a probe of his July sales of HCA Inc. stock, according to sources familiar with the investigation.... By keeping the request focused on his personal activities, experts said, the SEC avoided raising objections from Senate lawyers who might otherwise have fought the request on the grounds of constitutional separation of powers.
    WAPO via atrios