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Invisibleafoaf
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Frist the next Lott?
    #4713879 - 09/26/05 01:50 PM (11 years, 9 months ago)

http://www.cnn.com/2005/POLITICS/09/26/frist.blindtrust.ap/index.html

Documents: Frist knew contents of blind trust

Monday, September 26, 2005; Posted: 1:17 p.m. EDT (17:17 GMT)

WASHINGTON (AP) -- Blind trusts are designed to keep an arm's-length distance between federal officials and their investments, to avoid conflicts of interest. But documents show that Senate Majority Leader Bill Frist knew quite a bit about his accounts from nearly two dozen letters from the trust administrators.

Frist, R-Tennessee, received regular updates of transfers of assets to his blind trusts and sales of assets. He also was able to initiate a stock sale of a hospital chain founded by his family with perfect timing. Shortly after the sale this summer, the stock price dived.

A possible presidential contender in 2008, Frist now faces dual investigations by the U.S. attorney for the Southern District of New York and the Securities and Exchange Commission into his stock sales.

Sheldon Cohen, who was the trustee for Democrat Walter Mondale's blind trust when he was vice president, and drafted Democrat Lyndon Johnson's blind trust for Johnson's presidency, said that in the executive branch,"You don't tell them how it's composed." He said Frist, like any federal official, "absolves himself of conflict by not knowing what he owns."

Cohen said that when Mondale left office, he told Cohen to sell his assets. "He had no idea what I was holding," the Washington attorney and former Internal Revenue Service commissioner said.

Frist spokesman Bob Stevenson said the senator received approval from the Senate Ethics Committee before he initiated the stock sale. All the information Frist received complied with federal law and Senate ethics rules, Stevenson added.

The stock was in HCA Inc., a chain of hospitals founded in the late 1960s by Frist's father and brother. At the time of the sale, insiders also were selling. Shortly after that sale, the stock price dipped because of a warning that earnings would not meet Wall Street expectations.

"If, in fact, Frist was actively involved in this decision, he certainly has to supply an explanation of how that's consistent with a blind trust," said Bob Bauer, a Washington attorney who has set up blind trusts for Democratic members of Congress.

Bauer said he has no knowledge of Frist's dealings with the trustees of his investments.

Whether Frist knew too much about his investments, or took advantage of insider trading, is not known. But the potential political damage increased in recent days.

Frist also knows first hand how a Senate leader's career can suddenly roll downhill. His predecessor, Sen. Trent Lott, R-Mississippi, lost his leadership post after praising the late Sen. Strom Thurmond's segregationist campaign for the presidency in 1948.

Documents on file with the Senate show the trustees for Frist and his immediate family wrote the senator nearly two dozen times between 2001 and July 2005.

The documents list assets going into the account and assets sold. Some assets have a dollar range of the investment's value and some list the number of shares.

The trust is considered blind because eventually, through the sale of transferred assets and the purchase of new assets, the official will be shielded from knowing the assets he owns. The knowledge Frist learned about his holdings potentially makes it more difficult to avoid a conflict of interest.

Frist's 2005 financial disclosure form lists blind trusts valued between $7 million and $35 million.
Sale of HCA stock investigated

Fist, a heart surgeon, has been the Senate's leader as the chamber has considered Medicare legislation and many other issues that would affect HCA's hospitals and doctors.

Another political problem for Frist: His own statements suggest he had no knowledge of his blind trust investments.

Asked in a television interview in January 2003 whether he should sell his HCA stock, responded, "Well, I think really for our viewers it should be understood that I put this into a blind trust. So as far as I know, I own no HCA stock"

Frist, referring to his trust and those of his family, also said in the interview, "I have no control. It is illegal right now for me to know what the composition of those trusts are. So I have no idea."

Stevenson, the Frist spokesman, said there limited instances "where federal law and Senate ethics regulations call for the disclosure of certain transactions or events to the Ethics Committee and to Senator Frist as the trust's owner.

"Except in these very limited instances, Senator Frist does not receive information related to the disposition of his assets under the control of the trustee."

Frist sold the HCA stock at a time when insiders in the company also were selling off shares worth $112 million from January through June of this year. Aides to the senator said he acted to avoid a conflict of interest, and that he had no information about the company that wasn't available to the public.


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OfflineBaby_Hitler
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Re: Frist the next Lott? [Re: afoaf]
    #4714128 - 09/26/05 02:36 PM (11 years, 9 months ago)

Also, he is a medical doctor and opposes medical marijuana.


How shitty is that.


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Anonymous

Re: Frist the next Lott? [Re: afoaf]
    #4722719 - 09/27/05 11:54 PM (11 years, 9 months ago)

FUCK FRIST.


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InvisibleLe_Canard
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Re: Frist the next Lott? [Re: Anonymous]
    #4722735 - 09/27/05 11:57 PM (11 years, 9 months ago)

Yeah, Frist is as crooked as they come. I'm embarrassed to say he represents my district, but he damn sure don't represent me! :mad2:


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OfflineProsgeopax
Jaded, yethopeful?

Registered: 01/28/05
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Re: Frist the next Lott? [Re: Anonymous]
    #4722748 - 09/28/05 12:00 AM (11 years, 9 months ago)

Quote:

paradis said:
FUCK FRIST.



Frist Fucking.


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You can accept, reject, or examine and test any new idea that comes to you. The wise man chooses the third way.
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Disclaimer: I reserve the right to change my opinions should I become aware of additional facts, the falsification of information or different perspectives. Articles written by others which I post may not necessarily reflect my opinions in part or in whole, my opinions may be in direct opposition, the topic may be one on which I have yet to formulate an opinion or have doubts about, an article may be posted solely with the intent to stimulate discussion or contemplation.


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Invisibleafoaf
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Re: Frist the next Lott? [Re: afoaf]
    #4725081 - 09/28/05 01:46 PM (11 years, 9 months ago)

Lott, Frist, DeLay

GOP superstars!!!

http://www.cnn.com/2005/LAW/09/28/delay.investigation.ap/index.html

apparently being a good christian doesn't imply being honest...


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Offlinezappaisgod
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Re: Frist the next Lott? [Re: afoaf]
    #4726517 - 09/28/05 07:33 PM (11 years, 9 months ago)

Tell me again what Lott did. Also, please, tell me what Delay did. And tell me what Frist did.


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OfflineTao
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Registered: 09/19/03
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Re: Frist the next Lott? [Re: afoaf]
    #4726979 - 09/28/05 08:56 PM (11 years, 9 months ago)

Now it's time to start two $40 million investigations on Frist and Delay. Someone get Ken Starr on the phone.


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Magash's Grain Tek  + Tub-in-Tub Incubator + Magash's PMP + SBP Tek + Dunking = Practically all a newbie grower needs :thumbup:


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Invisibleafoaf
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Re: Frist the next Lott? [Re: zappaisgod]
    #4727295 - 09/28/05 10:13 PM (11 years, 9 months ago)

Lott:

"I want to say this about my state: When Strom Thurmond ran for president, we voted for him. We're proud of it. And if the rest of the country had followed our lead, we wouldn't have had all these problems over all these years, either."

Frist:

Accused of conflict of interests and insider trading.

DeLay:

Conspiracy to violate campaign finance laws.


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Offlinezappaisgod
horrid asshole

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Re: Frist the next Lott? [Re: afoaf]
    #4730019 - 09/29/05 07:14 AM (11 years, 9 months ago)

So Lott gets pilloried for saying nice things about a retiring fossil after a 10,000 year career.

Frist decides to divest himself of his shares of his family business after he gets elected majority leader of the Senate. To avoid the appearance of a conflict of interest. Since the stock subsequently goes down he is checked out by the SEC. There have been no accusations except from partisan nut logs of the left. Barking monbats barking

Delay is being persecuted by a partisan whack job prosecutor. If, and I mean IF, there were even crimes committed here Delay's connection is so tenuous as to make one wonder why I wasn't indicted. Oh yeah, that's right, I'm not the House Majority Leader.


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Invisibleafoaf
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Re: Frist the next Lott? [Re: zappaisgod]
    #4730714 - 09/29/05 11:33 AM (11 years, 9 months ago)

I don't know...there have been a number of allegations
that Frist clearly knew the contents of the blind trust
which he was supposed to have no insight into long before
the HCA stock sale.


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Anonymous

Re: Frist the next Lott? [Re: zappaisgod]
    #4811561 - 10/16/05 06:07 PM (11 years, 9 months ago)

Quote:

zappaisgod said:
So Lott gets pilloried for saying nice things about a retiring fossil after a 10,000 year career.



Yeah, nice by supporting segregation and racism via a thinly veiled generally nice comment. Fuck Strom Thurmand.


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Offlinezappaisgod
horrid asshole

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Re: Frist the next Lott? [Re: Anonymous]
    #4812185 - 10/16/05 08:42 PM (11 years, 9 months ago)

I agree Thurmond was an asshole. The uproar over this was ridiculous, especially in light of the fact that Robert Byrd was a Klansman and is now considered by many as a major leader of the Dems. Where's the screeching over that?


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Invisibleafoaf
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Re: Frist the next Lott? [Re: zappaisgod]
    #4812278 - 10/16/05 09:04 PM (11 years, 9 months ago)

but he's such a sweet old grand master!


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OfflinePhred
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Re: Frist the next Lott? [Re: afoaf]
    #6849606 - 04/29/07 04:08 PM (10 years, 2 months ago)

Frist has been cleared of allegations of insider trading.

From http://www.knoxnews.com/kns/business/article/0,1406,KNS_376_5509759,00.html --

Quote:

Frist's e-mail habits clear him

Electronic documents provide enough proof to end insider trading probe

By RICHARD POWELSON, powelsonr@shns.com
April 28, 2007


WASHINGTON - In the end, Bill Frist's habit of frequent e-mails helped document the former Senate Republican leader's account that he was not involved in insider trading in his 2005 sale of HCA Inc. stock.
The former Tennessee senator was able to show in copies of e-mails given to federal investigators that he began the process of selling his family's HCA stock in April 2005 - well before HCA had disappointing second-quarter earnings and publicly reported that fact July 13, two people familiar with Frist's records said Friday.

Frist disclosed in a written statement recently that he had received letters from the Securities and Exchange Commission and the U.S. Attorney's Office in the Southern District of New York saying they had closed their investigations and were taking no action against him.

At one time, Frist held millions of dollars' worth of stock in the Tennessee-based company founded in the 1960s by his father and brother. His remaining shares of HCA stock were sold at his request by his qualified blind trust sometime in June or before July 8, 2005, near a peak high value for the stock and before second-quarter earnings depressed the stock. The precise sale dates and stock values were never publicly disclosed.

The SEC and the U.S. Attorney's Office in New York would neither dispute nor confirm Frist's report of the investigations ending.

"The only time we discuss those things (any investigation) is if we bring charges," said SEC spokesman John Nester.

Frist, who retired from the Senate in January after 12 years of service, kept his vindication low key with no initial public appearance and simply released a brief written statement through an aide.

By contrast, he appeared at a Sept. 26, 2005, press conference in the Capitol building before about 50 reporters and broadcast technicians to discuss his detailed, long-term planning to sell his HCA stock in a way approved by ethics and legal experts. He predicted that the just-disclosed probes would find he "acted properly."

Frist said then he decided to sell the HCA stock to end "continuing questions" about whether there was an appearance of a conflict of interest in his work on health-care legislation while holding stock in the chain of hospitals. Also, he said he was looking ahead at "what might come next," apparently referring to the possibility of him running for president in 2008 and wanting to end any focus on his HCA stock.

He later ruled out a presidential bid.

His recent written statement said: "I've always conducted myself according to the highest ethical standards in both my personal and public life, and my family and I are pleased that this matter has been resolved."

Richard Powelson may be reached at 202-408-2727.






Phred


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