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Monday, September 26, 2005

Frist in Hot Water Over Stock Sale

Crooked deals in Washington politics raise questions and the politicians claim no wrong doing. It never changes and never will. The latest comes from Senate majority leader Bill Frist, whose sale of stock in HCA has prompted an investigation by the Securities and Exchange Commission (SEC). Frist sold his shares in HCA soon before the company released disappointing reports that sent the value of the stock down by 16%. Question's of insider information have prompted the SEC investigation. To my surprise, former Rep. Christopher Cox, the newly appointed head of the SEC and a fellow Republican, recused himself from the investigation to avoid any potential conflict. Wow, that is a first, something really nasty must be cooking for fellow Republicans to not protect each other.

Frist's involvement is also being questioned apparently because he received reports on his blind trust. A blind trust is usually set up for politicians because it prevents a conflict of interest. Since the politicians do not know what their holdings are, it eliminates the potential for improper behavior. Not so for Frist. He was apparently receiving reports on the holdings, as has been documented. Frist, as expected has denied any wrongdoing. Well see what the results of the investigation reveal, if it is not whitewashed.

Frist Denies Wrongdoing in Stock Sale

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