Frist Sold Stock Along With HCA Insiders

[wakeme2008]

http://www.nytimes.com/aponline/national/AP-Frist-Shares.html

September 22, 2005
Frist Sold Stock Along With HCA Insiders
By THE ASSOCIATED PRESS

Filed at 7:43 p.m. ET

WASHINGTON (AP) -- When Senate Majority Leader Bill Frist asked a trustee to sell all his stock in his family's hospital corporation, a large-scale sell-off by HCA Inc. insiders was under way.

Shares of the Nashville, Tenn.-based hospital company were near a 52-week peak in June when Frist and HCA insiders were selling off their shares -- just about a month before the price dropped.

Information about the insiders' moves was publicly available through disclosures required by the Securities and Exchange Commission.

..cut...

That is not how blind trusts normally work, said David Becker, who was general counsel at the SEC from 2000 to 2002. To avoid potential insider-trading conflicts, the beneficiary usually has no knowledge or participation in investment decisions.

If Frist was allowed to ask for stock to be sold, ''the question here is, How blind is blind?'' Becker said.

...more at link....

SMELLLLLLLS to me.....

[Halliburton]

1. i always knew he hated america

[MadAsHellNewYorker]

2. so what are we looking at? 10 months in jail following Martha's lead?

I hope its much much longer...

[bettyellen]

4. i hope so!

i wish i was going to see ya this weekend too. i'm baking for the cause right now. :D

[Hieronymus]

18. Shrub will pardon Frist along with every other crook

who supports him.:eyes:

[acmavm]

3. Any one who believes that this sell off was anything other than insider

training obviously would believe that bush** did his duty in the TANG.

[brentspeak]

5. Not only can Dr. Frist diagnose patients using videotape

but he can also time the market better than Warren Buffett.

Yeah, right.

[Roland99]

6. Ooooo...burn this asshole. Burn him to a crisp!!

[Ilsa]

7. Are Bush* and Crashcart asking their trusts to buy

some more Halliburton and Exxon for them? You have to wonder.

And why not? If the rules cannot be enforced, you know they are going to try it. After all, the US doesn't want to endure another impeachable presidential scandal, does it? :sarcasm:

[David Zephyr]

8. Kick and Nominated.

Nominated.

[loudsue]

9. I think Elliot Spitzer needs to look into this!

Kicked and nominated here, too.

:kick::kick::kick:

[wakeme2008]

10. I think Martha could help Frist with his

new cell fixtures... :rofl:

[Vinnie From Indy]

11. No surprise

The scorpion and frog story has been around for centuries. Stealing is just in their nature. It is the fundamental core value beyond all others for many in the GOP today. I have often thought that the gargantuan amounts of money and power already accumulated by this group has made it all but impossible for the Left to overcome. It is far more likely that their downfall will be when they turn on each other for a bigger slice of the pie. It's their nature.

[philarq]

12. Don't they have to do the blind trust thing?--nt

[mb7588a]

13. anybody know the laws?

The fact that it happend at the same time as others, the "chief executive, treasurer, senior vice president for government programs and several directors" is suspicious. So even if he wasn't paying attention to his stocks, which is highly unlikely, if your biggest venture is in troulbe - you know about it. So even if it wasn't insider information, and one of these other guys told him to sell, it's equally illegal. They would obviously have insider information.

Not entirely sure how the laws on that stand.

We gotta keep this one kicked so a CNBC guru can tell us the facts. Nominated also.

[mb7588a]

14. Here's a little bit:

http://www.sec.gov/answers/insider.htm
http://www.sec.gov/answers/form345.htm


question is whether this is considered "his own" company (from that first link)? If it's not, he's likely toast.

This is only confounded further because he's a U.S. Senator and subject the ethics rules of the U.S. Senate, which are just incredibly wishy-washy and extensive.

[mb7588a]

16. Here's some more

You can dig up all the filings by this company, and I THINK I have the correct one, it changed its name on 4/19/2001, and the Yahoo story has the old name of Hospital Corporation of America:
http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0000860730&owner=include


Deducted it's that one from this list:
http://www.sec.gov/cgi-bin/browse-edgar?company=HCA&CIK=&filenum=&State=&SIC=&owner=include&action=getcompany

The first one listed is the actual name quoted in the Yahoo article, but that one has no filings on record.

So, first we look at the day he sold his stock, June 13:
http://www.sec.gov/Archives/edgar/data/860730/000086073005000153/0000860730-05-000153-index.htm

and we find... his attorneys have the power to:

(1) execute for and on behalf of the undersigned, in the undersigned's
capacity as an officer and/or director of HCA Inc. (the "Company"), Form
ID and Forms 3, 4, and 5 in accordance with Section 16(a) and other
sections of the Securities Exchange Act of 1934 and the rules thereunder;

So the 3,4,5 tells me he's not subject to the insider trading rules.

http://www.sec.gov/Archives/edgar/data/860730/000086073005000153/xslF345X02/fri959.xml
Take a look at 1. column 5, that's all the shares it seems.

i'll look more later.

[ShockediSay]

15. Looks a lot like a bunch of crooked dealers to me.

Is there enough in treasury to pay the prosecutors to keep up with BushCo? Or maybe that's the point of breaking the bank.

[Nothing Without Hope]

17. Back story - earlier NYT article AND MASSIVE 2000-3 HCA FRAUD- smells too!

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 Frist family business dealings are a cesspit. Fool us once...

[indepat]

19. If this trust were not blind and Frist had insider information, what does

that make Frist?

[Tesla]

20. A CROOK!!!

And a horrible Dr.!!!

[stickdog]

21. Anybody who can't see that Frist is a crook is BLIND. (nt)