ABC News: Frist Knew About Blind Trust Investments Despite Denials

[Bush_Eats_Beef]

Frist Knew About Blind Trust Investments
Despite Denials, Frist Updated on His Investments in Blind Trust Investments
By JONATHAN M. KATZ and LARRY MARGASAK Associated Press Writers

http://abcnews.go.com/Politics/print?id=1154697

Sep. 24, 2005 - Senate Majority Leader Bill Frist, R-Tenn., was updated several times about his investments in blind trusts during 2002, the last time two weeks before he publicly denied any knowledge of what was in the accounts, documents show. The updates included stock transactions involving HCA Inc., the hospital operating company founded by Frist's family.

Frist's sale of HCA stock is under scrutiny by the federal government. Nashville, Tenn.-based HCA said Friday it had received a subpoena from prosecutors for the Southern District of New York, asking for documents the company believes are related to Frist's sale of company stock this past summer.

Prosecutors also have contacted the senator's office, Frist spokesman Bob Stevenson said Friday. He said neither the senator nor his office had received a subpoena. Frist's office confirmed the Securities and Exchange Commission was looking into the sale.

"Senator Frist had no information about the company or its performance that was not available to the public when he directed the trustees to sell the HCA stock," Stevenson said in a statement. Frist sold his HCA stock from several blind trusts this summer, at a time when insiders in the company also were selling off shares worth $112 million from January through June. Frist aides say he sold his stock to avoid any appearance of a conflict of interest.

[mandomom]

1. Blind versus trust.

A blind trust requires the investor to NOT KNOW what stocks are held, when they are bought or sold. Frist should not have KNOWN of the stock held in trust. Pathetic.

[Doctor_J]

2. So he's a liar and a crook.

That doesn't disqualify him from being a "man of God". :eyes:

[Elidor]

3. More of a "sighted" trust, I'd say

Bind Trust: A financial arrangement in which a person, such as a high-ranking elected official, avoids possible conflict of interest by relegating his or her financial affairs to a fiduciary who has sole discretion as to their management. The person choosing the trust also gives up the right to information regarding the status of the assets.

By the gods, I hope this tool's political life will soon be over.

[indepat]

4. Tennesseans will rue the day they elected this man of God and impeccable

character.