Friday, September 23, 2005
First going down for insider trading...
Not only Frist but others at his family's company cashed in their stocks for a total of $120 million dollars. This could be the largest insider trading scandal in US history.
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Sen. Frist will say anything to convince the American public that he isn’t corrupt. (Especially to convince us of the “coincidence” that he sold his shares in the family business right when the stocks were at a peak. Looks like Frist will now need to convince the SEC as well.)
Frist on his blind trusts in 2003:
Right now, I don’t know if I own HCA [stock] because it’s a qualified blind trust. [National Journal, 1/4/03]
This week, Frist admited that he knew he owned HCA. In fact, he directed his trustees to sell the shares. Office of Senator Bill Frist press statement, 9/22/05:
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.
The lesson: when Frist talks about his stock holdings, you can never be completely certain he’s telling the truth.
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