Sen. Frist; Insider Trading Or Sudden Bout of Ethics?

September 21, 2005 B. John 160 Views conflict of interest, Congress, Corruption, ethics, frist, insider trading, senate, senator, senator bill frist, stocks

Stock prices for Hospital Corporation of America (HCA) fell 15 percent in late July, but not before Sen. Majority Leader Bill Frist unloaded his family’s shares. HCA is the nation’s largest for-profit hospital chain, founded by Frist’s father and directed by Frist’s brother, who is also a leading stockholder. The senator sold his shares in the corporation by July 1, two weeks before the prices fell, followed by the shares of his wife and children by July 8. His spokeswoman explained Frist’s decision to sell his stocks as an attempt to "avoid any appearance of conflict of interest [with his work in the Senate]" and that the reason he chose that particular moment to sell as "he’s [never] been worried about it in the past." HCA has donated a total of $83,450 since 1989 to the senator’s campaigns. Trading on insider information is illegal.

So, he’s been in the Senate for how long? And its just now a possible conflict of interest? Yeah…right!

B. John

Records and Content Management consultant who enjoys good stories and good discussion. I have a great deal of interest in politics, religion, technology, gadgets, food and movies, but I enjoy most any topic. I grew up in Kings Mountain, a small N.C. town, graduated from Appalachian State University and have lived in Atlanta, Greensboro, Winston-Salem, Dayton and Tampa since then.