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Sat 24 Sep, 2005 01:05 pm
Sen Frist dumped his holdings of HCA, (HELD IN A QUALIFIED BLIND TRUST) One month before the stock tumbled.
Either we pardon Martha or Fry Frist, Discuss
Is this old news to everyone else? Remember I only had the BAngor Times as my main rag until 2 weeks ago
It was mentioned in passing somewhere else as well. I did not involve myself in the matter since I do not have any real details on the Frist matter.
The big difference is clear...Frist is backed by powerful politicians and liked by many, Stewart was not backed by politicians and is disliked by many.
The big problem is Stewart got dragged in at a time when the courts were looking to make an example of somebody, a year later or a year before and it would have been a wrist slap with no prison time.
I want to know why Frist was making decisions about selling from his "blind" trust.
I wondered the same. I thought that implicit with the word "blind trust" was an inability to conduct transactions since he may be able to influence his holdings.
I havent heard the official state spin from Fox yet.
I guess the impropriety that makes this similar to Ms Stewart is
"Did he dump stock on information of upcoming poor performance while he wasnt supposed to know about the goings on of the trust"--insider trading
"Is the establishemnet of a blind trust and then breaking the rules a crime?"--malfeasance
"Isnt the purpose of a blind trust to remove any appearances of impropriety?"
"Did Frist commit a crime?"
I read the story earlier. Didn't the SEC just open the investigation? Lots of questions and it seems to be in conjunction with others in the company dumping stock before bad news.
The wheels of justice work slowly. Lets just hope they work.
Will Mr Frist in AD 08
Be presidential timber
or another inmate?
Martha Stewart is a money-making machine. People should have bought her stock when it plummeted because it's going up, up, up now.
I believe Martha got a raw deal. If she deserved prison, then there are thousands of others (probably Frist included) who deserve it more.
As parados said, this is just the beginning. I think Frist has some major problems if he was stupid enough to direct sales of his holdings. The appearance of impropriety alone will do his ass in.
The added feature to all of this of course is that HCA was put together as a company by Frist's father and brother (Thomas Frist and Thomas Frist Jr.) so there is a family connection which may bring in its own special legal mumbo jumbo. Martha Stewart on the other hand was a complete outsider with regard to the ImClone stock dumping. Not saying that this justifies anything but it may be the loophole Frist leaps through.
Gov Pete Dupont transfered all his holdings in the little family business before he took office.
Could be that HCA is rather thinly traded , so any insider action could scramble the stockholders.
I still think that a blind trust means that you cannot direct any activity of the trust, or does that have one of those ubiquitous loopholes in it that politicians are skilled in providing to themselves.
Latest info re Bill Frist insider trading
Latest info re Bill Frist insider trading:
http://www.able2know.com/forums/viewtopic.php?t=60023&start=0
BBB
BBB, does that mean we can't read this thread?
Sturgis wrote:The added feature to all of this of course is that HCA was put together as a company by Frist's father and brother (Thomas Frist and Thomas Frist Jr.) so there is a family connection which may bring in its own special legal mumbo jumbo. Martha Stewart on the other hand was a complete outsider with regard to the ImClone stock dumping. Not saying that this justifies anything but it may be the loophole Frist leaps through.
Being a family member with the founders doesn't protect you from insider trading. Imclone shows that based on Waksal's agreement to pay penalties of $5 million for unlawful trading while not admitting guilt.
sorry BBB, I didnt see your thread when I started this one.
I will transfer my assets to your thread . Im just trying to sort out the two cases and their points in common.
Farmerman
farmerman wrote:sorry BBB, I didnt see your thread when I started this one.
I will transfer my assets to your thread . Im just trying to sort out the two cases and their points in common.
Farmerman, no need. I just wanted to add some of the basic fact information to help understanding what occurred.
I titled my thread about Frist and Martha Stewart, which probably isn't correct. Frist's insider trading is closer to Stewart's doctor friend, Samuel Waksol, who owned the company and is serving a long term for insider trading and other crimes.
http://www.cbsnews.com/stories/2003/10/02/60minutes/main576328.shtml
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