Frist Stock Sale Conflicts With Senate Ethics Rules
Frist Stock Sale Conflicts With Senate Ethics Rules
Bill Frist is under investigation by the Justice Department and the SEC “about his sale of stock in his family’s hospital company [HCA] one month before its price fell sharply.†But that’s just the beginning of Frist’s problems.
Frist contacted the trustee of his “blind trust†and directed him to sell the HCA stock. According to Senate ethics rules there is only one circumstance where that is allowed. From the Senate Ethics Manual, page 339:
[D]irections to the trustee to sell all of an asset initially placed in the trust by an interested party which in the determination of the reporting individual creates a conflict of interest or the appearance thereof due to the subsequent assumptions of duties by the reporting individual.
In other words, the only time Frist could contact his trustee and tell him to sell a specific stock is when he took on new “duties†which created a new “conflict of interest.” The problem is that Frist is the Majority Leader, a position which he’s held since 2002.
What duties did Frist take on in June that he didn’t have before?
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His new duties are that of The Senate Majority Crook
September 24th, 2005 at 4:02 pmAnd some people wonder why our Congress is held in such low esteem. my father had many stories to tell me.
September 24th, 2005 at 4:11 pmEdna came to politicians he had very few good things to say. as the years have rolled by I have discovered that the old man knew what he was talking about you can equate politicians with liaes and thieves.
Arthur Poorman
Where are the public servants? I propose we start caliing them Public Servant Senator John Doe or Public Servant Representative John Doe to remind them what they are.
September 24th, 2005 at 4:18 pmI’m not an attorney, but I suppose an argument COULD be made that Mr. Frist is considering running for President and was divesting himself of holdings in anticipation of “subsequent assumption of duties”. However, I’m not sure he would — or should — have sufficient confidence in the outcome of the election to justify his actions. So we have a cat in one corner, and in the other a pail of milk with a fish in it. I don’t know that we can PROVE the cat is somehow culpable, but I suspect everyone in the room thinks something isn’t quite right. In this case, I don’t think the cat test should prevailin any event; I prefer application of that for Caesar’s wife — not just the absence of impropriety itself, but of the possible appearance of impropriety.
Legality is absolutely the lowest allowable form of ethical behavior. From elected officials, I believe we have the right to expect more.
It’s amazing, isn’t it — that I could live to be 71 and still preserve that last illusion!!!
September 24th, 2005 at 4:25 pmI am an attorney. No, the thought of possibly running for President would not justify a change of circumstance. Note, Frist did not make a public announcement that he was indeed making such a decision and then divest his stock. However, his public lies about not knowing which stock was in the trust, his improper communications with the trustee over time as to the nature of the investments as well as the suspicious timing of his order to sell off more than meet the requirement for an eithics violation.
September 24th, 2005 at 4:45 pmJust who the hell does Frist think he is? Dick Cheney?
September 24th, 2005 at 8:24 pmThis is what happens to you when you won’t let a gay man touch your hair. (Thanks, Jon Stewart)
September 24th, 2005 at 9:37 pmThis is a non story. Here’s the ethics story of the day…where’s the outrage comrades?
All the major search engines have given in to Chinese demands to throttle liberty in exchange for access to the Chinese market. Google has removed news listing from its popular news search to publications critical of Chinese policy such as Epoch Times, Voice of America and a dozen other publications. Microsoft has blocked users of its MSN site from using the terms “freedom,” “democracy” and other concepts China has designated as “dangerous.”
September 24th, 2005 at 10:17 pmhttp://www.thetechzone.com/?m=show&id=375
Considering american corporations do this for the republican government daily – this isn’t news except to republicans who aren’t used to seeing their own propaganda censored…
Chinese totalitarians aren’t different from republican values, they’re the same.
Free press should exist in this country and in china. Unfortunately we have corporate press here that censors for its own benefit and the benefit of its republican masters, much in the same way the press in china does. Only republican fools don’t know this, in the same way only communist fools in china don’t know…
September 24th, 2005 at 10:30 pmThis isn’t an ETHICS case, it’s a CRIMINAL case. He should go to jail for insider trading and lose his right to vote because it’s a FELONY!
September 24th, 2005 at 10:31 pmSpot on, Ryan Neat!
September 24th, 2005 at 10:42 pmSpot on, Ryan Neat!
Comment by Zookeeper
Try reading the article idiot. At most it’s a Senate rules violation, not criminal. Hillary’s inside commodity trading scandal was a felony.
Ryan, how do you always know where I’m at? I thought you had a date tonight? Just another one of your lies?
September 24th, 2005 at 11:10 pm. Unfortunately we have corporate press here that censors for its own benefit and the benefit of its republican masters, much in the same way the press in china does
comment by Ryan “so full of shit” Neat
Ryan, all those Left wing rags we fondly refer to as Main Stream Media not radical enough for you? I’ll admit that they don’t lie as often or as brazenly as you do but they still lie for the Left in every issue and every broadcast. Why don’t you post a link from a story printed or broadcast by any of the daily papers or broadcasters that proves your point? Can’t do it can you? How about just a half lie once in awhile Ryan? Have you no self control at all?
September 24th, 2005 at 11:16 pmIs this troll for real? This is well known everywhere in the world. This is well documented in a germon expose published last year. If you can’t read german, maybe you can find an english version somewhere. Considering the united states press is right wing propaganda for the most part, I’m not surprised you seem to know nothing. Look who you call president.
A collected works, Zensor USA, revealed that whenever the faults of government dignitaries or big companies were touched, the strong American press censorship system would snap at the journalists who insisted on investigation and made them the last sacrificial lamb. (see Das Schweigen der Journalisten, Handelsblatt, Germany, March 17, 2004).
September 25th, 2005 at 12:24 amJ. Mohr (comment 6), thank you for the clarification to my comment 5. I thought I was stretching, but I’m so tired of all of us being characterized as shrill character assassins that I thought the point needed to be considered. Now I have authority for my initial reaction to Mr. Frist’s actions: Not right.
Thanks again!
September 25th, 2005 at 1:19 amIs this troll for real? This is well known everywhere in the world. This is well documented in a germon expose published last year. If you can’t read german, maybe you can find an english version somewhere.
comment by obviously doesn’t read much English
Sorry, I understand a little Kraut but I can’t handle all those sixteen syllable words. Perhaps you could enlighten me regarding of one or two of these “Right Wing Media” cover-ups?
In my experience what passes for common knowledge in Europe most often doesn’t even pass the common sense test here in America. I’m pretty sure about 46% of those people believe George Bush ordered the 9-11 disaster and that Carl Rove has a tail.
September 25th, 2005 at 7:38 amFor those who can read here’s a pretty good review of the book “Obviously Stupid” was talking about. The English Title is “Buzzsaw” and it does chronicle cover ups by American media. What it does not do nor can it do is put any kind of political ideological spin on the nature of the cover ups, except for one… greed. Greed is neither Left nor Right it is part of the human condition though most people on this site would be loath to admit it.
As a brain dead Leftist kid one might try and portray greed as a condition only the Right suffers from but since many of the essays in the book go back to the Clinton years and many of them concern the business of huge multinational corporations who officially have no political leanings but are very liberal on social issues, there can be no justification for calling their “cover-ups” something Right Wing. That business is by default Conservative and Right Wing is a fallacy that is nurtured by the Filthy Left and embraced by their undereducated drones, those such as “obviously stupid” and the majority of the posters on this site.
Possibly in some dream they might receive an inspiration about where the money comes from to fund “Think Progressive” and the myriad other Left leaning organizations that pollute this planet. But just in case I’ll tell you. It comes from business and people in business. It comes from men like George Soros major funder of this site and big time player in …you guessed it, businesses with American as well as international interests. I hate to break this bad news to you my little Left Wing Weenies but without business you people on the Left would be…out of business.
Here’s the link in case any one of you has an attention span long enough to read the review of “Buzzsaw”.
http://skepdic.com/refuge/buzzsaw.html
September 25th, 2005 at 8:49 amThis is going to be considered an “ethics” case by the senate and by a vote of 55 – 45 the matter will be dropped.
The FTC, nor any other government agency, will not touch this matter with a ten foot pole.
Sprry folks, I hope like hell I am wrong.
September 25th, 2005 at 11:34 amThe FTC, nor any other government agency, will not touch this matter with a ten foot pole.
Sprry folks, I hope like hell I am wrong.
Comment by Pablo in Mexico
No they won’t and why would they? Just to suit the fringe loons of the Filthy Left?
Hey, what does a Mexcian know about ethics anyway?
September 25th, 2005 at 12:41 pmHe sold his, his wife’s and children’s stock because he knew it was going to tank. Even though insider trading is against the law (see Martha Stewart), nothing will happen to him because he’s one of the “I’m above the law” GOPers.
These people don’t even try to hide their crimes anymore. After a token investigation by the feds, an article or two by the MSM and a whitewash in the congress, they get re-elected by their crooked voting machines.
Whenever I find out somebody is a rethug, I always check for the horns and hooves because these people sold out to the devil years ago.
September 25th, 2005 at 5:10 pmHe received 24 separate letters containing details of every transaction in the ‘blind trust’. He then directed the blind trust to execute a massive stock selloff (as did other members of his family) just before public bad news that caused the stock price to plummet. It’s another Enron scandal of private LOOTING of public corporate money. He needs to go to jail along with the other whitecollar thug ganbangars.
September 25th, 2005 at 6:48 pmIt’s another Enron scandal of private LOOTING of public corporate money.
comment by Ryan, “call me an economist” Neat
Enron? You can’t count high enough to calculate the Enron rip off. This is more like what Hillary did when she got some insider trading info and made 100k off a 1k bet. Let’s talk about that why don’t we?
September 25th, 2005 at 7:01 pmI repeat:
Frist received 24 separate letters containing details of every transaction in the ‘blind trust’. He then directed the blind trust to execute a massive stock selloff (as did other members of his family) just before public bad news that caused the stock price to plummet. It’s another Enron scandal of private LOOTING of public corporate money. He needs to go to jail along with the other whitecollar thug ganbangars.
September 25th, 2005 at 10:00 pmAnd lets not forget one of my favorites.
George Bush ‘invests’ 600k of money that was loaned to him (for the investment, even though he didn’t financially qualify) to buy the texas rangers, and this turns into a $15million payoff out of taxpayer money. What did bush ‘do’ for this return, plus the $200,000 salary? Good question, apparently no honest work was ever done… His kickback was $15 million to do nothing, with money that wasn’t even his – truly an american scam, and one of many.
Reagan had a similar miraculous real estate deal in california that netted him millions on borrowed money he didn’t qualify for either.
Its interesting how these republican politicians suddenly land into money, and them get pushed into politics – a sceptical person might think they were given this money for their promised future party loyalty. Whatever the case, it’s criminal, and it’s particularly republican! Frist is just another example of the crooked nature of republicans and their dirty tricks!
September 25th, 2005 at 10:48 pmThe hillary slander is a myth – never happened. Just more reichwing lies.
On the otherhand frist’s family business is being investigated by the FBI for fraud, the entire family sold off when the stock was high, along with Bill the Cat killer (clearly insider trading).
Republicans are clearly greedy pyschopathic kleptomaniacs.
September 25th, 2005 at 11:03 pmDon’t worry folks, Frist will be a nonissue in 06. Here in TN, he is now another Martha.
I think IRI needs a new talking point. Enough with Hillary this and Hillary that. It proves that the only argument you have to the all of these “filthy” repub scandals is Hillary is evil. Does that make sense?
I suppose by your logic, every criminal that commits a crime can use the defense, “someone else did it too.” Now, doesn’t that sound ridiculous? Aren’t you ashamed of propping up the cronyism?
Further, many people at my brother’s worksite, who used to be fired up Bush fans, are now asking my bro questions. This is a very good sign that the average “sheep” are willing to THINK about their votes and not just go for whoever is in the R column because they don’t want to “kill no babies.” I print out your posts, IRI, give to my brother and he, in turn, shares them with his righty coworkers.
They don’t want to be aligned with such idiocy. The right is starting to expose themselves as the mean, corrupt, bigots that they are. But wait, Hillary is evil so anything goes, right?
September 26th, 2005 at 10:31 amHey Wrongee, I am not a Mexican. I am three times the amerikan you are.
I am also a doctor in the Frist mold, and my diagnosis is that you desperately need an OPTERECTOMY.
That is a simple operation where I would go in and sever the nerve between your eyeballs and your asshole so you wont have such a shitty outlook on life.
In your case, performed free of course, and hopefully with some success.
September 26th, 2005 at 11:41 amPablo, we are probably “arguing” with a 12 year old. He sounds dangerous and the way he keeps talking about Ryan Neat is disturbing. The snowball is rolling so fast now, let’s just continue watching him throw himself in front it.
Look gang, he will implode if we don’t answer him. I know, I know, it is almost pleasurable at this stage watching him “dance as fast as he can” but he never says anything new. Just let him watch his Saudi news alone on a Saturday night.
September 26th, 2005 at 1:20 pmP&P
He is dangerous. He’s not just a propagandist, he’s clearly a psychopath. I caught him and Aphrodingy on one of the older threads laughing about palestinians who were blowing up. It was really disturbing in an Osama video kind of way.
I could never laugh at the death of another person, no matter what they had done to the world. It’s just psychotic! It reminded me of when I watched him laughing about the world trade center. Anyone who can ‘laugh’ about another human being dying is truly mentally ill! They’re both insane freaks!
I feel pity for the frightful childhoods both of them must have to end up so twisted and insane…
September 26th, 2005 at 2:00 pmIt reminded me of when I watched him laughing about the world trade center. Anyone who can ‘laugh’ about another human being dying is truly mentally ill! They’re both insane freaks!
I feel pity for the frightful childhoods both of them must have to end up so twisted and insane…
Comment by Ryan “near suicide” Neat
Anyone who would publicly tell that kind of lie about someone else is the twisted and insane one. It’s no wonder only two or three people that post here respond to you positively. I’d also remind you that all the best science indicates your fondness for male members is brought on by childhood abuse or psychological trauma of some sort. Like an overbearing mother and a father that cleans the kitchen floor with his tongue. Or as you already know very well I’m sure, sexual abuse by a family member.
I’d be willing to bet your this year’s salary that every little fringe group that makes up the backbone of the Democratic party these days has some degree of mental illness. The homo’s, the tree huggers, the feminists, the communists, the Hollywood narcissists, the academic underachievers teaching school instead of making a good living in the open market. You all hate normality but you need something else to focus on. Right now it’s George Bush. Who will be the next scapegoat for your self loathing?
September 26th, 2005 at 7:09 pmP&P
He is dangerous. He’s not just a propagandist, he’s clearly a psychopath. I caught him and Aphrodingy on one of the older threads laughing about palestinians who were blowing up. It was really disturbing in an Osama video kind of way.
I could never laugh at the death of another person, no matter what they had done to the world. It’s just psychotic! It reminded me of when I watched him laughing about the world trade center. Anyone who can ‘laugh’ about another human being dying is truly mentally ill! They’re both insane freaks!
I feel pity for the frightful childhoods both of them must have to end up so twisted and insane…
September 26th, 2005 at 8:47 pmHe is dangerous. He’s not just a propagandist, he’s clearly a psychopath. I caught him and Aphrodingy on one of the older threads laughing about palestinians who were blowing up. It was really disturbing in an Osama video kind of way.
comment by Ryan “I feel Pal pain” Neat
They blow themselves up making bombs to kill little Jewish boys and girls. They’re too stupid to handle high explosives. That’s why we call them splodeydopes. I dare anyone to tell me that isn’t funny.
September 26th, 2005 at 11:47 pmP&P
I repeat…
He is dangerous. He’s not just a propagandist, he’s clearly a psychopath. I caught him and Aphrodingy on one of the older threads laughing about palestinians who were blowing up. It was really disturbing in an Osama video kind of way.
I could never laugh at the death of another person, no matter what they had done to the world. It’s just psychotic! It reminded me of when I watched him laughing about the world trade center. Anyone who can ‘laugh’ about another human being dying is truly mentally ill! They’re both insane freaks!
I feel pity for the frightful childhoods both of them must have to end up so twisted and insane…
September 27th, 2005 at 2:01 amI repeat…
comment by Ryan “premature Alzheimer’s” Neat
I bet you get a little moist every time you hear the latest American fatalities in Iraq. You’re not fooling anyone.
September 27th, 2005 at 8:19 amEric
Man i love reading your blog, interesting posts !
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