Frist Defenders Dust Off The “He Doesn’t Need the Money†Defense
Frist Defenders Dust Off The “He Doesn’t Need the Money†Defense
Nicholas E. Calio, a former White House aide to the Bushes, defended Bill Frist yesterday against allegations of insider trading. “To me, it’s inconceivable that he [Frist] would sell stock based on inside information,” Calio said. “He doesn’t need the money.”
Ah, yes – Bill Frist would never steal because he’s already rich. Obviously, Calio’s memory must be short to forget these infamous millionaires:
Ken Lay, former CEO of Enron, who earned nearly $50 million in 2000 -
Ex-Enron Chairman and CEO Kenneth Lay surrendered to authorities Thursday after being indicted in what experts called the centerpiece of the government’s crackdown on the scandals that have rocked corporate America. [CNN/Money, 7/12/04]
L. Dennis Kozlowski, former Tyco executive, who earned $71 million in 2002 -
A state judge on Monday sentenced former Tyco International Ltd. executives L. Dennis Kozlowski and Mark H. Swartz to 8 1/3 to 25 years in prison for looting the company of hundreds of millions of dollars to pay for lavish parties, luxurious homes and extravagances such as a $6,000 shower curtain. [Washington Post, 9/20/05]
Bernard Ebbers, former WorldCom CEO, who earned more than $34 million in 2002 –
Ex-WorldCom chief executive Bernard Ebbers was sentenced Wednesday to 25 years in prison for his role in orchestrating the biggest corporate fraud in the nation’s history. [CNN/Money, 7/13/05]
Calio’s right. Wealthly people are the most virtuous.
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And this is a great point. Republicans who steal rarely NEED the money, that’s the point. Yet their greed, selfishness, compulsiveness and stupidity seems to make them natural liars, cheats and thieves!
The reichwing is clearly populated by the mentally ill and the morally bankrupt!
September 26th, 2005 at 5:15 pmWealthy people usually become wealthy because they obsess about every penny. The argument that Frist “didn’t need” the money just doesn’t wash. Nobody “needs” to be that wealthy, but to these guys it’s like a compulsion or a sport to acquire wealth (and power).
September 26th, 2005 at 5:18 pmDo any of you have any idea what it costs to run for President these days?
September 26th, 2005 at 5:18 pmWow, that must be one of the dumbest talking
September 26th, 2005 at 5:19 pmpoints I have seen in some time.
Dis-proven since the beginning of time.
I can believe they trotted it out.
They are even out of good spin due to
scandal overload.
GOP, your corruption is showing.
What about Martha?
September 26th, 2005 at 5:21 pm“inconceivable” is the red flag, here. Absolutes are weak gestures.
September 26th, 2005 at 5:26 pmE-mart,
Same thing. She didn’t need the money, but
September 26th, 2005 at 5:27 pmshe couldn’t let it go.
Greed? I don’t know, but it seems to
be a typical downfall. Never enough, I guess.
Why didn’t Leona (Sp?) just pay her taxes?
She did not think she had to, remember?
“Only the little people pay taxes” or some such.
He doesn’t need the damn money, but he’s not going to let go of the damn money.
September 26th, 2005 at 5:29 pmFrist and Martha put themselves in precarious situations at a minimum. In his case, it’s moonlighting. He gambled, he lost(hopefully). He flew too close to the sun. He played with fire. Blah blah blah.
On it’s face the arrangement is quasi-ethical. So is talking about undercover CIA agents with the media.
Try ‘em
September 26th, 2005 at 5:35 pmHang ‘em.
I need to know: Will Cybil Shepard play the part of Frist in the made for TV movie? Maybe the in-prison scenes…
September 26th, 2005 at 5:41 pmIt is his family’s company, right? What are the chances he didn’t know the stock was going to take a hit? I would say the same chance as he has of doing time! Which is zero! Frist will walk, they always do. And if he doesn’t, Bush will probably pardon him Marc Rich-style. The only difference will be that the GOP will be stuningly silent on that pardon!
September 26th, 2005 at 5:46 pmIt is obviously never about the NEED for the rich to get richer. It is either about more power (because power=money=power) or about having a void deep within oneself and, unfortunately, only knowing how to fill it with cash. To that end, there is never ENOUGH. Because what they are lacking has nothing to do with their wallets. They are sad people to watch. They are so wrapped up in themselves that can’t see past the $. Nobody needs another million; that is irrational and GREEDY.
These people are usually very insecure and imagine themselves being seen by others in a more favorable light, the more assets they have. BTW, it never works so they keep NEEDING more. Get a shrink, fellas.
September 26th, 2005 at 5:59 pmThese idiots really believe it when they say that he has too much money to be corrupt. The Republican elite have always believed that wealth equates to moral value. They truly have distorted the bible’s story of the talents to mean that if you make money, then you are truly blessed by God. Those who are poor automatically have an incentive to steal (they do not have what the wealthy have, therefore they would naturally steal. The poor are especially dangerous since they covet the belongings of the rich that -since the poor are lazy – they can never earn honestly.) The Republicans will not be satisfied until there is a true underclass. It is not enought to be rich, you must have those living at or below subsistence to serve as your servants and to serve as a visual reminder of your moral superiority.
September 26th, 2005 at 6:26 pmJMohr, that’s because being ‘good christians’, they’ve never read the bible. It specifically says that wealth is corrupting, and that the chances of a rich man reaching heaven are less than a camel threading the eye of a needle (a metaphor for a tiny gate for walled cities that most camels couldn’t call through except through great effort and pain).
September 26th, 2005 at 6:28 pmExcellent post JMohr. It is true. I am by no means rich. I struggle sometimes and sometimes I am check to check. I chose to work for firm I am in because of morals. I work for some great people that can pay me about half what I could have made two streets away. I don’t need a “silk purse” and would feel guilty having more than I need. I don’t understand the wealthy that never have enough.
It is indeed a misperception that people without all of the extras wish they had them. Some of us don’t need what isn’t necessary. I don’t need a second house, I can only live in one at a time. Greed is dispicable.
A thief thinks everyone is stealing from him.
September 26th, 2005 at 6:33 pmPP & JM,
Yeah, unfortunately christians never seem to read the bible…
Luke 6:20
September 26th, 2005 at 6:38 pmThen he looked up at his disciples and said: “Blessed are you who are poor, for yours is the kingdom of God.”
Need, like most qualitative things, is in the eye of the beholder. Need? If he didn’t “need” the money in some sense, he’d just give it away, right?
The last time I got sick from eating too much, I didn’t “need” that last piece of pepperoni pizza.
Besides, the motto of the rich has always been a billion in the hand is worth more than a bungling Bush.
September 26th, 2005 at 6:38 pmHEADLINE: “Frist Defenders Dust Off The “He Doesn’t Need the Money†Defense”
I beg to differ with your pummeling of Nicholas E. Calio. Calio’s point is completely on-the-mark and truthful. The truth is, Frist doesn’t NEED the money, just like Calio said. Frist is already wealthy — he simply WANTS the money. In short, Frist’s a greedy, amoral, corrupt thief who takes because he WANTS, rather than NEEDS. Perhaps that’s exactly the point Calio was making. :)
September 26th, 2005 at 6:39 pmHey, NeD!
Didn’t you say, just a few days ago, that Republican polling is producing nothing but good news for the GOP?
http://www.mydd.com/story/2005/9/26/154421/701
Democrats Surging
by Chris Bowers
Taegan Goddard gets a glimpse of an internal Republican poll:
Those surveyed had less confidence in Republicans to handle a wide range of issues, including education, Social Security, health care, jobs and energy prices. Democrats beat Republicans by at least 9 percentage points in each category. In addition, Democrats were also viewed as better able to handle war in Iraq and the economy.
In fact, the only bad news for Democrats is that they are viewed as overly partisan. In particular, Democrats were seen as more likely to instigate partisan attacks over two recent issues in the news — the federal government’s hurricane response and the nomination of John Roberts to the Supreme Court.
—–
Ouch, NeD. Maybe your wingnut nirvana’s a little more endangered than you thought…
September 26th, 2005 at 6:51 pmHe doesn’t need the money? Oh, OK, then we should send Bill an email requesting a couple of grand to help support this website. He shouldn’t mind, right?
Question: I don’t know the details of the Martha Stewart case, but isn’t it awfully similar to this story in that each claimed they traded based on publically available information? It will be very revealing to watch how Frist gets off scott-free (and you know he will) while Martha did time for it.
September 26th, 2005 at 7:00 pm“In fact, the only bad news for Democrats is that they are viewed as overly partisan.”
Wonder how they got that idea? Couldn’t be the spoon feeding of lies from the republican propaganda spin machine of Corporate Reichwing MSMedia could it? Well of course it is!!!
The fact is the republicans have always been horrific administrators because they don’t hire competent people, they hire cronies! This has been true for EVERY recent republican president, except perhaps for Eisenhower who in fact was more even handed and reasonable.
September 26th, 2005 at 7:05 pmThe “He doesn’t need the money” defense coming from a Repug is about as incongruous as an argument can get especially when you consider the Bushco attempted aelimination of the Estate Tax. If there ever was anybody who “didn’t need the money” it is those dead rich repug Bushco buddies.
September 26th, 2005 at 7:09 pmGreed and power,I wonder if that’s why they fear us and any one opposit of them and their ideals. They fear we will take it away from them. Sick suckers all of them. Not needing and taking the money any way is so Repub. The more they have the more they want and the more they fear someone will take it away. Well that’s what should happen but probably won’t..Blessings
September 26th, 2005 at 7:13 pmRepublican corruption, patronage and cronyism in the Bush White House, in Congress, in state houses and on K street are turning the United States into a sad parody of the stereotypical South American banana Republic.
For the details on Frist, Delay, Ney, Brown, Abramoff, Reed, Safavian, Allbaugh, Myers, Majoras, Cooney, Cheney, Rove, Schwarzenegger, Taft, Noe and Fletcher (just to name a few of the miscreants), see:
“Banana Republicans.”
September 26th, 2005 at 7:30 pmVery Good site Jon. Thank You…Blessings
September 26th, 2005 at 7:46 pmOf course, he doesn’t NEED the money. He just WANTS it. Maybe these neo-con(vict)s should read that Bible they’re so fond of. The parts about the love of money being the root of all evil and it’s easier for a camel to pass thru the eye of a needle than a rich man to pass thru the gates of heaven.
September 26th, 2005 at 7:46 pmRepublicans and Corporate America are crooks. Did you The Republican Party in the late 1800’s and early 1900’s used to be progressive what went wrong with that party. Where are The Teddy Roosevelt and The Bull Moose Republicans of the early 1900’s in the Republican Party. The Republican Party has been taken by people who advocate big bussiness interests and religious fanaticism. The Republican Party is a joke. I have never been a Republican and never will be.
September 26th, 2005 at 7:48 pm“Tyranny is always better organized than freedom”
Charles Peguy quotes (French Poet, Philosopher and Essayist, 1873-1914)
“True individual freedom cannot exist without economic security and independence. People who are hungry and out of a job are the stuff of which dictatorships are made.”
Franklin D. Roosevelt quotes (American 32nd US President (1933-45), cousin of Theodore Roosevelt, 26th US president. 1882-1945)
“The welfare of the people in particular has always been the alibi of tyrants, and it provides the further advantage of giving the servants of tyranny a good conscience”
Albert Camus quotes (French Novelist, Essayist and Playwright, 1957 Nobel Prize for Literature, 1913-1960)
September 26th, 2005 at 8:25 pmIf you are an ex-con you can’t vote, but you are welcomed with open arms in the bush administration, the criminally incompetent alongside the simply incompetent. For those even more challenged there is plenty of positions available to troll on the thinkprogress blog – full-time or part-time – just don’t bring up that ‘minimum wage’ thing.
September 26th, 2005 at 9:28 pmI think I understand the thought process here.
In Fristed’s twisted little mind, he did this not because he NEEDS the money. He did it to show how smart he is. To show, “hey, look at me! I knew RIGHT when to sell. Heh.”
And to him, that’s OK. It would only be illegal if he did it for the money. Poor people, the vulgar, and thugs steal for the money.
People like Fristed are just playing a game. So it’s not really a crime.
Get it?
September 26th, 2005 at 11:21 pmLet’s see, people only steal because they’re poor? Rich people don’t steal because they don’t need to? There is no corruption in business, in government or in the upper classes?
September 26th, 2005 at 11:24 pmDo these defenders of the crooks and liars listen to themselves??
A purely rhetorical comment, I know, because there are some spokesmen so stupid that they just leave a person stymied.
#14 JMohr expresses it pretty well. The rich believe they are rich because they are blessed by God. The poor are poor because they don’t deserve God’s blessings and are therefore sinful and driven to thievery and crime.
September 26th, 2005 at 11:30 pmThese folks obviusly never read the Bible they so profess to love. The parable of the Pharisee and the Publican, which I recall from 2nd grade, is the simplest example: The rich guy boasts about his riches bestowed upon him by God, and mocks the poor beggar in the corner, who is so poor that he doesn’t have anything to offer to God, so he should be ignored.
Yeah, the rich don’t do whatever it takes to keep their money…
“You heard my opponent — I talked a little bit a while ago about it — he said, oh, he’s going to pay for all his programs by taxing the rich. We’ve heard that kind of rhetoric before. The rich hire lawyers and accountants for a reason — (laughter) — to pass the tax bill on to you. We’re not going to let him tax you because we’re going to win in November.” — President Bush, Oct. 12, 2004
September 27th, 2005 at 3:03 amThe MSM appears to be lockstep protecting frist. Obviously they believe he might be president, they surely aren’t doing any journalism!
http://www6.lexisnexis.com/publisher/EndUser?Action=UserDisplayFullDocument&orgId=574&topicId=100007426&docId=l:313703905&start=7
September 27th, 2005 at 3:55 amDon’t forget to count Hilary Clinton in your thoughts about making money. Seems to me she made $200,000 off an initial $10,000 investment in less than 6 months. If your going to rip on Republicans with money and power don’t forget about the Democrats with the same.
September 27th, 2005 at 6:17 amBrian C. — there’s no evidence that Hillary did anything illegal in making that dough trading cattle futures. Her timing was impeccable.
Re: Frist. Marth Stewart, worth a billion or so, traded on insider info to trade in her less-than-$200K investment in ImClone. Even if the stock had gone down 50%, she would have lost “only” $100K–or about 1/10th of 1% of her fortune. Frist, in contrast, worth a lot less than Stewart, probably saved himself millions, perhaps even tens of millions, of dollars. If Martha had to go to the pokey, so should Frist.
September 27th, 2005 at 10:15 amIt’s impossible that oil companies would gouge customers because they’re already seeing record profits every single quarter.
There is no way a corporation would break the law in order to boost profits when they are already extremely wealthy and successful.
Why would Walmart bust union activity when they are so rich they could easily afford to let their employees organize.
As if Microsoft, one of the richest corporations in the world today, would need to commit anti-competitive practices…they don’t need the money and shouldn’t fear competition.
The logic and spin of some of these right-wing apologists gets more ridiculous every day. Ironically they will defend to the death the massive tax cuts to the wealthiest Americans…as if they need that extra money.
September 27th, 2005 at 10:34 amBrian (#36) you need to get your head out of Rush Limbaugh’s ass. It has already been noted that Hillary Clinton’s trades happened in 1978 and she was completely investigated by the Republican led congress in the 1990’s—over and over again.
Can’t stand to have one of your crooked-assed repugnants caught without yelling “CLinton” or “Hillary”, can you. Thats just old crap, pal. You need to some new material to inject into your B.S. rhetoric.
September 27th, 2005 at 11:13 amThat’s right, Hilary told me to sell.
September 27th, 2005 at 12:45 pmI take exception with saying that CEO’s such as Lay and Kozlowski EARNED the amounts that they did. While the CEO usually provides vital guidance and connections that grow a business, NONE of them do it alone. In any corporation, there are dozens, if not hundreds, of individuals that make contributions as vital as the CEO, and none of them get these kind of outrageous salaries.
These men sit on each others’ boards and grant each other these huge salaries, then whine that minimum wage laws, environmental regulations and healthcare costs for their employees are making US corporations unable to compete in the world. That’s BS; what’s making us unable to compete is the kleptocracy under which our country has fallen, to the detriment of everything else.
Our public schools have fallen behind and our ability and willingness to innovate has been shoved aside by moneyed interests entrenched in archaic industries. How much less would we be dependent on oil if Congress had extended the Wind Tax Credit, or if there were larger incentives for homeowners and businesses to use solar power?
September 27th, 2005 at 1:03 pmThank you all for doing my dirty work. The thought of Bill Frist running in 2008 is a conservative nightmare. He’s an uninteresting, weak, flip flop who would get his clock cleaned at the polls. (Sort of like John Kerry.) By damaging him early on, you guys have laid the groundwork for an anti-Frist attack in the GOP primary. Thank you again.
September 27th, 2005 at 2:01 pmAs a matter of fact, Frist is probably more culpable than Martha Stewart. She was not an insider under the definitions in the law, and she was not charged with insider trading. Whereas there’s no question that Frist would be considered an “insider” for the purposes of the law.
Of course, he’s a Republican presidential hopeful, and Martha was just a powerful Democratic woman, so there’s little likelihood that they will be treated the same way.
September 27th, 2005 at 2:06 pmRyan – I would like to thank you personally for leading the charge against Frist. I would die if I found out he was the GOP nominee in 2008. My only concern is that you won’t be able to make the charges stick. Considering the lousy job you did on Bush and the GOP last year, I have reason for concern. You have alot to learn about politics Mr. Neat.
September 27th, 2005 at 2:07 pmNED, dead in the head – I wasn’t involved on bush last year, and there weren’t a half million protestors in the street. Fascism never lasts forever, and when it goes down, people like you usually go to jail. I look forward to that day!
As for the success of Bush, I chalk it up to a Hitler moment. His Fascist brothers also won a lot of victories, but in the end he committed suicide in a bunker, the loser that he was.
See a victory at theivery is not noble, and the fact that you find it show clearly shows your immorality. I find your response no different than the gangbanger who just looted the store. You may have stolen, but in the end karma will get you!
September 27th, 2005 at 2:19 pm“Thank you all for doing my dirty work. The thought of Bill Frist running in 2008 is a conservative nightmare. He’s an uninteresting, weak, flip flop who would get his clock cleaned at the polls.”
Wow you just described bush. Good thing you guys had diebold to steal the election! Guess that’s why Bush lost by 2 million votes according to the exit polls despite the corporate media smear against him and supporting bush. You’d think with the entire arsenal of propaganda and support of the corporate media spin machine – and the requisite video from bush’s friend osama – bush would have done better. Just goes to show you that in the end you aren’t really good politicians, just ‘ok’ thieves. And that’s wearing thin!
If the diebold situation is resolved, you and your party are gonna be as sparse as that pathetic excuse of a march where you and your buddy gannon showed up to..
September 27th, 2005 at 2:22 pmRyan – still on the Diebold thing…. yawn, then I guess I can rest easy next year when we steal again to pad our majorities….
“Fascism never lasts forever, and when it goes down, people like you usually go to jail. I look forward to that day!”
Ryan – isn’t it fascist who want to put people in jail? You’re such a hypocrite and don’t even know it. You’re sad person. I pity you.
September 27th, 2005 at 2:30 pm“Ryan – still on the Diebold thing…. yawn, then I guess I can rest easy next year when we steal again to pad our majorities….”"
Perhaps so, but I wouldn’t count on it. Lets just say it’s about the only hope you have at this point! You’ve lost the mind share, america is pissed at your incompetence, ineptitude and arrogance. The moral relativism that allows crooks to run the country and loot it while poor minorities drown has lost you any points the corporate propaganda press whores had given you!
“Ryan – isn’t it fascist who want to put people in jail? You’re such a hypocrite and don’t even know it. You’re sad person. I pity you. ”
No, it’s fascist to want to put INNOCENT people in jail, and to murder them – that’s what you do!
September 27th, 2005 at 3:51 pm“You’re sad person. I pity you. â€
Actually I’m very happy and contented. See the bush tax breaks have been GREAT for me, and frankly I’m financially and personally flush. But unlike you, I actually care about this nation – and know when the con men are flushing down the toilet. I’m not as stupid and as easily duped as mental midget like you is…
September 27th, 2005 at 3:53 pmW supporters post their IQ’s on their bumpers – you know W 04
September 27th, 2005 at 9:19 pmI was a Personnelman in the Navy for nine years and dealt with the front end (The initial request for payment) for lots and lots of sailor applications for payments over the years.
September 28th, 2005 at 9:28 amOne would think that low-ranking sailors would be at the front of the line for getting every nickel that the government properly owed them. Not at all! Low-paid sailors would be rather casual about the whole process. High-ranking sailors with plenty of stripes and hardware on their arms, would be very concerned about getting every single, last penny that the government properly owed them.
So the idea that Frist took the extra time and effort to squeeze a few more dollars out of his outrageously bloated savings, is in fact entiely believable.
Dickens said it right in one of his diary entries – The more money your have, the greedier you get was the basic premise – I do not have an exact quote.
September 28th, 2005 at 10:52 am