Frist Stock Sale Under Investigation
Senate Majority Leader Bill Frist is under scrutiny for selling millions of dollars of stock in the health care business founded by his family just one month before the price dropped significantly.
Both the Securities and Exchange Commission and the Justice Department are investigating the sale to determine whether Sen. Frist broke any laws or regulations.
Frist has claimed he sold the stock in HCA Inc., founded by his father and brother (who still sits on the company's board), to avoid any conflict of interest. He has not identified what new conflict has arisen that did not exist for his previous 10 years in the Senate.
Frist dumped all of his stock in HCA in June, ordering the managers of his blind trust to sell his shares. Documents show that the managers communicated frequently with Frist about the contents of his supposedly blind trust, raising further questions about Frist's financial dealings.
You can read more about the investigation into the stock sale with the links below:
- Frist Stock Sale Raises Questions on Timing (Washington Post)
- Frist's Political Future Darkens Over Questions on Stock Sales (Bloomberg)
- SEC, prosecutors investigate Frist's sale of HCA shares (USA Today)
- Frist's suspicious 'seeing-eye' trust (Roanoke Times)
- Blind Trusts Get New Look After Sale by Frist (New York Times)
- Documents: Frist knew contents of blind trust (Associated Press)
