17 November 2005

Consumer advocacy group calls on SEC to investigate Bill Frist

Remember the 2004 election season? Remember the 2000 election season before that? Remember how the GOP kept claiming the moral high ground? It was all about moral values. Family values.

Now we get a glimpse into the Frist family values.

Our tax dollars are paying this guy to lead our legislature. So, if these suspicions are correct, it's a huge injustice to the American people.

And, if Frist doesn't go to jail, it's a huge injustice to Martha Stewart.

From today's New York Times via truthout.org:
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A consumer advocacy group called Wednesday for the Securities and Exchange Commission to expand its inquiry into the stock trades of Senator Bill Frist, the Republican leader, saying it had uncovered "questionable transactions lucrative to Frist family members."

The commission is already investigating the senator's decision to sell all of his stock in HCA Inc., the healthcare giant founded by his father and brother, shortly before the price hit a peak and then plummeted. Mr. Frist, whose records, along with company's, have been subpoenaed, has repeatedly said that he has done nothing wrong.

Now the advocacy group, Public Citizen, says financial disclosure documents filed by Mr. Frist reveal several additional "exceedingly well-timed transactions" made by trusts that manage investments for his three sons. All involve healthcare companies that at one point had ties to the Frist family.

"We're not sure what this means," said Frank Clemente, director of Congress Watch, Public Citizen's government watchdog arm. But, he added, "It has the smell of the HCA stock trading, and we just thought it was important to bring this to light."

Public Citizen called for an additional investigation by the Senate Ethics Committee. Spokesmen for the ethics panel, the S.E.C. and Senator Frist declined comment.
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