Re: Bill Frist hounded by allegations of insider trading
Broken down in tiny little sentences:
Federal prosecutors have subpoenaed documents from HCA, not Frist, related to Frist (and his family's) stock sales.
Frist's family founded the company, which is the largest for-profit hospital chain in the country.
Frist's brother still sits as a board member of HCA.
Frist has held on to the stock for more than two years, despite complaints that he shouldn't be promoting anti-malpractice legislation.
He suddenly instructed the blind trust (which shouldn't be possible) to sell all his shares and his family's shares two weeks before a negative earnings announcement.
Selling stock, especially through what is supposed to be a blind trust, based on insider information (non-public) is illegal. See "Wall Street", "Martha Stewart".
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