Bill Frist hounded by allegations of insider trading

[Felix_Nietsche]

<Yawn>...........sorry I only believe in facts.
The Dems are scared they will lose another presidential election so they are trying to smear Frist who is a top Republican nominee. Their tactics are very transparent. They will probably need to resort to forging 30 year old documents. It didn't work with Bush but perhaps it will work with Frist.

Lets wait a year and see if they can back up their allegations. My guess is they can't.

Have you guys ever heard of a blind trust...

9%... what a joke... Millionaires (especially those who trade $100million blocks of stock) wipe their ass with 9%.

Atleast 400 retirees didn't loose their life savings and/or people involved with the transaction aren't ending up dead... White-water anyone

[CCass]

[ QUOTE ]
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".

[/ QUOTE ]

The article never mentions that Fed Prosecutors have supoened documents from HCA.

According to the article, it is ok for him to direct the trust on assets that were put in the trust on the front end.

I haven't yet seen any evidence of "insider trading".

Again, what is it that I am supposed to be upset about?

[Rockatansky]

[ QUOTE ]
Wow!

A 9% price fluctuation. Why, such a big swing is just unheard of. I mean it means for every $11 he got from the sale, he would have only got $10 instead. This is just wrong.

A 9% price swing is clearly proof of insider trading. I mean I've never had my poker bankroll take a 9% swing, that is just so BIG and unbelievable in the real world. [img]/images/graemlins/smirk.gif[/img]

[/ QUOTE ]

You're a complete and utter joke.

[Rockatansky]

[ QUOTE ]
[ QUOTE ]
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".

[/ QUOTE ]

The article never mentions that Fed Prosecutors have supoened documents from HCA.

According to the article, it is ok for him to direct the trust on assets that were put in the trust on the front end.

I haven't yet seen any evidence of "insider trading".

Again, what is it that I am supposed to be upset about?

[/ QUOTE ]

Are you really this stupid? Frist allegedly received information from someone inside HCA. He subsequently traded in HCA, possibly making use of the insider information. Thus, there is evidence that Frist possibly engaged in insider trading. Is that simple enough for you?

[Rockatansky]

[ QUOTE ]
Have you guys ever heard of a blind trust...

9%... what a joke... Millionaires (especially those who trade $100million blocks of stock) wipe their ass with 9%.

Atleast 400 retirees didn't loose their life savings and/or people involved with the transaction aren't ending up dead... White-water anyone

[/ QUOTE ]

Has anyone here said anything about White Water? The difference between Democrats and Republicans is that you aren't going to find any Democrats defending White Water, but Republicans are going to use every rationalization in the book to defend Frist.

[mrgold]

Frist a top Republican nominee. Oh please please let it be so. I cant wait to see the dems run some adds of his Schaivo preformance

[CCass]

[ QUOTE ]
[ QUOTE ]
[ QUOTE ]
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".

[/ QUOTE ]

The article never mentions that Fed Prosecutors have supoened documents from HCA.

According to the article, it is ok for him to direct the trust on assets that were put in the trust on the front end.

I haven't yet seen any evidence of "insider trading".

Again, what is it that I am supposed to be upset about?

[/ QUOTE ]

Are you really this stupid? Frist allegedly received information from someone inside HCA. He subsequently traded in HCA, possibly making use of the insider information. Thus, there is evidence that Frist possibly engaged in insider trading. Is that simple enough for you?

[/ QUOTE ]

You used the word allegedly once, and the word possibly twice. Neither of us know if the SEC is investigating Sen. Frist or not. At the moment, he has not been charged with any crime, nor is he under investigation (to my knowledge). So for now, it is a non-issue for me.

However, if the SEC investigates him and finds that he was involved in insider trading, I will be the first to say that he should resign and be punished to the full letter of the law.

[John Ho]

You can do better than this.

This is not to say I think Frist has done anything wrong. It's too soon to tell but this post deserves particular scorn for the level of idiocy it reveals about the poster.

[ QUOTE ]
Wow!

A 9% price fluctuation. Why, such a big swing is just unheard of. I mean it means for every $11 he got from the sale, he would have only got $10 instead. This is just wrong.

A 9% price swing is clearly proof of insider trading. I mean I've never had my poker bankroll take a 9% swing, that is just so BIG and unbelievable in the real world. [img]/images/graemlins/smirk.gif[/img]

[/ QUOTE ]

[John Ho]

Not to nitpick but this is MUCH different from Martha Stewart. Martha never really engaged in insider trading - she was convicted of lying to the investigators. To be insider trading Martha must have known for sure something bad (or good depending on the trade) was going to happen. Dumping your stock because your broker tells you the CEO of XYZ company is blowing his stock out doesn't meet the necessary proof for insider trading. For example, if you are the broker's secretary and you hear that Waksal is selling all his stock and then decide to short the stock it is not insider trading (though you will be fired by the brokerage if they find out) because, for all you know, he could be selling because he is going bankrupt due to other investments or is leaving the company and donating all his money to charity or Scientology. You just don't know for sure and your trade is based on acts that can be interpreted many ways.

Frist's apparent behavior, on the other hand, would appear to be either insider trading or he is luckiest SOB ever. He instructs a blind trust (the trustee should be ashamed of himself) to sell the stock and then we soon find out financial results are in the toilet. And his brother is still on the board and his father founded the company.

Shady.