http://cnn.netscape.cnn.com/news/st.../0959577777.htm&sc=1333&photoid=20050729NS104
A couple excerpts for your consideration.
Frist claims trades were not insider driven and were done in order to eliminate conflict of interest
"Frist traded using only public information, and only to eliminate the appearance of a conflict of interest, his spokesman added. "
However, criticism over this blind trust holding was no new thing.
"For years, Frist was criticized for holding HCA stock while directing legislation on Medicare reform and patient issues. His office has consistently deflected criticism by noting that his assets were in a blind trust and not under his active control. "
Furthermore, Frist's sale came at a price peak for HCA, and coincided with the timeframe that insiders WERE selling shares
"Frist asked a trustee to sell all his HCA stock in June, near a 52-week stock price peak of $58.40 and at the same time HCA insiders were selling off shares. Reports to the Securities and Exchange Commission showed insiders sold about 2.3 million shares, worth about $112 million, from January through June, said Mark LoPresti of Thomson Financial.
The sale came about two weeks before the company issued a disappointing earnings forecast that drove its stock price down almost 16 percent by mid-July. They still have not recovered, closing Thursday at $45.90. "
This sounds extremely suspicious to me. Insider trading is illegal, I think that lawmakers should be held to a high standard for abiding by the law. If it comes out that he was doing insider trading, he should be stripped of office and barred from running for federal office ever again. He should also be fined an amount equal to his holdings in HCA plus punitive damages to make an example out of him.
A couple excerpts for your consideration.
Frist claims trades were not insider driven and were done in order to eliminate conflict of interest
"Frist traded using only public information, and only to eliminate the appearance of a conflict of interest, his spokesman added. "
However, criticism over this blind trust holding was no new thing.
"For years, Frist was criticized for holding HCA stock while directing legislation on Medicare reform and patient issues. His office has consistently deflected criticism by noting that his assets were in a blind trust and not under his active control. "
Furthermore, Frist's sale came at a price peak for HCA, and coincided with the timeframe that insiders WERE selling shares
"Frist asked a trustee to sell all his HCA stock in June, near a 52-week stock price peak of $58.40 and at the same time HCA insiders were selling off shares. Reports to the Securities and Exchange Commission showed insiders sold about 2.3 million shares, worth about $112 million, from January through June, said Mark LoPresti of Thomson Financial.
The sale came about two weeks before the company issued a disappointing earnings forecast that drove its stock price down almost 16 percent by mid-July. They still have not recovered, closing Thursday at $45.90. "
This sounds extremely suspicious to me. Insider trading is illegal, I think that lawmakers should be held to a high standard for abiding by the law. If it comes out that he was doing insider trading, he should be stripped of office and barred from running for federal office ever again. He should also be fined an amount equal to his holdings in HCA plus punitive damages to make an example out of him.
