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US SEC upgrades stock sale probe of Senate's Frist

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  • US SEC upgrades stock sale probe of Senate's Frist

    WASHINGTON, Sept 28 (Reuters) - The U.S. Securities and Exchange Commission has given subpoena power to investigators looking into the stock sales by Senate Majority Leader Bill Frist, said sources familiar with the matter on Wednesday.

    I heard Joe Scarborough talking about "something" maybe coming down on Frist.
    Looks like his ass may be in real trouble.

    QUOTE
    Moving to protect the Frist inquiry from any future criticism for not being thorough, the SEC changed its status to formal from informal and gave investigators subpoena power to force individuals to talk or to produce documents or e-mails.

    An SEC spokesman declined to comment.

    Federal authorities are looking into Frist's recent sale of shares in HCA Inc. (HCA.N: Quote, Profile, Research) -- a hospital company co-founded by the Tennessee Republican's father and brother -- completed days before its stock price fell on a disappointing profit outlook issued on July 13.

    The company said last week it had gotten a subpoena from the U.S. Attorney for the Southern District of New York, seeking documents believed to be related to the Frist matter. HCA also said the SEC had sought similar information.

    Frist -- viewed widely as a potential 2008 presidential candidate -- said on Monday he had no inside information about the coming profit forecast when he began taking steps in April that led to the HCA stock sale being completed July 8.

    He said he would cooperate with investigators and forecast that an examination of the facts would show he acted properly.

    The SEC has conducted many probes of this sort and will likely be looking for "phone records, trading records, bank records and other records that might have authorized the trading at issue," said Mark Braswell, a partner at the law firm of Venable LLP and a former SEC enforcement attorney.

    SEC Chairman Christopher Cox -- who took over the investor protection agency last month and was formerly a Republican congressman from California -- on Monday recused himself from the investigation of Frist, a former colleague in Congress.

    Securities lawyer Stanley Brand, of the firm of Brand and Frulla, said SEC investigators likely would not be deterred by Frist's high political profile in pursuing the case.

    "They've run a thousand insider trading investigations for people ranging from Martha Stewart to captains of industry on Wall Street," said Brand, also a former SEC staff attorney.

    "They'll do their thing," Brand said. "They have a reputation for tenacity and not fearing anyone ... I can't imagine there will be an issue with Frist[/b][/quote]
    Be passionate about what you believe in, or why bother.

  • #2
    Hmmmmmmmmm
    Be passionate about what you believe in, or why bother.

    Comment


    • #3
      QUOTE(madyaks @ Sep 29 2005, 09:34 AM) Quoted post

      Hmmmmmmmmm
      [/b][/quote]

      Just like you to mention things like Delay, Frist or Rove (Plame-Gate) and forget that Clinton was getting blowjobs in the oval office.
      Sponsor of Alex Pieterangelo.

      ..."I spent a lot of money on booze, birds and fast cars. The rest I just squandered." George Best

      Comment


      • #4
        If found guilty, his punishment should be at least as harsh as Martha Stewart's.

        Comment


        • #5
          QUOTE(ksbluesfan @ Sep 29 2005, 09:47 AM) Quoted post

          If found guilty, his punishment should be at least as harsh as Martha Stewart's.
          [/b][/quote]


          Oh no far worse, he is a leader, he sets the tone for the country or some bullshit like that. The same thing they said about.......
          Be passionate about what you believe in, or why bother.

          Comment

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