Can someone explain what all of that means?
Posted by TomDavidson (Member # 124) on :
A blind trust is essentially a stock fund to and from which you can transfer monies, but which contains secret stocks. This is something fairly common among senators, board members, and anyone else who is likely to have access to insider information about a lot of stocks; by buying and selling stocks in a sector without specifically knowing what stocks their broker has selected, they can avoid the appearance of insider trading.
In this case, Frist sold off massive amounts of stock from one of his trusts just before a company his family owns dropped around 20% in value; amazingly, that trust contained substantial amounts of that company's stock. When he was asked about it, he insisted that he had no idea he even OWNED stock in that company, since he was investing in blind trusts.
Except that the AP has obtained documents showing that not two weeks before Frist denied any knowledge of investment in that company, his broker specifically told him how much stock in that company was currently being held.
Posted by aspectre (Member # 2222) on :
Well, at least we know why Frist said he wasn't going to run for Senate next year. All things considered, do you think the Feds are gonna go after him as hard as they went after MarthaStewart. Of course, Martha lost money on her trade, while Frist made tons on his. So perhaps that will be considered by the USAttorneyGeneral to be a circustance mitigating against prosecution. If not, surely he can go shopping -- ala Keating, Poindexter, etc -- for a Republican-appointed judge who will forgive him for getting caught.
Posted by fugu13 (Member # 2859) on :
There go those Presidential dreams he had toyed with, he sunk them by making easily discovered lies.
Posted by pooka (Member # 5003) on :
Hey, Tom, I thought you were immune to words written between asterisks.
But yeah, I don't like the seeming lean of Republicans toward stealing and lying about it any more than I like the seeming lean of Democrats toward Volvo-driving Hollywood-luvin' freak shows. Whether you make sex or wealth your god, it's still idolatry.
Posted by TomDavidson (Member # 124) on :
quote: But yeah, I don't like the seeming lean of Republicans toward stealing and lying about it any more than I like the seeming lean of Democrats toward Volvo-driving Hollywood-luvin' freak shows.
If that's the difference between the two parties -- and I don't for a minute accept that as fact, mind you -- I've got to admit that I like stealing and lying about it considerably less than driving a Volvo and loving Hollywood.
Posted by Telperion the Silver (Member # 6074) on :
Mmmmmmmm...Frist...you bad boy.
Posted by Tante Shvester (Member # 8202) on :