Blind Trust in Frist
In the context of stock funds, what does the phrase “blind trust” mean to you? Apparently, it means something different to Bill Frist.
The people who put “blind trust” in his previous explanation might be feeling tricked right about now.
Does Frist really believe that he is electable as President with this thing for opponents to throw at him? No matter how he explains it or how often, he can’t throw off all doubt. Even if 08 is two years away, no one will forget this or let him or the voters forget it.
Craig R. Harnon (faf284) — 1/30/2006 @ 8:59 amOT: Looks like Bloomberg needs to do a little fact checking; the linked article states: ” Frist, a heart surgeon who is the Senate’s only medical doctor…”
Senator Tom Coburn will be surprised to hear that.
Old Coot (2f7b84) — 1/30/2006 @ 9:06 amI don’t see anything new here. Frist couldn’t make the HCA investment totally blind because he already knew he had a big stake in the family business.
Crank (5f5694) — 1/30/2006 @ 9:54 amGranted, Frist should not have used the term “blind trust.” But as the New York Times reported back in September,
So the problem would appear to be more with the stupidity of the law than with any unethical behavior on the part of Sen. Frist.
Tim K (7e41e8) — 1/30/2006 @ 9:57 amFrist’s story doesn’t pass the smell test. If he wants to run for higher office, which I see as problematic, he needs to back up the explanation for his decision to sell with something a bit more satisfying.
Directing his trustees to sell stocks shows his “blind trust” could see far enough to read the writing on the wall.
Black Jack (9f37aa) — 1/30/2006 @ 10:06 amApart than the “blind” issue, would Frist have been insider trading or otherwise taking improper advantage of his knowledge/position? That’s what the public will find unpalatable, to say the least.
biwah (f5ca22) — 1/30/2006 @ 11:45 amTim K has it right. That “blind trusts” aren’t really “blind” is the problem – not anything Frist did or didn’t do.
Not that I have any love for Frist but in fairness to him this is just the way the law is set up from what I’ve read.
Dwilkers (a1687a) — 1/30/2006 @ 5:44 pmFrist should have known better than to appear on Meet the Press yesterday too. I’ve never seen a politician look so nervous and defensive answering questions. If he can’t lie better than that, he has no business being in politics.
Psyberian (1cf529) — 1/30/2006 @ 5:50 pm“I’ve never seen a politician look so nervous and defensive…”
Apparently you missed “Splash” Kennedy yesterday. He should have known better than to compound his ugly misbehavior at the Alito Hearings with an equally deranged and incoherent rant in the full Senate.
Republicans, however, were delighted.
Black Jack (d8da01) — 1/31/2006 @ 6:42 amI’ve already addressed why Sen. Frist was aware of what was happening with his trust — the law required that he be kept informed about that. As to the question whether Sen. Frist relied on insider information or otherwise did anything unethical, the following is from a WSJ editorial on September 26:
If this account is accurate, and I have seen nothing to indicate that it isn’t, I fail to see what Sen. Frist has done that is unethical.
Tim K (7e41e8) — 1/31/2006 @ 8:23 amTim,
You make a good case, however, your assumption HCA couldn’t have foreseen earnings trouble in April isn’t necessarily so.
It might be informative to know if other insiders were also active during the same time period. Of course, if Senator Frist were a Democrat, he’d be in the clear, but as GOP Senate leader he’s going to be held accountable to higher standards.
Black Jack (d8da01) — 1/31/2006 @ 8:53 amBlack Jack, that is a laugh. When you’re guilty as hell, just claim discrimination. I thought conservatives opposed affirmative action?
That said, Tim K makes a good point that Frist is not obviously guilty, but the WSJ editorial doesn’t say much that would exonerate him. Frist had access to far more info than “oh look, April’s turning out great, why not sell now?”
And realistically (though not legally), the burden is on him to some degree to show that he wasn’t acting on info that foresaw the larger trajectory of the stock.
And though I won’t prejudge him, it’s impossible not to notice that he seems nervous.
biwah (f5ca22) — 1/31/2006 @ 9:00 ambiwah, you make my point:
That “realistic though not legal” burden on Frist does to some degree show he’s subject to a higher standard. But, you say you won’t prejudge him, not even after doing so in your opening sentence. There you have it, the Left’s application of affirmative action for GOP leaders.
BTW, Justice Stevens is 86. Does that make you even a tiny bit nervous?
Black Jack (d8da01) — 1/31/2006 @ 9:32 amBlack Jack, the burden is not contingent on his party affiliation. It’s contingent on his selling an assload of stock at a very opportune time when a lot of non–insider stockholders were left in the lurch.
It’s politics, not a criminal case, so the measure of his defense is not legal standards but perception. Didn’t realize it was necessary to explicitly point out this distinction, which I can explain further if you’d like.
biwah (f5ca22) — 1/31/2006 @ 9:41 amFrist is a train wreck. It boggles the mind that your caucus can’t come up with someone more effective.
Geek, Esq. (5dd2be) — 1/31/2006 @ 10:01 amSo Dingy Harry is your candidate for Mr Effective? LOL
Black Jack (d8da01) — 1/31/2006 @ 10:41 amReid is the Minority leader.
Geek, Esq. (5dd2be) — 1/31/2006 @ 10:48 amYes, I know, he’s my Senator. What’s your point?
Black Jack (d8da01) — 1/31/2006 @ 10:50 am“It boggles the mind that your caucus can’t come up with someone more effective.”
Mine too. But it boggles even more that the whole group irrespective of party are such a bunch of clowns don’t you think? They’re all so damn dumb its embarrassing. How the hell do they get elected?
Pick one. How about Patty Murray? You mean to tell me Murray is an example of the state of Washington at its finest? Puh-lease. I’ve got a basset hound that’s got more sense than she does.
The Senate is an embarrassment right now. Nunn, Moynihan, have been replaced with the likes of Hagel and Boxer. Talk about the lowest common denominator.
Dwilkers (a1687a) — 1/31/2006 @ 1:46 pmThe good ol’ days for me will be when it was Dole and Mitchell on their respective sides.
Geek, Esq. (5dd2be) — 1/31/2006 @ 2:21 pm