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"A collaborative political resource." |
Documents: Frist knew contents of blind trust
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Candidate
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| Contributor | Brandonius Maximus |
| Last Edited | Brandonius Maximus Sep 26, 2005 12:00pm |
| Category | News |
| News Date | Sep 26, 2005 11:00am |
| Description | WASHINGTON (AP) -- Blind trusts are designed to keep an arm's-length distance between federal officials and their investments, to avoid conflicts of interest. But documents show that Senate Majority Leader Bill Frist knew quite a bit about his accounts from nearly two dozen letters from the trust administrators.
Frist, R-Tennessee, received regular updates of transfers of assets to his blind trusts and sales of assets. He also was able to initiate a stock sale of a hospital chain founded by his family with perfect timing. Shortly after the sale this summer, the stock price dived.
A possible presidential contender in 2008, Frist now faces dual investigations by the U.S. attorney for the Southern District of New York and the Securities and Exchange Commission into his stock sales.
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