A Look At Frist's Short-Selling
Here's the most in-depth look I've seen of Senate majority leader Bill Frist's possible insider trading. Here's a quick summary:
1) Bill Frist's family is worth billions of dollars. They started HCA Inc., the largest hospital chain in the nation. That's right, there is such a thing as hospital chains.
2) Bill Frist had his portfolio managers dump the family's shares of HCA in June.
3) In July, HCA announced weaker than expected earnings, causing the stock price to plunge 9%. It's a relatively stable stock, so a drop of 9% in one day was a very big deal.
4) The SEC is now asking "Did Frist know that HCA was going to announce weak earnings, or did he just dump the family's holdings in the company they started on a whim?"
It's been a banner year for Frist. In March, he used his medical expertise to diagnose Terry Schiavo. He concluded that she looked fine, a stark contrast to the results of her autopsy, which revealed her brain had been deteriorating for the past 10 years and most of it had become a pool of liquid. I guess he should stick to politics. Oh wait, no he shouldn't. Maybe him and Tom DeLay can clean toilets at a federal prison.
Baseball Crank: LAW/POLITICS: Selling Frist Short
1) Bill Frist's family is worth billions of dollars. They started HCA Inc., the largest hospital chain in the nation. That's right, there is such a thing as hospital chains.
2) Bill Frist had his portfolio managers dump the family's shares of HCA in June.
3) In July, HCA announced weaker than expected earnings, causing the stock price to plunge 9%. It's a relatively stable stock, so a drop of 9% in one day was a very big deal.
4) The SEC is now asking "Did Frist know that HCA was going to announce weak earnings, or did he just dump the family's holdings in the company they started on a whim?"
It's been a banner year for Frist. In March, he used his medical expertise to diagnose Terry Schiavo. He concluded that she looked fine, a stark contrast to the results of her autopsy, which revealed her brain had been deteriorating for the past 10 years and most of it had become a pool of liquid. I guess he should stick to politics. Oh wait, no he shouldn't. Maybe him and Tom DeLay can clean toilets at a federal prison.
Baseball Crank: LAW/POLITICS: Selling Frist Short