Monday, October 24, 2005
Frist's Lame Excuses About His Blind Trust
Seems Senate Majority Leader Bill Frist's "blind" trust had some holes in the blindfold:|
Since 2001, the trustees have written to Frist and the Senate 15 times detailing the sale of assets from or the contribution of assets to trusts of Frist and his family. The letters included notice of the addition of HCA shares worth $500,000 to $1 million in 2001 and HCA stock worth $750,000 to $1.5 million in 2002. The trust agreements require the trustees to inform Frist and the Senate whenever assets are added or sold.If you know what's in the trust, it isn't very "blind."
The letters seem to undermine one of the major arguments the senator has used throughout his political career to rebut criticism of his ownership in HCA: that the stock was held in blind trusts beyond his control and that he had little idea of the extent of those holdings.
(Source: Washington Post Letters Show Frist Notified Of Stocks in 'Blind' Trusts, Oct. 24, 2005.