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The Moxie Nerve Food Tonic
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Join Date: Mar 2001
Location: right behind you
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Sep 26th, 2005, 11:51 AM
When is a Blind Trust not a Blind Trust
When you're Bill Frist, apparently.
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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