What a coincidence! When Dr. Bill Frist became a senator, like all multimillionaires who hold public office, he put his share of his family’s vast holdings in Hospital Corporation of America into a blind trust. The rules of the blind trust say that he’s not allowed to know how much is in the trust at any given point, however he can instruct the administrator to sell his assets whenever he chooses.
In June, something motivated the Senate Majority Leader to instruct the administrator of his trust to sell all the HCA stock owned by his wife, daughter and himself. You’ll never guess what happened next:
Senate Majority Leader Bill Frist, a potential presidential candidate in 2008, sold all his stock in his family’s hospital corporation about two weeks before it issued a disappointing earnings report and the price fell nearly 15 percent.
Frist held an undisclosed amount of stock in Hospital Corporation of America, based in Nashville, the nation’s largest for-profit hospital chain. On June 13, he instructed the trustee managing the assets to sell his HCA shares and those of his wife and children, said Amy Call, a spokeswoman for Frist…
HCA shares peaked at midyear, climbing to $58.22 a share on June 22. After slipping slightly for two weeks, the price fell to $49.90 on July 13 after the company announced its quarterly earnings would not meet analysts’ expectations. On Tuesday, the shares closed at $48.76.
The value of Frist’s stock at the time of the sale was not disclosed. Earlier this year, he reported holding blind trusts valued at $7 million to $35 million.
If Sen. Frist’s holdings were $7 million, the 15 percent he did not lose had a value of a little over $1 million. If the trust held $35 million, he saved himself a loss of over $5 million.
Let’s review: First, apropos of nothing, Sen. Frist had a flash of inspiration – maybe a message from God? – that prompted him to sell his stock, just days before the stock lost value.
Second, he is part of the most corrupt leadership the U.S. Congress has ever had – and in partnership with his even more corrupt cronies who run the administration – it’s a dead cinch he’ll never be questioned about this extremely suspicious coincidence.
Can you believe his luck?