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Archive for Wednesday, October 12, 2005

Frist accumulated stock outside Senate trusts

October 12, 2005

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— Outside the blind trusts he created to avoid a conflict of interest, Senate Majority Leader Bill Frist earned tens of thousands of dollars from stock in a family-founded hospital chain largely controlled by his brother, documents show.

The Tennessee Republican, whose sale this summer of HCA Inc. stock is under federal investigation, has long maintained he could own HCA shares and still vote on health care legislation without a conflict because he had placed the stock in blind trusts approved by the Senate.

However, ethics experts say a partnership arrangement shown in documents obtained by The Associated Press raises serious doubts about whether the senator truly avoided a conflict.

In that case, the HCA stock was accumulated by a family investment partnership started by the senator's late parents and later overseen by his brother. The brother served as president of the partnership's management company and as a top officer of HCA. Sen. Frist holds no position with the company.

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