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Sen. Bill Frist Investigated for Insider Trading

HeadlineSep 26, 2005

On Capitol Hill, the U.S. Attorney’s Office and Securities and Exchange Commission are both investigating whether the top ranking Republican Senator — Senate Majority Leader Bill Frist — engaged in inside trading. Frist’s family owns the Hospital Corporation of America, HCA, the nation’s largest for-profit hospital chain. In June he instructed the trustee managing his blind trust to sell off all of his stock in the company. Two weeks later the stock’s value dropped 15 percent after HCA issued a disappointing earnings report. Last week the Citizens for Responsibility and Ethics named Frist one of the most 13 corrupt lawmakers in Congress.

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