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US SEC upgrades stock sale probe of Frist: subpoena power to investigators

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Bush_Eats_Beef Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-28-05 07:43 PM
Original message
US SEC upgrades stock sale probe of Frist: subpoena power to investigators
http://yahoo.reuters.com/financeQuoteCompanyNewsArticle...

WASHINGTON, Sept 28 (Reuters) - The U.S. Securities and Exchange Commission has given subpoena power to investigators looking into the stock sales by Senate Majority Leader Bill Frist, said sources familiar with the matter on Wednesday.

Moving to protect the Frist inquiry from any future criticism for not being thorough, the SEC changed its status to formal from informal and gave investigators subpoena power to force individuals to talk or to produce documents or e-mails.

Federal authorities are looking into Frist's recent sale of shares in HCA Inc. (HCA.N: Quote, Profile, Research) -- a hospital company co-founded by the Tennessee Republican's father and brother -- completed days before its stock price fell on a disappointing profit outlook issued on July 13.

The company said last week it had gotten a subpoena from the U.S. Attorney for the Southern District of New York, seeking documents believed to be related to the Frist matter. HCA also said the SEC had sought similar information. Frist -- viewed widely as a potential 2008 presidential candidate -- said on Monday he had no inside information about the coming profit forecast when he began taking steps in April that led to the HCA stock sale being completed July 8.
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foo_bar Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-28-05 07:45 PM
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1. hey, if it's good enough for Martha Stewart...
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ClintonTyree Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-28-05 07:46 PM
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2. We're sorry, we can't produce those documents.......
you want, we must have misplaced them or accidentally deleted them. So sorry!
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The_Casual_Observer Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-28-05 07:46 PM
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3. These SEC deals can be worse than being accused of murder
He had better hope he gets his story straight.
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The Backlash Cometh Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-28-05 07:47 PM
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4. Oh, my God! It's like the heavens opened up and it's pouring
all my favorite candy! And it's all calorie free!!
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Richard Steele Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-28-05 07:50 PM
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5. Boy, the good news just won't stop coming!
Subpoenas for everyone! :party:

And it really sounds like Frist's ass is grass on this one.
The only way he isn't guilty is if
it's AAAAALLLLLLLLL just a big coincidence.

Right.
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Bush_Eats_Beef Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-28-05 07:52 PM
Response to Reply #5
6. Hard to plead ignorance when you received TWO DOZEN updates...
I'm trying to see where Frist has any "wiggle room" at ALL on this one.

Unless he's found guilty and receives the mandatory presidential pardon, that is.
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texpatriot2004 Donating Member (1000+ posts) Send PM | Profile | Ignore Wed Sep-28-05 08:11 PM
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7. Oh Yeah! Subpoenas...for the investigators to use...yes. n/t
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