The Bill Frist Scandal Frenzy

September 30, 2005

 

The sharks smell blood in the water. That blood belongs to Senate Majority Leader Bill Frist. A formal investigation has been launched by the Securities and Exchange Commission (SEC). The designation of ‘formal' gives them subpoena power which makes the whole investigation sound more Martha Stewartesque.

 

Let's face it, nobody relishes seeing the word ‘investigated' anywhere near their name in the newspaper. It conjures up ugly images of greedy, manipulative power-mongers out to crush the ‘little people' for their own personal gain. Old newsreels of Michael Milken and Ivan Boesky, escorted to court by their team of lawyers, play over and over in your head. Phrases like ‘Club Fed' and ‘ankle bracelet' force their way to your lips. That's exactly what those who are bent on destroying Bill Frist want you to see.

 

But I see something else entirely.

 

I've known Bill Frist for more than a decade. I've always held him up as the kind of person we need in politics. Here's a man who could have remained in his comfortable cocoon in Nashville. As one of the preeminent heart and lung transplant surgeons in the world he certainly wasn't looking for a bigger challenge or to move up in the world. He chose to enter politics in 1994 for the right reasons. He saw how things were done in Washington and didn't particularly like what he saw.

 

Once there, instead of lounging around with mock royalty and their sycophants at Martha's Vineyard, Frist chose oftentimes to spend his vacation time performing surgery in remote villages in Africa. No, he never made a big deal about it. He didn't do it for a photo op or publicity stunt. He just did it.

 

This is the same man who vowed just two terms in the U.S. Senate and, despite the unexpected rise to majority leader, appears on course to honor that vow.

 

I often laughed at his detractors who claimed he was in the “back pocket” of the pharmaceutical companies. Frist carries enough cash in his money clip to buy a pharmaceutical company, for crying out loud. He is beholden to no one. He doesn't have to be.

 

It's no secret that he's a viable candidate for the '08 presidential race; and that brings us back to the stock sale.

 

The left-wingers complained for years that his health care industry holdings were in direct conflict with his senate duties. Despite repeated approval from Senate Ethics experts, the naysayers continued to whine. As Frist looked down the road at a possible presidential run, I'm sure he sought to deflate this issue. Again, he sought counsel from the Senate Ethics Committee. After two months of gathering advice, Frist gave the go-ahead to sell his shares of HCA on June 13. Shortly after that, the company posted a less than stellar earnings report and the stock dropped. Now he's being accused by some of insider trading.

 

With those who think he's a crook he's in a no-win situation. To them, he was a crook because he held the stock and he's a crook because he sold the stock. I look at the man in his totality. Is there anything whatsoever in his past to indicate that he's less than honest? No. Is there any reason he would do anything underhanded in order to make a couple of bucks per share when he's already worth millions? No. Is he so stupid that he would torpedo his presidential aspirations just to fatten his wallet? No.

 

I'll wait for the conclusion of the SEC investigation. I will be absolutely shocked if he is not completely exonerated.