Senator Bill Frist, in a nutshell:
The FEC (Federal Election Commission) found that Senate Majority Leader Bill Frist’s 2000 Senate campaign committee, Frist 2000, Inc. violated federal campaign finance laws. "In June 2000, Senator Frist took $1 million of the money that had... been contributed to his 2000 Senate campaign and invested it in the stock market, where it promptly began losing money. In November 2000, Senator Frist sought to collect $1.2 million he had lent his 1994 Senate campaign committee. As a result of the stock market losses, however, Frist 2000, Inc. did not have enough money to repay the loan. Senator Frist solved this problem by having the 1994 and the 2000 campaign committees jointly take out a $1.44 million bank loan at a cost of $10,000 a month interest. Frist 2000, Inc. did not report this debt on its FEC disclosure forms."[29] In both 2005 and 2006, Senator Frist was named one of the "Most Corrupt Members of Congress" [30] by government watchdog group Citizens for Responsibility and Ethics in Washington for ethics inquiries stemming from his troubles with the FEC and an investigation by the SEC for stock sales potentially based on inside information.[31]
No comments:
Post a Comment