The US Attorney's Office and the SEC have opened an investigation into whether insider trading was committed by Senate Majority Leader Bill Frist. A subpoena was issued for documents to determine whether Frist sold stock in HCA before the stock fell 16% in value which is a hospital chain owned by his family. Frist's office says he is cooperating with investigators. Frist's office also stated that his earnings are held in a blind trust. This means that he does not have direct control over the stock. His wife and children also sold stock at that time per his request. The sale came two weeks before the company reported dissappointed earnings for that quarter. The stock has not recovered since then. Frist stated he sold his shares because he did not want to have an appearance of conflict of interest.
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