WP: Frist Political Fund Can't Cover Bank Loan

[kskiska]

Senator's Investment in Stock Market Has Lost $460,000 in Value Since 2000

A campaign fund controlled by Senate Majority Leader Bill Frist (R-Tenn.) has lost almost $460,000 in stock market investments since 2000 and now does not have enough to cover a sizable bank loan, according to federal election records and the manager of the Frist account.

The heaviest losses, totaling more than $500,000, occurred in a stock index fund in 2001 and 2002, years when the securities markets suffered a major downturn. But the Frist campaign account lost an additional $32,050 in July and August, a setback that was only partially offset by a gain of $11,472 in September, according to Linus Castignani, treasurer of "Frist 2000," which was created to finance the senator's successful campaign for a second six-year term in 2000.

Democrats yesterday seized on the reports of the losses, which were revealed by the Chattanooga Times Free Press.

Todd Webster, spokesman for outgoing Senate Minority Leader Thomas A. Daschle (D-S.D.), said in an e-mailed statement that the losses raised questions about a Republican plan to let Americans invest a portion of their Social Security contributions in the stock market.

more…
http://www.washingtonpost.com/wp-dyn/articles/A26558-2004Dec1.html

[BrklynLiberal]

1. I hope he goes bankrupt investing in the stock market n/t

[MADem]

2. Poetic justice...PRICELESS! n/t

[The Backlash Cometh]

7. Unbelieveable.

Another nail in the Privatization coffin.

Stock and bonds are simply not a secure investment. Takes way too much inside information to keep it profitable in the long term.

[Philostopher]

3. I like the fact Daschle's spokesman

took the opportunity to get a little dig in at the plan to let Wall Street rape Social Security. Todd Webster deserves at least a pat on the back for that one.

[high density]

4. Wow, and I get a huge "Tyco International" ad beside this article

Hilarious.

[Cobalt Violet]

5. So they want our SS money to go into this stock market?

:WTF:

[Dr.Phool]

6. And we're trusting this guy

with the entire U.S. budget and Social Security.

We're fucked.

[pa28]

8. The media will ignore the irony.

Frist will write a check and it will be over.

[depakid]

9. Don't cry for Frist

His family owns tons of HCA stock, the huge healthcare pirate that was involved in the largest Medicare fraud case in US History and paid out over $840 million in fines and penalties.

Somehow, I don't think a measily $500,000 loss will hurt that corrupt POS all that much....

[Moderator]

10. Duplicate

http://www.democraticunderground.com/discuss/duboard.php?az=show_topic&forum=102&topic_id=1032023