FEC finds Frist violated law by failing to disclose $1.4 million loan

[Roland99]

http://www.rawstory.com/news/2006/FEC_finds_Frist_violated_law_by_0601.html

Earlier today, Citizens for Responsibility and Ethics in Washington (CREW) received notice from the Federal Election Commission (FEC) indicating that in response to a complaint filed by CREW, the FEC found that Senate Majority Leader Bill Frist's 2000 Senate campaign committee, Frist 2000, Inc. violated federal campaign finance laws, RAW STORY can report. Their release follows.
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CREW's complaint alleged -- and the FEC agreed -- that Frist 2000, Inc. failed to disclose a $1.44 million loan taken out jointly by Frist 2000, Inc. and by Frist's 1994 campaign committee, Bill Frist for Senate, Inc. The result of the discrepancy was to make it appear that Frist 2000, Inc. had significantly more money that it actually had.

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.

...

In a conciliation agreement reached with Frist 2000, Inc. and the committee's treasurer, the FEC stated that the campaign committee violated the law by failing to report the loan on the 2000 Year End Report and by failing to report the repayment of the loan on the 2001 Mid-Year Report. The FEC fined Frist 2000, Inc. $11,000, as required by statute.

[GainesT1958]

1. Oops!

But, then, the Repub axiom this year does seem to be:
"What's a few million between friends?" :D

B-)

[Patsy Stone]

2. Can't they do ANYTHING honestly?

One damn thing?

[fooj]

3. Nope.

I hate these treasonous, filthy rat bastards!

[Patsy Stone]

7. You know...

Me too.

[Roland99]

4. It's physically impossible.

[spotbird]

16. Since there are no rules that apply

to them, everything they do is honest.

[Patsy Stone]

19. They actually

change the rules as they go. Which is nice. That way they don't need to anticipate, think about the morality or the consequences, just react whene it happens by finding a loophole. Which makes the whole thing much more difficult for those of us playing along at home.

[Rex]

5. I'm waiting for when he has to go to court over insider trading.

Frist is a POS politician. He will rot in Hell one day. Yay!

[Roland99]

6. Whatever happened with that?

[Rex]

8. Probably got settled out of court and under the MSM radar.

Good question, last I heard any news about insider trading was back in Dec of 2005. I guess I should just give up believing we still have a justice system in this country. :(

[TroglodyteScholar]

9. Wow, an $11,000 fine...

I know that hit him hard.

[hippiechick]

10. Yawn. Another day, another GOP crime.

Wake me when the sheeple take to the streets with pitchforks and torches. Ok ? :(

[Dover]

11. They can do whatever it takes to get elected and then only get a slap on

the wrist in fines if discovered. Where are the laws that remove a person from their ill-gotten
government posts?

This is also true for SEC related crimes. A company can steal/lose millions of dollars and will only have to repay a small portion of that amount due to caps. And lawsuits rarely return much in the way of losses to those who have atually been ripped off...the shareholders.

The laws and their administrators must change. Particularly in the area of White Collar, Corporate and Political crimes. But then, the court system is run by this group. It's a classist set up, not a democratic one.

[hatrack]

12. Can't he just lay his hands on the hard drive and diagnose problems?

I mean, it worked for Terri Schiavo, so why not for a campaign in ethical and financial trouble?

:eyes:

[WhiteTara]

13. Frist is a thieving cat killer

what more is there to say. Slimy little toad that he is.

[skooooo]

14. the gift that keeps on giving

[FreeStateDemocrat]

15. How much was Reid fined for ticketgate or didn't he break the law?

It will be interesting to see how the MSM will cover this unethical violation of election law compared to the overblown condemnation of Reid. Frist should resign his leaderdship post immediately.

[gademocrat7]

18. That would be a joyous occasion.

The evil, greedy lot needs to go.

[Patsy Stone]

17. I have to tell ya

Last night, I was watching C-SPAN's series on The Capitol and its history. They showed Frist in his office. The Senate Majority Leader's office used to be part of the second(?)Senate Chamber. It's the room where Thomas Jefferson and Aaron Burr stood while the tie breaking vote was cast naming Jefferson as president. Frist can stand right on the spot where it happened.

It made me sad and angry -- and I want him out of that beautiful room and all of them out of that building. They are not worthy of its majesty or dignity.

[rodeodance]

20. Frists aide had originally dismissed the complaint:

....Melanie Sloan, CREW’s executive director, said “it is gratifying to see that the FEC recognizes that Senator Frist’s campaign committee broke the law. Apparently, the FEC disagreed with Sen. Frist’s aide’s dismissal of the complaint as ‘incorrect’ and ‘politically driven.’”

***

Citizens for Responsibility and Ethics in Washington (CREW) is a non-profit legal watchdog group dedicated to holding public officials accountable for their actions.

For more information, please visit www.citizensforethics.org or contact Naomi Seligman Steiner at 202.408.5565/[e-mail].

# # #

[cantstandbush]

21. So when will this be "breaking news" on FOX,CNN,MSNBC? n/t

[Roland99]

22. HA! About the same time that this is >>>>>>>>>>>>>

Top GOP lawmaker in records probe
http://news.yahoo.com/s/ap/20060602/ap_on_go_co/congressman_lobbyist&printer=1;_ylt=Ahl99T_2iHEo9Wbc5UVzsGaMwfIE;_ylu=X3oDMTA3MXN1bHE0BHNlYwN0bWE-

[Rose Siding]

23. 11K is chicken feed for something that gave his campaign a boost

Noe is getting 2.5 years for illegal contributions. This loan contributed false stability and momentum to Frist's campaign.

[Occulus]

24. with a good APR, I could consolidate my CC and car

into less than a $14,000 loan.

Frist: self-entitled PRICK ON A STICK.

[maxrandb]

25. So when do the Justice Department Goons raid his office and take all

his files?

What's good for the goose, is good for the gander.

Didn't Frist recently say that he saw no problem with the Justice Department seizing all of a legislator's files?

I'm sure a subpoena will be issued any second now. :sarcasm: