Frist a Major Shareholder in Reputed For-Profit Abortion Provider

Human Events ^ | 12-20-02 | Terry Jeffrey

[The Old Hoosier]

Frist a Major Shareholder in Reputed For-Profit Abortion Provider
By Terence P. Jeffrey

Bill Frist (R.-Tenn.), reportedly the White House choice to succeed Trent Lott (R.-Miss.) as Senate majority leader, is a major shareholder in HCA, a for-profit hospital chain founded by his father and brother. HCA reportedly provides abortions to its customers.

So now Republicans face this question: If it is disqualifying for their Senate leader to make offensive remarks interpreted as endorsing an immoral policy that denied African-Americans equal rights, is it also disqualifying for their Senate leader to make money from a hospital chain that denies unborn babies the right to life?

Frist has deposited his major stockholdings in a "blind trust" chartered Dec. 28, 2000. A schedule of the original assets in this trust filed with the Senate showed holdings in 16 companies. Frist reported the value of these assets, as per Senate rules, within broad ranges (e.g. $1,001-$15,001). If the lowest possible value is assigned to each holding, Frist at that time had invested a minimum of $566,015 in 15 other companies, while investing at least $5,000,001 in HCA.

That would mean that approximately 89% of his holdings were in this company.

Furthermore, on its face, the trust agreement appears structured to allow the administrators to maintain this heavy concentration in HCA stock. It also specifically instructs the administrators to inform Frist if they divest entirely from any holding, including HCA. And, finally, it gives Frist the power to directly order the administrators to divest from HCA or any other holding that Frist determines "creates a conflict of interest or the appearance thereof."

HCA does not trumpet its reported involvement with abortion. But, in April, Catholic Financial Services Corporation (CFSC), a mutual fund company, announced that it was starting an S&P 500 Index Fund that would "exclude companies on the abortion issue"—and that HCA was one of only six companies on the index that would be excluded on these grounds. A spokesman for the mutual fund explained to me last week that the company excludes hospital chains that perform abortions and pharmaceutical companies that deal in drugs that induce abortion.

On December 18 and 19, I placed several calls to HCA corporate spokesman Jeff Prescott, to ask him directly whether abortions were performed in HCA facilities, or whether the company refuted CFSC’s determination that they were. I left him voice messages to this effect, and repeatedly told his secretary my questions. At 5:00 p.m. on the 19th, as press time approached, the secretary left me lingering on hold with no answer. When I hung up and called back, I got Prescott’s voice mail again and left him one last message. He never returned my call.

I also spoke with Sen. Frist’s spokesman, Nick Smith. I explained to Smith my understanding that the terms of Frist’s "blind" trust allowed the administrators to maintain a heavy concentration in HCA, while allowing Frist to order the sale of this stock, and while also compelling the administrators to inform Frist if they divested entirely from HCA or any other holding. I cited the specific passages in the trust to this effect. I also asked Smith to clarify Frist’s position on abortion—which has confounded pro-lifers over the years—and why Frist would not divest, since he apparently could, from a company that reportedly performs abortions.

When Frist first ran for the Senate in 1994, the Nashville Banner reported that he "frequently" said he "does not believe abortion should be outlawed." In a May 1994 radio interview, the Banner reported, Frist said, "It’s a very private decision." One of Frist’s Republican primary rivals, Steve Wilson, the Banner said, "demanded that Frist sell his millions of dollars in stock in the Hospital Corporation of America [HCA], which Frist’s family founded. Some of the hospitals in the chain perform abortions."

Tennessee Right to Life PAC Director Sherry Holden, however, told the Banner that Frist had told her organization he was pro-life. "He said he’s against abortion, period—no exceptions, except rape and incest," said Holden.

Yet, an Oct. 10, 1994, Memphis Commercial Appeal report on a debate between Frist and incumbent Sen. Jim Sasser (D.-Tenn.) said: "There were some topics on which the candidates agreed—both said they’re personally opposed to abortion but don’t think the government should prohibit abortions."

I asked Smith whether Frist wanted to prohibit abortion either by constitutional amendment or by over-turning Roe v. Wade and enacting prohibitions in the states, including Tennessee.

Smith responded by faxing me a statement. The White House, pro-life Republican senators, and their grassroots supporters can decide whether it is responsive:

"These two issues [the HCA investment and abortion] are separate and distinct," wrote Smith.

"On his own accord, by placing his assets in a federally qualified blind trust, Sen. Frist took a step above and beyond to ensure there is no conflict of interest," wrote Smith. "He believes this was the proper and responsible thing to do. He has never been employed by, or served on the board of, HCA or any of its hospitals.

"As a U.S. senator who acts on public policy each and every day, his record on abortion is clear," Smith continued. "He is opposed to abortion except in the instances of rape, incest and when the life of the mother is threatened. He is opposed to federal funding of abortion. And in the Senate, he led the fight against partial-birth abortion."

His Senate website includes a statement saying, "No one can deny the potential human cloning holds for increased scientific understanding. But . . . I am unable to find a compelling justification for allowing human cloning today."

As Bill Clinton might say, that doesn’t rule out tomorrow—when he may be Senate majority leader.

[The Old Hoosier]

I didn't know that about you, and I'm very sorry to hear it happened. But I don't respect life any less than you do. Don't start judging me.

[Howlin]

I refuse to be baited into a discussion of Hitler and the Jews.

[Howlin]

No, but you think you respect life MORE than I do becasue my views aren't like yours.

And I notice you didn't feel that way until you found out I had actually LOST a living child.

Hypocrite.

[The Old Hoosier]

Then answer the other one: Am I a single-issue voter if I won't vote for people who fund terrorists? If I won't vote for people who blame America and claim they're looking for the @#$#@ "root causes" of terrorism?

[over3Owithabrain]

I think Lott's folks are out there starting these attacks to scare conservatives away from Frist and further divide the party even more than Lott has already managed. Does Frist share all my beliefs - I'm sure not. Do I think he'll take a more pro-life agenda than the Dems would and get what he can through the Senate with Bush's help? Yes. The first legislative hurdle pro-life is PBA - I believe the Senate will eventually pass that with frist or any other GOP guy and bush will sign it. He certainly won't stop it - the issue polls well anyway and passed before except for a Clinton veto. As to the more controversial aspects of abortion, that will have to come through the courts anyway in time and Frist won't be blocking conservative judges. To summarize, he'll do at least as good as Lott, probably better, at passing what can be passed, and he won't be a reckless, weak idiot to boot. Frist isn't "my guy", but I have no problem if he gets ML.

[PianoMan]

Improvisation on established themes was the central musical experience for Bach, Mozart, Schubert, you name it. Gershwin and pre-ideological jazz are thus much closer to that tradition than cerebrally through-composed stuff.

[Howlin]

Thanks for your explanation. Who was "your guy?"

[The Old Hoosier]

Don't start this BS. This is just a debate about ideas--is it my fault you mentioned it, evoking some sympathy from a fellow human being?

Yes, I have a heart, so I won't call you names right after you mention losing a child. Does that make me a hypocrite?

[Howlin]

You don't care about mothers. If a mother is raped or a victim or incest or her life is in danger, you STILL believe she should carry her child to term, even if it kills her.

Don't talk to me about life.

[Flyer]

Who else may profit? Check you investments.

Top 20 Holders (13F) J.P. Morgan Investment Mgmt. Inc. 26,000,019 -158,915 5.1%

Fidelity Management & Research 19,160,535 -822,511 3.7%

Putnam Investment Management, LLC 17,050,362 -2,168,267 3.3%

Barclays Global Investors 14,632,852 -325,628 2.9%

AIM Management Group, Inc. 13,106,746 -272,797 2.6%

State Street Global Advisors 12,663,047 397,415 2.5%

American Express Financial Advisors 12,640,386 767,364 2.5%

Wellington Management Company, LLP 11,277,869 -14,011,589 2.2%

Vanguard Group, Inc. 9,310,768 -41,716 1.8%

Merrill Lynch Investment Managers (NJ) 9,240,758 2,315,790 1.8%

Capital Research & Management 9,000,000 -84,000 1.8%

Jennison Associates LLC 8,851,816 2,656,916 1.7%

Rorer Asset Management, L.L.C. 7,461,052 -386,599 1.5%

American Century Investment Mgmt. 6,861,999 1,434,227 1.3%

Dodge & Cox 6,096,619 244,783 1.2%

Morgan Stanley Investment Management 6,028,229 3,690,800 1.2%

MFS Investment Management 5,936,347 440,947 1.2%

Maverick Capital Ltd. 5,790,400 590,400 1.1%

Lazard Asset Management Ltd. 4,648,847 1,370,275 0.9% Mid

Smith Barney Asset Management 4,497,934 678,723 0.9%

http://ir.thomsonfn.com/InvestorRelations/Ownership.aspx?partner=Mzg0T0RnME53PT1QJFkEQUALSTO&product=MzgwU1ZJPVAkWQEQUALSTOEQUALSTO

[Delphinium]

I'll pray that you become more enlightened as to the value of innocent human life.

If you have lost a child, and still believe in abortion you really need prayer. Have you also had an abortion? My experience has been that many who defend abortion are many times women who are dealing with the guilt of having one. How could a woman carry a baby inside her, and think its not worthy of LIFE? I have also lost 3 babies, and have had 3. My first with no father around. People begged me to abort him. Life was not easy. It was very inconvenient. My reputation was ruined. Was my life more important then his? That fatherless child has 4 of his own now, one born yesterday. I can't imagine life without that child, or his children.

[The Old Hoosier]

You know nothing about me, yet you judge me as if you did.

If her life is in danger and a surgical procedure will save her but kill the child, I'm all for it. I'm pro-life, including the life of the mother.

Rape and incest are irrelevant to that discussion, though. That's more like snuffing out something you don't like.

[truth_seeker]

"If you really are a truth seeker you will find that our republic is already based on Christian, and Jewish laws."

I 'really am a truth_seeker' and I know that the USA is governed by a body of laws, including the Constitution. I will grant that our legal system was heavily influenced by Judeo-Christian concepts of civil society.

But if the founders had meant for the Christian bible to be the over-arching authority, I would have expected them to quote directly from it, and/or incorporate specific phrases into law.

They didn't do so. Hence, we are governed by the written, secular civil laws, interpretted from time to time by duly appointed judges.

I know enough about history to realize that religion at the time of the founding was about the FACT we WOULD NOT have a state religion.

And over 200 years have passed without a state religion. Contrary to your selective quotes, fundamentalist Christianity IS NOT the law in the USA.

Under the precepts of the founding, citizens would be free to practice their chosen faiths, without interference by the state. None would be favored.

Under the precepts of the founding, a liberal Christian faith would have equal standing under the law, with a fundamentalist Christian faith, or any other faith. There were Jews in the colonies, and Jefferson wrote references of islam.

That takes us away from Frist, his family's business. I see no problem with him, as far as the SML position.

Now you may prefer that this single issue be a litmus test for every political figure. You are free to do so, with respect to your own vote.

[Howlin]

Have you also had an abortion? My experience has been that many who defend abortion are many times women who are dealing with the guilt of having one.

And you wonder what people despise you all.

[wardaddy]

Right...lol...I'm against abortion so I'm in the way of progress against abortion.


Next time you run off the road why not aim for that tree...remember it's in the way of your progress of avoiding it.

I'm amused at all of you who took Lott's gaffe as a means to kill him and at the same time prostrate yourselves at the altar of political correctness but now you run circles to defend any hint of an issue with your boy Frist.

It's all about the politics in the end isn't it? Your talk of principle and falling on swords is only so much smokescreen.

BTW, I don't dislike Frist. We could do worse. I simply don't think any Pubbie senator is now up to the job. I wish DeLay was a senator.

[Howlin]

You know nothing about me, yet you judge me as if you did.

You felt free to post this hit piece and then go on to pontificate about the unworthiness of Bill Frist.

You know the old say, "Judge not, lest you be judged."

If you're going to dish it out, you should be prepared to take it.

[The Old Hoosier]

I find Delph's comments in very poor taste, but she's not the one who turned this whole conversation into a personal issue. You were.

[The Old Hoosier]

There's a big difference between judging someone's ideas as they are stated--like Frist who said he's for legal abortion--and judging someone's views that haven't been articulated.

[over3Owithabrain]

I guess I really don't have a "guy", frankly I'm not hip to every nuance of the contenders. I wouldn't say I'm ABL (anyone but Lott), but I know he should go ASAP. I do want someone who isn't an old crony type, like Hatch.
Frist, Santorum, Nickles, McConnell, Kyl, all come across well and seem like loyal smart GOPers. Lott was uninspiring to say the least before this mess, I really do think a positive change is coming.

[Howlin]

If you don't mind, I would prefer that a woman who couldn't say no to a man and ended up an unwed mother NOT pray for me.

You certainly are in no position to judge anybody.