Thursday, January 20, 2005

New York Daily News - Sen. Frist won but lost his shirt

Looking for a winning stock market strategy?
Find out what Senate Majority Leader Bill Frist's campaign committee is investing in - and do the opposite.

Frist's campaign committee has lost a whopping $524,000 in the stock market since the 2000 election and could not cover a bank loan that came due in August, records showed.

Campaign treasurer Linus Catignani said U.S. Bank "rolled over" the $360,000 loan and the money is now due in 2007. U.S. Bank spokesman Steve Dale would not comment.

Melanie Sloan, executive director of Citizens for Responsibility and Ethics in Washington, D.C., questioned whether the bank provided special privileges to Frist.

Putting aside the "some animals are more equal than others" angle, this seems to be exactly the kind of story the adults pushing back on Shrub's evisceration of Social Security ought to be publicizing. What if Frist's little slush fund had been Grandma's nest egg? This kind of thing happens all the time to equity portfolios, and you can draw a straight line from the collapse of equity markets in 1929 as problem to the creation of Social Security in 1935 as solution.


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