From Bloomberg.com:

Frist’s Political Future Darkens Over Questions on Stock Sales

By Laura Litvan and Otis Bilodeau

Sept. 26 (Bloomberg) – At the start of this year, U.S. Senate Majority Leader Bill Frist was looking at a bright political future. He led his party to an expanded majority in the Senate in November and emerged as a leading Republican hopeful for the 2008 presidential race.

Less than nine months later, that picture appears darker. Frist, 53, now faces inquiries into his stock sales by the Justice Department and Securities and Exchange Commission that threaten to undermine him politically and provide Democrats fresh ammunition with which to question their opponents’ ethics.

“If there is really any evidence of insider trading, then he’s in very serious trouble, and so is his party,'’ said Gary Jacobson, professor of political science at the University of California in San Diego.

“It adds another brick to Democrats’ argument that Republicans are corrupt.'’

Frist through his spokesmen has denied any wrongdoing in the sale of shares of HCA Inc. held in a blind trust earlier this year, one month before a weak earnings report sparked a drop in the company’s stock. Nashville, Tennessee-based HCA, the biggest U.S. hospital chain, was founded by Frist’s father and brother. …

The probes add to the ethical questions hanging over congressional Republicans. House Majority Leader Tom DeLay, a Texas Republican, was admonished three times by the House ethics committee last year and soon faces a new probe into his overseas trips funded by Republican lobbyist Jack Abramoff. Last week, the White House’s former top procurement official, David Safavian, was arrested on charges of obstructing justice in a criminal probe of Abramoff.

Melanie Sloan, executive director of Citizens for Responsibility and Ethics in Washington, said Sept. 24 that her watchdog group will file a complaint with the Senate ethics committee as early as today seeking an examination of the timing of Frist’s stock sale.