Sunday, September 25, 2005

Hot Off the Press: Rich Not Greedy
The defense of Frist

Since the Republican leader of the US Senate is under investigation by both the Justice Derpartment and the SEC for insider trading in a not-so-blind trust, I have read a number of defenses of Frist. However, I found one quite illuminating about the pyschology of the super rich in the WP this morning:

Republicans expressed confidence in Frist and his ability to weather the controversy. "Democrats will try to make a lot out of this and pounce on whatever they can," said Nicholas E. Calio, a former aide to both Presidents Bush. "To me, it's inconceivable that he [Frist] would sell stock based on inside information. He doesn't need the money."

I guess this means that tax cuts for the wealthy make no sense, because they don't need the money.


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