by Peter Freyne
What a weekend it's turned out to be!
Extremely bad news for the Tarrant for Senate Campaign as Sunday's edition of The New York Times broke a major investigative piece about some very suspicious Wall Street stock-trading last year involving the business dealings of Vermont's self-funded Republican candidate who is seeking to fill Independent Sen. Jim Jeffords seat.
The questionable trading miraculously raised the price of the sellers shares during negotiations involving five billion-dollar-plus corporate buyouts in 2005 - including G.E. Healthcare’s $1.2 billion buyout of Rich Tarrant’s IDX Systems of South Burlington, Vermont.
If your not a logged-in N.Y. Times subscriber, ---here [via NY Times Link Generator, here]Update: Thanks, Morgan, for the N.Y. Times link, just learning the blog ropes --- you can catch it here from Reuters via the Washington Post. The study of the sales and the stock trades was conducted for the Times by a Toronto, Canada firm - MeasuredMarketsInc. Here's a look at the Vermont highlights from the Times article:
"In each of the five cases, the abnormal trading occurred during periods of significant behind-the-scenes progress in the mergers, as outlined by the companies themselves in regulatory filings long after the deals were struck.
"Trading in Dex Media increased sharply last Sept. 14, the day that management, legal teams and financial advisers representing the company and Donnelley met. And the price and the number of shares traded in IDX jumped on Sept. 7, when its chief executive and a G.E. executive talked and G.E. agreed to increase its bid by 5 percent.
"The S.E.C., following its usual practice, declined to comment on the report."
One thing we can be sure of: Rich Tarrant will accuse the popular, well-known and well-respected front runner, Independent U.S. Rep. Bernie Sanders, of a lot of things, and call him a lot of names in this campaign - already has, hasn't he?
BUT, Rich Tarrant will never accuse the outspoken Bernie Sanders of being engaged in a multimillion dollar illegal stock fraud!
This week, Tarrant, the former IDX CEO, co-founder and current rookie Republican candidate for the U.S. Senate may be talking to his lawyer, more than his TV attack-adconsultant?
Also, this could be the week that Vermont GOP leaders have a private talk with GOP Candidate Tarrant. Add a federal fraud investigation on top of his megamillion-dollar, negative, attack ad campaign, and no matter how much money Tarrant has, Gov. Jim Douglas, Lt. Gov. Brian Dubie, State Auditor Randy Brock and U.S. House hopeful Martha Rainville are NOT going to want to be in the same state, let alone on the same ticket as Rich Tarrant come November 7, 2006.
After all, Tarrant's principal residence, the one worth $9 million rather than a measely $460k, is in Florida, isn't it!
P.S. From the IDX Corporate "Vision Statement":
"IDX Products will elevate the trust of healthcare consumers by empowering providers to make better more-informed decision."