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Frist Faces Heat as SEC Orders Formal Investigation (Update2)
Sept. 28 (Bloomberg) -- U.S. Senate Majority Leader Bill Frist faces a near-term ordeal unwelcome to anyone, particularly an ambitious politician: an official probe into his personal financial dealings by the U.S. Securities and Exchange Commission.

The SEC authorized a formal order of investigation of Frist's sale in June of HCA Inc. shares, people with direct knowledge of the inquiry said yesterday. The order allows the agency's enforcement unit to subpoena documents and compel witnesses to testify, said the people, who asked not to be identified because the order hasn't been made public.

``This turns the flame up under the kettle and keeps the water boiling,'' said Stuart Rothenberg, editor of the independent Rothenberg Political Report in Washington. ``It means he's going to continue to be peppered with questions about this stock sale, and no politician wants to be questioned about things like that.''

(First seen at the Poor Man)