Earlier this week, when it emerged that Senate Majority Leader Bill Frist (R-TN) sold shares in his family's company right before the stock tanked, we wondered whether this was a real story, or just the appearance of a story. As more facts come out, such as those reported this morning by the AP's Jonathan M. Katz and Larry Margasak, it increasingly looks like this story could be a major liability for the GOP leader.

Senate Majority Leader Bill Frist, R-Tenn., was updated several times about his investments in blind trusts during 2002, the last time two weeks before he publicly denied any knowledge of what was in the accounts, documents show.

The updates included stock transactions involving HCA Inc., the hospital operating company founded by Frist's family.

Frist's sale of HCA stock is under scrutiny by the federal government. Nashville, Tenn.-based HCA said Friday it had received a subpoena from prosecutors for the Southern District of New York, asking for documents the company believes are related to Frist's sale of company stock this past summer.

[...]

Frist sold his HCA stock from several blind trusts this summer, at a time when insiders in the company also were selling off shares worth $112 million from January through June. Frist aides say he sold his stock to avoid any appearance of a conflict of interest.

Again, even if Frist did not commit insider trading -- and there is no indication that he has -- this is nevertheless becoming yet another drag on the Republican Party at a time when its top leader, President Bush, sees his approval rating falling to its lowest level ever. Maybe the President is now having second thoughts about installing Frist after forcing Trent Lott out of the position.