An AP story (here) notes Senator Bill Frist’s acknowledgment that the SEC’s investigation of his sale of HCA Inc. stock from so-called blind trusts may affect his decision whether to run for President in 2008.  While the SEC’s investigation will not be concluded swiftly, given the volume of stock sales by HCA executives and potential sources of information, it will likely be done long before the primaries in 2008.  The greater problem for Senator Frist is the innuendo that an investigation causes, even if the SEC decides not to pursue a civil fraud action.  The end of an investigation, even one without any public action, never receives the same publicity as reports of its initiation and stories about subpoenas being sent to those involved in the transactions.  The political assessment will follow the legal decision, but will include factors far removed from the federal securities laws. (ph)