Thursday, March 31, 2005


Schwab lies

The Charles Schwab Corp., target of protests around the nation today, is trying to claim it is "neutral" in the debate over privatizing Social Security. From the company's latest press release:
At this time, the Charles Schwab Corporation is not an advocate of any specific political approach related to addressing Social Security. Claims by some organizations that Schwab is a 'supporter' of Social Security personal accounts are incorrect.
Really? We don't think so. It's been documented that:
The Schwab release also states:
The Company has contributed membership fees to a variety of organizations that have points of view on this issue. Those contributions have included groups that take both sides of the debate on the role of private accounts in a Social Security solution.
Really? Maybe so, but the Schwab representative we talked to refused to name any of the anti-privatization groups that they have supposedly given to.

Finally, the Schwab release tries to answer the direct question, does Charles Schwab, himself, support private accounts. Instead of a simple yes or no, here is the crap they offer:
Mr. Schwab has been a life-long and unequivocal advocate for the benefits of investing. He also has been vocal on the need for Americans to expand their retirement savings. He has said the he believes the long-term viability of Social Security should be a public priority. He recognizes these are his own thoughts and not the official views of the company.
We need a little Jon Stewart "wha? . . .wha? . . wha?" sound effect here. Again we have to ask, Really?
While Schwab seems desperate to lie low on this subject, we can't help but send our best wishes to the AFL-CIO and others that are trying to keep them in the spotlight.

Also, thanks to some of our labor friends for sending the photo from Columbus, above.


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