Rally Targets Charles Schwab

(Metropolitan Washington Council, AFL-CIO)

AFL-CIO President John Sweeney and Metro Council President Jos Williams will lead a major demonstration by working families and groups concerned about retirement security at the K Street offices of Wall Street brokerage firm Charles Schwab this Thursday.  The noontime event demanding that Schwab withdraw its support for President Bush’s risky plan to privatize Social Security is one of dozens taking place across the country in a National Day of Action for Retirement Security. “Privatization would mean huge benefit cuts and enormous new government debt,” says Williams, “and would worsen the finances of Social Security.” Well positioned to make huge profits managing private accounts, the Charles Schwab Corp. is a major backer of the push to privatize Social Security accounts. “Schwab’s support for privatization is a conflict of interest with the retirement security of its clients who have entrusted their savings with the firm,” added Sweeney.