SF Says Schwab, Lay Off our Social Security

The offices of Charles Schwab were surrounded by angry protesters Thursday when union and community leaders, workers, retirees, the disabled any more protested in front of Schwab’s Sutter and Montgomery facility. Schwab is a leading proponent of private accounts, supporting both Bush’s plan for Social Security privatization on the national level and Schwarzenegger’s public pension privatization in California.

Chairman and CEO Charles R. Schwab is a longtime supporter of diverting Social Security into private accounts. The Schwab company is a supporter of the Cato Institute, the think tank that has been the long-time proponent of privatizing Social Security. Schwab is also a member of the Alliance for Worker Retirement Security, the leading business backed lobby for Social Security privatization.

The pressure on investment firms that support privatization has increased in recent weeks. After the AFL-CIO organized a demonstration and letter writing campaign to protest Schwab rival Edward D. Jones and Co, the company withdrew from the Alliance for Worker Retirement Security. Thursday’s demonstration was one of many scheduled around the nation for the National Day of Action to Protect our Retirement.