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From the Open-Publishing Newswire
Indybay Feature
Thu Mar 31 2005
San Francisco Protest Against Charles Schwab's Support for Social Security Privatization
Labor Speaks Out Against Privatizing California Workers' Pensions, Social Security
On Thursday, March 31st, more than one thousand people, including workers and labor and community activists held a mass demonstration in front of Charles Schwab's San Francisco headquarters to challenge it to withdraw support for privatizing Social Security and the pensions of California workers. People made a human chain stretching several city blocks as part of the one of the biggest-yet single-day grassroots mobilization to defeat President Bush's and Gov. Schwarzenegger's plans to create private accounts that would give a windfall to financial firms. Reports and Photos: 1 | 2 | 3 | 4 | 5

Social Security's privatization would cause guaranteed benefits to be cut by nearly half and increase the federal debt by $5 trillion. Gov. Schwarzenegger is supporting an initiative in California for the November ballot that would eliminate secure pensions for millions of Californians and end death and disability benefits for the survivors of police and firefighters. Many see it as a clear conflict of interest for firms that manage retirement accounts to promote privatization. The San Francisco demonstration coincided with similar demonstrations in seventy-five cities across the country.

Charles Schwab is a major backer of the push to privatize Social Security. Privatization opens the Social Security system and pension investments to corruption and Enron-ization because politicians will decide which Wall Street firms will make billions in fees off workers' private accounts.

More information about the national campaign targeting Charles Schwab and other Wall Street firms: Wall Street Greed or the AFL-CIO
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