AFL-CIO Holds Protests Against Charles Schwab, Inc.

By David Darman on Thursday, March 31, 2005.

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About 30 AFL-CIO members demonstrated today (Thursday) in Manchester against President Bush's goal to privatize a portion of social security.

The target of their protest was the offices of Charles Schwab, Incorporated. They accuse the investment company of supporting lobbying in favor of private accounts.

New Hampshire Public Radio's David Darman has more.

SOUND UP: hey hey ho ho, corporate greed has got to go.....hey schwab, did you hear that?

New Hampshire AFL-CIO president Mark MacKenzie led the cheers in front of the Schwab Company's Manchester office.

He called on the company to break off from a lobbying group called the "Alliance for Worker Retirement Security" that is pressing Congress to pass a privatization bill.
charles schwab we want you to get off that board we want you to get off of that group and we want you to disenfranchise yourself from any organizations that are involved in the privatization of social security....

The Manchester demonstration was one of 80 the AFL CIO held around the country.

Schwab officials say they think its unfortunate the union has targeted them in its efforts to thwart privatizing social security.

Sondra Harris is a spokesperson for the company.
charles schwab is not a proponent of private accounts. we are of course interested in the debate and we are watching it closely. but we are not involved. and its disappointing that we have been singled out...

The AFL CIO official who directed the national campaign against Schwab says there's no mistake in targeting the investment firm.

Steve Weingarten says the firm is backing the President because it's trying to regain business it lost when stock market declines lowered its profits.
charles schwab has been a long time proponent of privatizing social security. and the company has been part of the lead lobby group called, the alliance for worker retirement security which is campaigning to privatize security. and charles schwab has huge conflict of interest here because privatized accounts could be a huge windfall for this company.

In New Hampshire, several union members said they feared privatization would spell the end of the income guarantee social security provides in old age.

Lori Sutherland is with the Painters and Allied Trades Council, District 35.

She said the program doesn't enrich anyone, but she thinks its worth keeping.
you know it might not be much but its reliable and dependable. i'm 42 years old and whats to stop the stock market from just dropping, you know, 6 months before i retire. and you know, what am i going to get, after all the years of paying in?....

The New Hampshire protesters also demonstrated in front of Congressman Jeb Bradley's Manchester office.

In a reversal of a campaign position, the Congressman has said he open the idea of private accounts.

Both of the state's senators support President Bush's proposal.

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