Monday, April 18, 2005
Charles Schwab
The Charles Schwab Corporation
101 Montgomery Street
San Francisco, CA 94104

Re: Social Security Privatization

Dear Mr. Schwab:

On February 1, 2005 I sent you a letter regarding Schwab’s support of the plan to privatize Social Security. Although I received a phone call informing me that the letter had been received, I have yet to receive a written response. Considering the current media furor over this issue and the ensuing public outcry, it would seem obvious that a formal response is warranted. Our clients, who are uniformly opposed to the privatization of Social Security, have been contacting me out of concern that Schwab is supporting this dangerous, foolish and self-serving proposal.

As a member of the Alliance for Worker Retirement Security, a group created specifically to fight for privatization, Schwab’s public claims of being neutral simply do not ring true. Furthermore, John L. Sweeney, president of the AFL-CIO, claims that an executive vice-president of Charles Schwab Corp., William L. Atwell, is a “principal proponent” of private accounts on the Securities Industry Association board. This also calls Schwab’s neutrality into question, as does the participation of Schwab officials in White House meetings focused on the privatization of Social Security.

I have worked with your firm as a client and stockholder for many years and hope this does not jeopardize our business relationship. On the other hand, if your position of supporting the privatization of Social Security is unalterable, our continued relationship is indeed threatened.

I would appreciate a prompt response and look forward to hearing from you.


John Harrington

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