Wall Street firms begin SS lobbying campaign

[ivolsky]

Wall Street firms have helped raise millions of dollars for the Bush campaign, but now they have embarked on a campaign of their own. Behind the scenes, lobbying firms have "begun meeting with Congressional and White House staff members, pushing the idea that private accounts are not only good for the country but also good for business."

Wall Street firms have shied away from conspicuously endorsing social security reform, preferring to push "for private accounts, through a loose assemblage of trade associations, business coalitions and conservative research centers. These groups have lately begun trying to raise money from business interests and to marshal support on Capitol Hill, while also seeking to deflect criticism that Wall Street is behind the move simply to reap rich rewards for administering the accounts."

The firms say privatization may bring in a measly $39 billion over 75 years, but an independent analysis for the Journal found that "ven if only two percentage points of payroll tax were diverted into privatized accounts, this would mean $60 billion a year could flow into mutual funds and other securities."

more: www.politicalthought.net