Activism Discussion: Edward Jones Begins Campaign For SS Privatization

Edward Jones Begins Campaign For SS Privatization
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Sgtsam
2005-02-11 11:48:06 EST
February 11, 2005
Edward Jones's Film Noir: A Dim Social Security View
Entering Politically Charged Fray, Internal Video for Clients Makes
Its Case for Overhauling Program
By TOM LAURICELLA
Staff Reporter of THE WALL STREET JOURNAL

Brokerage house Edward D. Jones & Co., which has been an advocate of
private Social Security accounts like those proposed by President
Bush, is taking the message that big changes are needed in Social
Security directly to its clients.

This week, the St. Louis firm, which operates the nation's largest
network of brokerage offices, began broadcasting to its offices a
33-minute video called "The Future of Social Security" for audiences
of clients and prospective clients.

The broadcasts nevertheless mark a rare move by a brokerage house to
address the politically charged debate over changes in Social Security
with clients as part of a marketing effort. The broadcasts were
promoted in notices in local newspapers around the country.

In the video, panelists discuss "possible solutions to reform Social
Security" that include creating private accounts, increasing taxes and
raising the retirement age. One client says he is putting money in an
individual retirement account because he isn't sure what Social
Security will provide when he retires.....

Edward Jones has worked behind the scenes for years to support private
accounts. Since 1998, it has contributed to the Alliance for Worker
Retirement Security, a lobbying group whose goals include making
individually controlled accounts part of any Social Security overhaul.
Edward Jones is "one of the few firms that has shown some passion for
the issue independently of me," Derrick Max, the group's executive
director, said this week.

The firm's role in the debate over Social Security stretches from top
partners down to brokers. John Bachmann, a senior partner described by
the firm as its retired managing partner, is chairman of the U.S.
Chamber of Commerce, which supports private accounts and is a
contributor to the Alliance for Worker Retirement Security. He has
been involved in the chamber's push for changes. On Feb. 18, Kenneth
Pemberton, an Edward Jones broker in Cape Girardeau, Mo., is slated to
take part in a panel discussion on Social Security sponsored by
Southeast Missouri State University. His topic: "Can Privatization
Work?" He couldn't be reached for comment.....

The AFL-CIO, which opposes private accounts, contends that Edward
Jones and Schwab have a conflict of interest in lobbying for changes
that could boost their profits while putting workers' retirement
income at risk. In January, the AFL-CIO organized a letter-writing
campaign complaining to Schwab that workers could be hurt. It now is
urging members to e-mail the head of Edward Jones, demanding that the
firm be more upfront about its support for private accounts and
withdraw that support. The group also held a protest against the video
broadcast...

== SNIP ==



J*@aol.com
2005-02-11 12:13:02 EST
Great article.
I noticed it made no mention of the firm's recent SEC fines. And I can
fully understand why they would like to be on the ground floor of SS
privatization..the various ways to screw clients is unlimited.

http://registeredrep.com/news/ed-jones-fined/

co jones


Williams
2005-02-11 14:53:45 EST

J*t@aol.com wrote:
> Great article.
> I noticed it made no mention of the firm's recent SEC fines. And I
can
> fully understand why they would like to be on the ground floor of SS
> privatization..the various ways to screw clients is unlimited.
>
> http://registeredrep.com/news/ed-jones-fined/
>
> co jones

man... they're a bunch of flag-waving crooks!!!!!

"Edward Jones broke the law and broke faith with the working families
of California who placed their trust in the company's investment
recommendations," California Attorney General Bill Lockyer said.
"The documents we have obtained show Jones blatantly disregarded
investors' interests as it collected some $300 million in secret
payments from mutual funds."


University Studies
2005-02-11 15:01:10 EST
Why do the capitalist extremists want to privatize social security?

They may want this money to be pumped into the stock market to help support
a failed capitalist extremist viewpoint.

So, the self-proclaimed "brilliant" bankers at the Federal Reserve have
directed their pawn President Bush to convince the public to allow social
security savings to be gambled in the stock market.

These big bankers seem to care less about sending shock waves to America's
elderly population with talk of reducing their benefits.

Are there any men left in America who will stand up to protect America's
elderly, the children, the sick and disabled?

Or, have all of America's men turned into scared little sissies?

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"sgtsam" <sgtsam@co.com> wrote in message
news:3bop0151sa88lphta4qvibill0qn4u3eot@4ax.com...
> February 11, 2005
> Edward Jones's Film Noir: A Dim Social Security View
> Entering Politically Charged Fray, Internal Video for Clients Makes
> Its Case for Overhauling Program
> By TOM LAURICELLA
> Staff Reporter of THE WALL STREET JOURNAL
>
> Brokerage house Edward D. Jones & Co., which has been an advocate of
> private Social Security accounts like those proposed by President
> Bush, is taking the message that big changes are needed in Social
> Security directly to its clients.
>
> This week, the St. Louis firm, which operates the nation's largest
> network of brokerage offices, began broadcasting to its offices a
> 33-minute video called "The Future of Social Security" for audiences
> of clients and prospective clients.
>
> The broadcasts nevertheless mark a rare move by a brokerage house to
> address the politically charged debate over changes in Social Security
> with clients as part of a marketing effort. The broadcasts were
> promoted in notices in local newspapers around the country.
>
> In the video, panelists discuss "possible solutions to reform Social
> Security" that include creating private accounts, increasing taxes and
> raising the retirement age. One client says he is putting money in an
> individual retirement account because he isn't sure what Social
> Security will provide when he retires.....
>
> Edward Jones has worked behind the scenes for years to support private
> accounts. Since 1998, it has contributed to the Alliance for Worker
> Retirement Security, a lobbying group whose goals include making
> individually controlled accounts part of any Social Security overhaul.
> Edward Jones is "one of the few firms that has shown some passion for
> the issue independently of me," Derrick Max, the group's executive
> director, said this week.
>
> The firm's role in the debate over Social Security stretches from top
> partners down to brokers. John Bachmann, a senior partner described by
> the firm as its retired managing partner, is chairman of the U.S.
> Chamber of Commerce, which supports private accounts and is a
> contributor to the Alliance for Worker Retirement Security. He has
> been involved in the chamber's push for changes. On Feb. 18, Kenneth
> Pemberton, an Edward Jones broker in Cape Girardeau, Mo., is slated to
> take part in a panel discussion on Social Security sponsored by
> Southeast Missouri State University. His topic: "Can Privatization
> Work?" He couldn't be reached for comment.....
>
> The AFL-CIO, which opposes private accounts, contends that Edward
> Jones and Schwab have a conflict of interest in lobbying for changes
> that could boost their profits while putting workers' retirement
> income at risk. In January, the AFL-CIO organized a letter-writing
> campaign complaining to Schwab that workers could be hurt. It now is
> urging members to e-mail the head of Edward Jones, demanding that the
> firm be more upfront about its support for private accounts and
> withdraw that support. The group also held a protest against the video
> broadcast...
>
> == SNIP ==
>
>



J*@aol.com
2005-02-11 21:18:11 EST
Williams wrote..

man... they're a bunch of flag-waving crooks!!!!!

Ah, yes.
Lets do the math, shall we?
You collect $300 mil in bribes from several mutual funds to peddle
their wares..whether or not they benefit your unknowing customer..who
cares?
When caught, you pay $75 mil in fines. Umm..that's a net gain of $225
mil, isn't it?
Let us all now line up to do business with Edward Jones! They really
didn't *admit* to doing anything wrong..no brokerage firm ever
does..they would be banned from the business forever. Instead, it's the
"wink & nod" from regulators.."now carry on..see ya at the club on
Saturday".

co jones


Williams
2005-02-11 23:32:45 EST
don't ever get your name on their prospects list... they're worse than
jehovah's witnesses... their salespeople have a horrific quota system

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