TITLE

Don't Show Us the Money

AUTHOR(S)
Gasparino, Charles
PUB. DATE
February 2005
SOURCE
Newsweek (Pacific Edition);2/28/2005 (Pacific Edition), Vol. 145 Issue 9, p34
SOURCE TYPE
Periodical
DOC. TYPE
Article
ABSTRACT
Discusses reasons for the silence of the United States' big financial firms on the issue of introducing privatized Social Security accounts. Suggestion that financial firms would reap tens of billions of dollars in fees with millions of new investors; Claim by top Wall Street executives that the fees on private accounts would likely be much lower than what they can make selling conventional mutual funds and other investments; Possibility that managing money for so many inexperienced people could open the financial industry to tremendous liability if the markets swoon and losses mount; Fear of a broad-based public relations backlash.
ACCESSION #
16298751

 

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