Group Leaves Social Security Overhaul Bloc (LA Times)

[ailsagirl]

The move by Financial Services Forum is the latest indication of the dual pressures facing corporations in Bush's drive to revamp system.

By Peter Wallsten
Times Staff Writer

March 15, 2005

WASHINGTON — Signaling more troubles ahead for President Bush's campaign to overhaul Social Security, a group representing the nation's biggest financial companies said Monday that it had decided not to renew its membership in a business coalition raising millions of dollars to back the effort.

The Financial Services Forum, which represents chief executives from such corporate heavyweights as American Express, Citigroup and Goldman Sachs, was a co-founder of the Coalition for the Modernization and Protection of America's Social Security, or Compass. But it left the coalition last month after its members failed to agree on Bush's plan to let workers divert some of their payroll tax into individual investment accounts.

"We never really came to a consensus on things like personal accounts and endorsing any specific plan," said Ken Trepeta, the forum's vice president. "I couldn't in good conscience sign our guys up for this."

The move by the group, headed by former Rep. Rick Lazio (R-N.Y.), is the latest indication of the conflicting pressures facing corporate executives — on one side, a White House eager for their backing on Bush's top domestic priority and on the other, corporate shareholders wary of endangering profits by entering a politically charged battle that could alienate customers and some investors.

http://www.latimes.com/news/nationworld/nation/la-na-social15mar15,0,5776783,print.story?coll=la-home-nation

[Inland]

1. Too late to save yourselves, you big financial corporations.

We know what you are looking for. Private accounts and bigass fees. Pretending to drup Bush fools nobody.

The only sure winner is the man handling the money, getting paid with no risk.

[struggle4progress]

2. kick