Fw: False Attacks Over "Windfalls" to Wall Street

----- Original Message -----
From: "FactCheck.org"
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Sent: Thursday, March 03, 2005 6:10 PM
Subject: False Attacks Over "Windfalls" to Wall Street

False Attacks Over "Windfalls" to Wall Street

Summary

New information turned up by FactCheck.org shows that the type of private
Social Security accounts being proposed by President Bush would yield very
little profit to the securities industry, contrary to persistent claims of a
potentially huge "windfall" to Wall Street.

What we have discovered is that the model for Bush's accounts -- the Federal
Thrift Savings Plan for federal workers -- actually paid securities firms a
net total of only 16 cents for every $10,000 in workers accounts. The TSP
had refused to make that information public -- until now. It shows that fees
actually being paid to Wall Street are hundreds of times smaller than some
critics had assumed.

For that reason and others we find that ads run in Louisiana by the liberal
Democratic group Campaign for America's Future are grossly misleading. The
group is accusing Republican Rep. James McCrery, who is chairman of the
Social Security subcommittee and a supporter of Bush's private accounts, of
"corruption" for accepting campaign donations from Wall Street, which it
falsely claims will "profit most" from private accounts.

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