So Charles schwab is trying to scare seniors to vote for Romney. Here is what I will do.

[still_one]

I have some accounts with schwab, and I have started the process of transferring those accounts to Fidelity. Because he has taken an active role to influence this election, I will take an active role to do my business elsewhere

http://www.tampabay.com/news/business/personalfinance/charles-schwab-warns-senior-investors-to-be-afraid-if-obama-is-re-elected/1256851

[The Velveteen Ocelot]

1. Good to know.

I also have a small Schwab account, and I will move it as soon as possible. Not that losing my tiny account will hurt them any, but I sure don't have to give them my business.

[dembotoz]

2. good for you

informed decisions is good

[dembotoz]

3. be sure to tell they why

[still_one]

5. I will just before I do it. I also put the link to the article

http://www.tampabay.com/news/business/personalfinance/charles-schwab-warns-senior-investors-to-be-afraid-if-obama-is-re-elected/1256851

[Booster]

4. I have a small acct w/Schwab and Ameritrade, which I understand is just as bad. Can you move your

account w/o selling the shares? I'd rather not pay taxes on the gainers all at once if I don't have to.

[still_one]

7. Some are not in a position to do that, however, you can transfer assets in whole, without selling

Them, and there should be no costs, as long as it is whith like accounts

Ira to Ira
Brokerage account to brokerage account
Etc.

However, if you are in a 401k plan just leave it there for now

I am just saying what I feel, everyone's situation is different

[Booster]

42. Thank you. I'll start checking into other brokers next week.

[dems_rightnow]

8. Yes

You can have the assets sent directly to another brokerage.

[Booster]

41. Thank you. I guess I better start researching other brokers' political leanings.

[GeorgeGist]

6. Smart salespeople ...

Don t advertise their politics for fear of offending half of the customers.?


On edit: I too will be moving my money!

[still_one]

9. That was my first point, it used to be they would not mix politics and business. Now they are

Trying to scare people, and that makes me angry

[Ruby the Liberal]

13. Staples, Komen Foundation, Schwab

They just shoot themselves in the foot by injecting into politics. I put my Staples reward card in the shredder after the RNC because of that jackass' comments. This is VERY telling about a man I used to have a lot of respect for. His budgeting books are phenomenal. Such a shame.

[still_one]

28. I am going to office max and office depot because of that. If you are a business, keep your

Politics out of it

[IL Lib]

46. I have stopped shopping at Staples as well. n/t

[julian09]

16. Just get forms or information from Ameritrade on line or calling they will assist.

[RB TexLa]

26. No shit, liberal, conservative, libertarian, socialist, fascist, the money is all green

[Ruby the Liberal]

10. Great catch.

Thank you!

[Gabi Hayes]

15. I use them enough to have their 800 number memorized. I'm using my memory to dial them

as soon as I get off here.

I have more than a little bit invested with them....have been there over 20 years, when I change brokers, I will make it ABUNDantly clear why I'm doing so

thanks for the info

fuckers.......

[Ruby the Liberal]

21. There are plenty to check with

Don't overlook MerrillEdge. Word is they are making a huge play for the Schwab/Ameritrade market and may have some sweet deals. I read that a few weeks ago, but didn't keep the link, so don't remember specifics. Google may have it.

[still_one]

29. Only do it if you do not lose money, and are able to transfer assets without selling. Do not lose

That will help no one

[freshwest]

11. Thank you. The guy is lying through his teeth. Guess he didn't notice outsourcing in the Bush era.

[1StrongBlackMan]

12. Oh ...

the beauty of the free-market!

Our two (meager) accounts are going elsewhere, as well ... but the transfer will be accomplanied by my reason for moving them.

"Dear Chuck,

Your politics will not be supported with my money.

LOOVVVEEEEE,

1StrongBlackMan"

[still_one]

17. Only do it do there is no loss. You should not have to sell any assets, just have them transferred

In kind. In fact whichever broker you move to should be able to take care of most of it for you.

[Ruby the Liberal]

19. Be sure and confirm before the transfer

In Kind only works if both brokers offer the class share of the security. Not that big of a deal, but you may have a tax event if the new broker can't hold the current class. Always best to give the most recent statement to the new broker so they can confirm before the fact.

Good luck!

[still_one]

33. Yup. Otherwise do not do it. A forced sale or loss will defeat the purpose

[LiberalFighter]

23. All the little ones together add up

[jerseyjack]

14. When I took my prescriptions from Medco and CVS because of their membership in ALEC,

I told the clerk on the phone and at the store. They quit ALEC but I still ain't going back.

Make sure Schwab knows why you are leaving.

[still_one]

18. I have to do my transfer in two stages, but I will, thanks

[Dawson Leery]

22. The average person should be with a mutual/private firm to begin with.

The fees from the publicly traded companies are quite high.

[still_one]

31. No. You can buy funds or etfs from discount brokers also, and just let them sit

[LiberalFighter]

24. He is so efn concerned about his grandkids

I seriously doubt they are financially disadvantaged. Screw them all.

If he feels this way then he is losing his mental acuity considering that the DOW has more than doubled under Obama. His grandkids need to put him in a home and take everything away from him before they lose their inheritance from him.

[TahitiNut]

25. Enjoy the Mittenfreude ("I like firing people") and 'fire' the pond scum that deserve it.

[beac]

38. Can't wait to say "Mittenfreude Managed!" when we close our 30+ year account with Schwab

on Monday!

[smirkymonkey]

27. I used to work for Schwab in Marketing/Education and I met him personally.

He was the most uptight, arrogant jerk I have ever met in my life. Why anyone would pay attention to him I will never know. BTW, I quit that job and went back to grad school. Everyone told me at the Christmas party how brave I was and how much they wish they could quit too. It was such a miserable place. He is such a miserable asshat.

[still_one]

30. The one thing he did do was allow individual investors to get away from the big brokerage houses,

And that was good for consumers who were getting ripped off with high commissions and doing things in people's accounts without their permission

But that said he still is a jerk for trying to scare seniors with lies and distortions

[elehhhhna]

32. I met his son (Sandy?) when he was a Northwestern student.

kinda spoiled

edit: I looked him up and he wants to build an OIL REFINERY in the Caymans HELL NO
http://caymandevelopmentfund.com/why_cayman


Endanger the most pristine reef system in like the whole northern hemisphere? NO NO NO.

Jerk!

[beac]

34. Thanks for this info!

We will be closing our account with them first thing Monday morning. My husband has been a client for over 30 years, almost since the beginning of the company. Hope we are only one of many accounts that ass will be losing b/c of his mendacious fear-mongering.

We'll be moving to USAA. I found out they offer commissions as low as $5.95 and 50 free initial trades. I've been a USAA insurance/banking customer for years and didn't even know they did brokerage accounts. Should probably have done this years ago, but am delighted we can stick it to that jerk Schwab as part of doing it now.

[still_one]

35. Just do not do it if they forcemyoumtomsell your assets. Only transfer in kind with no cost,

Otherwise do not do it

[beac]

36. Thanks for the tip.

I just called USAA (24hr live customer service!) and was assured an in kind transfer will be no problem. We can even set up the USAA brokerage acct online this weekend and have it ready to roll when we drop the hammer on Schwab on Monday.

[still_one]

37. Good

[yardwork]

39. I have some small IRA accounts with Schwab. I'll be moving them too.

Is Fidelity a decent company?

[progree]

61. Yes, highly rated. Dunno about their politics. But do look at Vanguard <- client owned

Vanguard.com. It is client owned, that's me and maybe some day you. As far as I know, Vanguard is unique in this respect as far as mutual fund / ETF / brokerage companies. Yes, Vanguard has a brokerage as well as offering mutual funds and ETFs.

Their mutual fund expense ratios are about 1/6 of the industry average. They were the pioneers of index funds (very low expense ratio funds that track market benchmarks like the S&P 500 and a gazillion others).

[Warpy]

40. At least Fidelity sponsors TED talks

They're probably just as awful as the rest of them, but they're awful more quietly.

Schwab just blew it. There is a reason it's considered unprofessional to wear your politics on your sleeve. It costs you business no matter which side you are on.

[still_one]

43. I suspect they are, but at least they are not blatant up getting people to vote one way or another

[Warpy]

56. I confess I transferred my account to them

when the financial advisor I inherited along with my dad's portfolio went with them. He's now buried deeply, part of an offshoot of the company, independent of any company bullshit, something we both appreciate.

The money guy is a Democrat and I could always tell when he was passing some company bullshit along, usually because the company was involved in using their clients in a pump and dump. He was easy to read.

There hasn't been any of that since he's been with Fidelity. While I'm sure they're doing a lot of sleazy things, they have to in order to survive the shark pool, they don't seem to be using small investors to do them.

[upi402]

44. Hit em where it hurts

[still_one]

45. I am sure my accounts won't hurt them, but I hope it sends a message

[Cha]

47. Reading this thread reminds me of who spoke

at the Dem Convention.. Jim Sinegal, co-founder and retired CEO of Costco.

Wonder if any repubs quit Costco?

[beac]

66. Probably. BUT, important difference here,

the founder of Costco was not LYING to people about Romney, merely endorsing Obama.

Schwab is out there using every lie and scare tactic in the book to terrify seniors into supporting Romney.

I was careful to explain that it was not the endorsement but the LYING that cost Schwab my business.

[Cha]

71. Oh yeah, Big Difference. And, I was wondering

if many gops would actually quit Costco because it really is such a savings for families..and me.

Glad Schwab got the message of Why you quit, beac, thank you!

[SuzieRobin]

48. Schwab endorsement of Romney

Fidelity is, I believe, a large contributor to the Brown senate campaign against Elizabeth Warren. Maybe not much better than Schwab politically, though his comments in Tampa were outrageous and really got me thinking. (Note that he was also a strong supporter of George W. Bush and, I believe, the plan to privatize SS.) I'm moving my Schwab assets to Vanguard. Their philosophy favors the individual investor (they are "investor-owned&quot . And their founder is, based on what I read, a Republican who supports Obama.

[still_one]

49. Is Fidelity actually going out and being part of an ad campaign to defeat Elizabeth Warren? From

the article, Schwab is actually going out and trying to scare seniors in Florida, and making it public. The founder of interactive brokers is placing ads calling Obama a socialist and a communist.

Whether someone should do business with a specific corporation is a personal decision.

I guess the question that should be asked is does Charles Schwab still take an active part in the business? He is a major shareholder, so I suspect he still has influence in the business

[Popcorn 51]

50. Welcome to DU.

I am a new member also. I have been with Vanguard for many years and am pleased with them.

[beac]

51. Welcone to DU, SuzieRobin!

I agree with you that support is support, even if it's not as blatant as Schwab's. Nice to hear Vanguard's CEO is a sane Republican.

[renate]

54. welcome to DU!

And thanks for this information!

[Gabi Hayes]

52. see what companies contribute to whom:

http://www.buybackyourvote.com/

[raouldukelives]

53. It's unavoidable.

If someone is investing in Wall St they are already doing all they can ensure corporations win. They will use your money to fight for more deregulation, more environmental destruction, more climate change and more corporate friendly politicians.
If you love Citizens United more than Yosemite then by all means, feel free. If you really want to work on leaving a better world for tomorrow, avoiding helping those making it worse is a good start.

[Egalitarian Thug]

55. That's how they won. Fundamental reform of the entire sector is the only solution, but appealing to

short-sighted greed and indifference to consequences is a time honored and very successful method of luring the suckers into your scam.

[adamuu]

57. I read his argument. There are some gaping holes that don't make sense to me.

"Seniors have been unable to grow their savings in traditional vehicles like CDs and savings accounts while interest rates have stayed near zero percent during Obama's first term, he said."

CD interest rates are based on the interest rates set by the Federal Reserve. Is he arguing that we should promote growth by RAISING that rate? That makes no sense whatsoever.

[progree]

64. No, what he's saying is that growth under Obama is slow and Fed. Reserve is holding down interest

rates to try to spur growth. If the economic growth rate was more normal, the Federal Reserve would let interest rates rise also (or would have to make them rise in order to keep a lid on inflation -- which tends to rise when there is high economic growth).

What Schwab is leaving out is that while low interest rates are hard on savers, they are a boon to investors and businesses and borrowers -- imagine what shit we'd be in if mortgage rates were 6.5% instead of 3.5%.

He also, as the article points out, leaves out the stock market, which I would think would be Schwab's "thing". It fell 37% during Bush's 8 years -- from the start of his reign to the end of his reign. Under Obama its up 69% since inaugural day (speaking of the S&P 500, I could care less about the Dow, but the Dow did much the same as the S&P 500).

I hope anyone who writes a letter to Schwab asks them if things were better under Bush -- who, by the way lost 700,000 private sector jobs over his presidency, and the unemployment rate rose 3.5 percentage points from start to finish of his presidency.

Lots of comparisons between Obama and "Mission Accomplished" at http://www.democraticunderground.com/111622439

Oh, and Romney -- he was 47th out of 50 states in job creation -- yes, only 3 states were worse.

[beac]

76. I nwish that 47th out of 50 stat was getting more play.

That and the fact that balancing the budget is required by the MA Consitution, not some miracle Romney pulled off.

I did like seeing Obama call him out last night on some pre-his-term successes Mittens was trying to take credit for!

[beac]

58. Just wanted to update you that I called Schwab's 24-hour number tonight

and read them the entire text of the letter I will be mailing to my (former) independent investment manager (as well as the regional offices involved with my account and the corporate headquarters) tomorrow morning, explaining why Schwab's decision to LIE to seniors about Obama and the economy had cost them our business.

In addition to sending them a copy of the article linked in your OP I also included a print out of the excellent Forbes article (found on DU!) detailing why Democrats are historically better for the economy that Republicans: http://www.democraticunderground.com/?com=view_post&forum=1002&pid=1593080

Schwab's contact page: https://client.schwab.com/Service/ContactUs/EmailSchwab.aspx (must log in to Schwab acct to access)

I also emailed a copy of my letter to every available department in their "Email Us" section.


I am also spreading the word on this outside DU and have convinced a few others to move their accounts as well.

[still_one]

59. wow, thanks. I will be using that schwa contact page link /nt

[beac]

60. Glad to help!

The 24-hour phone number is 800-435-9050, in case anyone wants to call without hunting for it.

I'm going to be kicking this thread for a few days too, if you don't mind. I want any/all DUers with Schwab accounts to see it.

I can't thank you enough for posting the OP. I never would have known about Schwab's disgusting antics otherwise.

[beac]

70. midafternoon kick!

[beac]

73. evening kick!

[beac]

74. kick

[coalition_unwilling]

63. Thanks for posting this. I'll be researching a new place for my IRA

(like Vanguard) and transferring assets forthwith.

The founder is a friggin jerk and a mendacious asshole and does not deserve to earn $0.01 off my assets.

[beac]

65. Great!

We need to vote with our wallets as well as at the ballot box.

Be sure to call/write/email Schwab and tell them exactly WHY you are moving.

[progree]

67. I was hoping that Charles Schwab was no longer in charge, but, looks like he still is to a large

extent: http://en.wikipedia.org/wiki/Charles_Schwab_Corporation

On July 22, 2008, Walter W. Bettinger was named chief executive, succeeding the company's namesake.
Bettinger has been the heir apparent[citation needed] since he was named president and chief operating officer in February 2007. Charles R. Schwab remained executive chairman of the company and said in a statement that he would "continue to serve as a very active chairman." Bettinger is a 13-year veteran of Schwab and has held numerous executive posts along the way.[citation needed] ... Bettinger, in the company’s statement, seemed to nod to the idea that some Schwab shareholders might worry about another succession going awry. "Chuck and I have worked closely together over the years preparing for this transition," he said, "and we will continue to work closely together in our respective roles as executive chairman and CEO."

======================================================================
http://en.wikipedia.org/wiki/Charles_R._Schwab
This has nothing about his current status. But for anyone who knows how to edit wikipedia pages, it would be nice to add something about his political activism.

[progree]

68. My email to Schwab & Co.

Last edited Mon Oct 22, 2012, 02:34 PM - Edit history (2)

I am horrified that your founder and chairman, Charles Schwab, is going around the country scaring seniors. http://www.tampabay.com/news/business/personalfinance/charles-schwab-warns-senior-investors-to-be-afraid-if-obama-is-re-elected/1256851

What a bunch of crap about how low interest rates are Obama's fault. It was his predecessor who crashed the economy -- what were interest rates like the day he left office, huh? Very low, right? [font color = brown] I should have added - and what's wrong with low interest rates anyway? Businesses like them, stock market investors like them, homeowners with mortgages like them, right? Imagine what the housing market (which Bush crashed) would be doing now if interest rates remained at pre-crash highs? How would businesses be faring?[/font]

Do we really want to turn the keys over to the same policies of plutocratic trickle down economics, supply-side fairy dust, and deregulatory insanity that crashed the economy twice in 10 years? Do you really think Romney, governor of a state that was 47th out of 50th in job creation during his tenure, would be any better? Does he have any policies for economic growth other than a $5 trillion tax cut overwhelmingly favoring the wealthy and $2 trillion more in "core defense spending" somehow all paid for by eliminating some (unspecified) deductions? Really smart right?

Oh, and the stock market -- the S&P 500 fell 37% from start to finish of Bush's presidency. Quite a record, huh? Its up 69% under Obama. Why doesn't Chuck mention that? [font color = brown]Ya think maybe some of the seniors might have retirement savings in stocks? And why does Schwab care about seniors anyway -- aren't most of them part of what Romney characterizes as the parasitic, irresponsible 47%?[/font]

How about more than 5 million private sector jobs created in the last 31 months? (Compare that to Bush's entire presidency -- 700,000 private sector jobs LOST).

On edit - what's in brown font unfortunately wasn't in my email, but should have been.

[beac]

69. Terrific!

Don't forget to call them too (you can say you have something to read and then launch in to your email). Must hit them on many fronts! (the 24-hour number is in a post of mine above)

[beac]

72. We just got an email back from the "Feedback and Suggestions" department

(one of the many we emailed) saying the "Client Advocacy Team" has assigned a "resolution manager" to follow up with us within the next three business day.

Guess what, Schwab? The "resolution" is we are no longer clients.

But we look forward to one more opportunity to tell another Schwab employee why we left.

[beac]

79. Surprise surprise... the "resolution manager" from the "Client Advocacy Team" never called us.

The transfer wasn't complete until today and they should have called us NLT Wednesday.

More proof that Schwab is a shitty company-- they even live up to the tiniest of promises. THEY contacted us promising the "resolution manager" would be calling . It's not something we asked for.

Can't express how happy I am to be done with Mr. Schwab's foul company.

[sfpcjock]

75. Good choice (if a hassle)

My dad told me to use fidelity. They already saved me some money.

[beac]

77. Happy to report that I just convinced another person (with a substantial Schwab acct) to

move their account elsewhere. Voting with our wallets!

[Ruby the Liberal]

78. Kicking this before it goes into the archives

[avaistheone1]

80. Make sure you click "Angry" at the bottom of the linked story about Schwab.

Schwab needs to know people are not happy with him.

[beac]

81. Thanks, I didn't notice that when I read it!

Proud to be the 179th "Angry" person (the most chosen option!)


And what the hell did 55 people find "LOL" about the story????

[beac]

82. So the snivelling shtstain from Schwab FINALLY called.

First, he tried the "Mr. Schwab's views do not necessarily reflect the views of Charles Schwab..." BS. We said "If he doesn't want his views to reflect on the company, he shouldn't have named the company after himself (first AND last name, mind you!)"

Then, he said "Name me the head of a corporation who doesn't support Republicans." Us: "Costco and Vanguard. And it wasn't his 'support' it was his LYING."

Once he started spewing GOP crap (do HIS views "reflect the views of the company"??) we asked to speak to his supervisor.

First he claimed he didn't have one. Then that he "would not" send our "case" any "higher." Then he said "My supervisor believes the same thing I do." (Schwab suddenly gave him a supervisor?? Amazing!) Then that he wouldn't give us his supervisor's name but he would "have him call" us. When we said that wasn't good enough, he got really huffy.

Then, all of a sudden, he said "My supervisor's name is _____ and his extention is _____. He'll be in a meeting until two o'clock, but you can call him after that.

Think maybe somebody's amazing instant supervisor overheard him being a shitstain to a customer??