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To: RealMuLan who wrote (15406)	11/10/2004 1:44:02 PM
From: RealMuLan	Respond to of 116555

Social Security's spoils President Bush could cement legacy, financial firms profits By Thomas Kostigen, CBS.MarketWatch.com Last Update: 10:44 AM ET Nov. 9, 2004 SANTA MONICA, Calif. (CBS.MW) -- Unlike Social Security itself, a safe bet will be on Wall Street -- for better earnings. The headline-grabbing post-election reform mandate by President George W. Bush presents huge opportunity for financial-services firms whose job it would be to manage all that new privatized capital. Bush has put forward the idea of allowing people to divert part of their payroll taxes into a self-managed retirement account, freeing up billions of dollars worth of funds that now go into the Social Security system. And what, pray tell, to with that money? Invest in the capital markets, of course. This type of Social Security reform would then accomplish two missions. It would provide Bush with a presidential legacy that would stretch into and affect generations of Americans to come and it would systematically reward Wall Street, a bastion of Bush support. ... Bush has reportedly recently assigned special advisers to examine the entire Social Security issue so he can make a more specific proposal on funding and benefits to be released after his State of The Union address, in which he is to speak to retirement reform plans. Social Security would be the perfect swan song for Bush. It presents an opportunity to put into action his own particular brand of political philosophy and at the same time contribute to the coffers of his biggest supporters. (Morgan Stanley (MWD: news, chart, profile), Merrill Lynch (MER: news, chart, profile), PricewaterhouseCoopers, UBS, Goldman Sachs (GS: news, chart, profile), MBNA Corp, Credit Suisse First Boston, Lehman Brothers (LEH: news, chart, profile), Citigroup (C: news, chart, profile) and Bear Stearns, in descending order, were Bush's 10 biggest campaign contributors.) cbs.marketwatch.com{87ee91db-9808-448d-90a3-54afc563d7e5}&siteid=google&dist=SignInArchive&archive=true&param=archive&garden=&minisite=