Academic journal article ABA Banking Journal

Social Security: Promise or Pipe Dream?

Academic journal article ABA Banking Journal

Social Security: Promise or Pipe Dream?

Article excerpt

For Marsh Carter, chairman and CEO of State Street Boston Corp., writing Promises To Keep: Saving Social Security' s Dream was akin to writing 17 term papers, one for each chapter of the 252-page book.

Granted Carter had the assistance of a small team of writers and researchers as well as the support of coauthor William G. Shipman, a principal of State Street Global Advisors, but no matter what the number of live bodies hovering over the keyboard, writing a book concerning the privatization of Social Security is no cakewalk.

Since State Street is the largest custodian of pension funds in the U.S. and would gain from the privatization of Social Security, Carter's argument for reform is daring. He says, however, his reasons go deeper than any rewards his bank could reap and even dedicated the book to his children and "their generation's hope for a bright retirement future."

"There are severe problems with the pay-as-you-go pension system," says Carter. "When the law was enacted you had 60 people for each retiree, today there are three people for every retiree." Carter advocates the U. …

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