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Charles R. Schwab: Firms
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In 1963, Schwab launched Investment Indicator, an investment advisory newsletter, along with two other partners. Within a couple of years, over 3,000 readers had subscribed to the newsletter. By the early '70s, Schwab had become a seasoned mutual fund manager, and used the $100,000 he had borrowed from an uncle to start up a brokerage firm in San Francisco, called First Commander Corp. Three years later, in 1974, the company became the country's first discount brokerage firm: Charles Schwab & Co., Inc. Schwab's notion that the stock market should be accessible to everyone proved immensely popular.
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"Before pursuing this legal action, Schwab urged TD Waterhouse to tell the truth in its ads," said Bruce L. Simon of the law firm Cotchett, Pitre, Simon & McCarthy of Burlingame, California, Schwab's counsel on the case. "They agreed to stop, acknowledging the inaccuracy of their advertisements. However, instead of honoring their promise, they continue to make false statements, leaving Schwab no choice but to pursue this case."
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Glen Mathison, another Schwab spokesman, said the sale fitted the company's strategy of concentrating on brokerage business conducted in dollars, rather than local currencies. To compete with other brokerage firms based in Europe would have required a much bigger investment than Schwab was prepared to make. Schwab, which has been cutting costs and laying off thousands of employees for two years, still operates dollar-based brokerage operations in Europe, Hong Kong and Latin America, he said.
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Q: Your company has been the target of protests on the part of groups that say Schwab Corp. is pushing to privatize Social Security. Isn't there a belief that Wall Street firms would benefit from private accounts?
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