Campaign 2010

Aug 10, 2010

Banker Quico Canseco’s Plans to Privatize Social Security Become Clearer

In an OpEd in today’s USA Today, Former Representative Dick Armey – Chairman of the controversial group FreedomWorks and unofficial head of the TEA party – announced that Social Security should be privatized and called it a bad deal. The controversial group FreedomWorks endorsed Francisco 'Quico' Canseco's campaign. Canseco has previously argued for privatizing Social Security.

"In the latest sign that protecting Wall Street special interests is his top priority, Quico Canseco and his supporters want to gamble seniors’ hard-earned Social Security funds on the stock market," said Jesse Ferguson, Southern Regional Press Secretary at the Democratic Congressional Campaign Committee. "As long as Canseco and his allies stand up for privatizing Social Security, they are out-of-touch with Texas seniors who know they can’t afford to risk it. Seniors who saw their retirement savings plummet in the stock market aren’t going to support Canseco’s plan to steal it from them and give it to the same bankers that got us into the mess in the first place."

Background

  • Canseco backed the Wall Street bailout. According The Republican Women of Bexar County, Canseco believes “The ‘bailout’ was what the country needed.” [Newsletter, November 2008]
  • Canseco backs privatization. In 2004, "During an interview, Canseco argued for the need to privatize Social Security."  [Laredo Morning Times, 3/02/04]
  • Banker. Canseco has been working with Hondo National Bank since early 1995, he stepped down from the board in 2007 to run for Congress.  During his 2004 campaign, Canseco touted his banking experience leading to his election to the Hondo National Bank Board of Directors, where he was appointed as Chairman of the Board of the bank’s holding company, Texas Heritage Bancshares.  He reported still collecting a director’s fee from Hondo National Bank on his 2009 personal financial disclosure.  [San Antonio Express-News, 12/09/07; cansecoforcongress.com, 2/14/04 (via archive.org); 3/02/10; Personal Financial Disclosure, 2009]