Charles Schwab, a true American oligarch, shows no signs of slowing at 82, throwing his substantial fortune behind Donald Trump, hard-right politics and his continuing financial services revolution

The billionaire is dumping San Francisco's liberal warrens for full-time residence in the exclusive enclave of Atherton, Calif., where he'll rub shoulders with other billionaires.

Author Oisin Breen November 5, 2019 at 3:35 PM

5 Comments

Charles 'Chuck' Schwab: I grew to hate the whole idea of limits.

Conferences

Walter Bettinger

Charles Schwab

Charles Schwab & Co.

Send Darbi

November 6, 2019 — 7:23 PM

The article refers to the tea party as "hard right." Have to laugh when hearing that kind of characterization. So, was the original tea party also hard right, in its purpose to limit the power of government over free people? No, and the more recent tea party is simply a reaffirmation of basic American ideals of limited government as espousef by Jefferson and the other founders. Those who consider that hard right reveal themselves as hard left. Yet the tea party is not right or left. It is simply American and utterly grassroots. The suggestion here is that it was the product of billionaires. Preposterous. Freedom-loving people of any socioeconomic class participated. Some happened to be wealthy. and notice through this article the subtle insinuation that somehow wealthy people are bad. or at least suspect. I say more power to those who carve out their own fortunes and create jobs and opportunities for others rather than being dependents and those who feed off government largesse.

CFP123

November 6, 2019 — 8:14 PM

I look forward to an RIAbiz article in 2020 outlining which financial services million/billionaires "bankrolled" far left candidates and causes.. as well as following the Democrats "dark money" trail. But I doubt I'll see one.

brooke southall

November 7, 2019 — 2:20 AM

CFP123, Yes, please email me if you know similarly high-level execs who give similarly to liberal candidates. -Brooke

Logan Rico

November 8, 2019 — 6:20 PM

Trump, a malevolent manipulator who spews fabrications with alacrity, perpetually demonstrates that his skills are ideal for a fifth-rate carnival barker, but not for executive leadership of any kind, especially of the world’s most powerful nation. Ironically, his incessant lies are the penultimate definition of “fake news.” And Schwab is sending millions of dollars to him? Wow.

Mickey McGovern

December 6, 2019 — 11:34 PM

It would be very hard to oppose Former President Barrack Obama in 2014 since he was reelected in 2012. Mr Schwab has been living in Atherton for years. The San Francisco house is a "backup"

Related Moves

Chuck Schwab reveals Part B, doubling-down on Walt Bettinger by making him co-chair, a day after Part A -- wagering $15 billion from the Schwab corporate treasury on the CEO's future leadership

The 84 year-old founder's elevation of his 61-year-old protege may foretell bigger fireworks from Rick Wurster who recently took over many of Bettinger's CEO duties, one executive recruiter says.

July 30, 2022 at 12:41 AM

Charles 'Chuck Schwab' called James Gorman to protest a two-broker poach, kicking off a hydra-headed legal battle, costing Morgan Stanley millions, so far

The Schwab founder and chairman invoked Charles Schwab Corp.'s zero-tolerance policy against Wall Street -- or RIA -- poaching of talent and AUM from Schwab branches.

March 9, 2023 at 1:23 AM

Another RIA whisperer, Julian Lopez, has left Schwab Advisor Services after 24 years to join LPL, which he sees as more advisor-focused and 'entrepreneurial'

The Houston executive, like Kelly Smith in Chicago, was considered a key service talent for RIAs though Lopez says his circumstances differ.

February 23, 2023 at 8:14 AM

Biz Briefs: Schwab puts checks for $52 million in mail to robo-RIA customers allegedly misled about cash allocations • BlackRock blacklisted (again) • iShares beats NZAM-exiter Vanguard • Fidelity makes first acquisition in eight years • CFP board realizes Moms don't like CFPs

BlackRock gets Kentucky coal in stocking, and Vanguard keeps skating; iShares inches above -- by 2.8% -- Vanguard's annual net new ETF asset haul; Fidelity takes "natural next step" for stock plan business; new CFP chair outlines plans and the DOJ is set to become a major Robinhood shareholder..

January 13, 2023 at 3:01 AM

See more related moves