Alan Simpson Attacks AARP, Says Social Security Is 'Not A Retirement Program'

First Posted: 05/09/11 05:19 PM ET | Updated: 05/10/11 11:34 AM ET

WASHINGTON -- Alan Simpson’s cold relationship with AARP is no secret, but the former Republican Senator from Wyoming took it to a new level Friday. At an event hosted by the Investment Company Institute, Simpson delighted the finance industry audience members by aiming a rude gesture at the leading lobby for senior citizens.

Financial and investment interests have long been supportive of Simpson’s broad critique of Social Security, since privatizing the old-age and disability support program would be a tremendous boon for Wall Street’s financial managers. ICI represents mutual funds and other money managers who control more than $13 trillion in assets.

Simpson’s forceful gesture came after an extended diatribe against Social Security, which he said is a "Ponzi" scheme, "not a retirement program.”