The Charles Schwab Corp. and Wachovia Corp. are leading corporate supporters of Social Security privatization. Privatizing Social Security would create risky private accounts invested in the stock market that could cut the program’s guaranteed benefits by up to 40 percent, explode the federal debt and open Social Security up to political corruption. But such investment firms as Schwab and Wachovia could reap billions in fees and commissions for managing privatized Social Security accounts.