Dude, it is so simple. Since Schwab makes a lot of money off of fees, and since the market basically sucks and a lot of investors have gone to cash, and since interest rates are 0%, Schwab cannot make money off of money market fees. Once interest rates bump up though, Schwab will make a killing. Look, 98% of all brokerage firms lost money in 09, Schwab still made money. they are king.