chapter7 at tlio.org.uk
Tue Nov 5 10:19:00 GMT 2013
> From: "Martin Caldwell, SumOfUs.org" <us at sumofus.org>
> Date: 5 November 2013 09:05:00 GMT
> To: "Simon Fairlie" <chapter7 at tlio.org.uk>
> Subject: Co-op
> Reply-To: us at sumofus.org
> The Co-op bank is about to be taken over by US financiers and City
> speculators. But there is still a chance to save it.
> If there is enough taxpayer money to bailout huge financial
> institutions then why not the Co-op? Tell George Osborne and the
> government to save the Co-op bank.
> The Co-operative bank is about to be swallowed up by two giant US
> financial speculators after it got into financial difficulty.
> This deal is moving fast -- only this week the Co-op announced that
> it’s laying off workers and closing down branches as part of the
> rescue deal. Soon US hedge funds and private investors will own up
> to 70% of the Co-operative Bank and force it to float on the stock
> market. This will end over 140 years of independence and is a huge
> threat to the values of the co-operative movement -- unless we can
> stop it.
> The government could step in and bail them out, just like they did
> for the Royal Bank of Scotland and Lloyds. If there is enough money
> to save giant banks, then surely there is enough to save the Co-op.
> Tell George Osborne and the government to step in and save the Co-
> operative bank.
> Nearly every town and village in the country has a Co-op, whether
> it is a shop, a pharmacy or a bank. It’s at the heart of our
> communities and a part of our history. What makes the Co-op so
> unique and precious is it is owned by its members (that’s us!) and
> run on ethical grounds. It doesn’t answer to greedy shareholders
> and it doesn’t invest our money in dodgy companies.
> Saving the Co-op is more than just saving a bank, it’s about saving
> the principles of the Co-operative movement -- customer owned,
> investing ethically and treating its workers fairly. You don’t have
> to be a customer of the Co-op to realise there is an important
> principle at stake here.
> As a movement, we are often campaigning to make corporations a
> little bit more like the Co-op. We’ve demanded companies like River
> Island treat Bangladeshi factory workers fairly. We’ve campaigned
> to keep the Royal Mail in public hands and we’re campaigning to get
> Coca-Cola to speak out for LGBT rights in Russia. Now we need to
> make sure that the Co-operative bank remains free of the control of
> American hedge funds and stock market speculatorsand protects the
> values of the Co-operative movement for generations to come.
> Can you take 1 minute to ask George Osborne and the government to
> save the Co-operative bank?
> Thanks for all you do,
> Martin, Johnny, Paul and the rest of us.
> Co-op to lose control of bank, BBC News Online, 21 October 2013
> Co-operative Bank rescue by hedge funds deals blow to pioneers'
> dream, The Guardian, 27 October 2013
> SumOfUs is a world-wide movement of people like you, working
> together to hold corporations accountable for their actions and
> forge a new, sustainable path for our global economy.
> You can support our work by donating here.
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