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? <http://act.sumofus.org/go/