In the UK the Co-operative movement has had a small but significant presence. In particular the "Co-op" is a significant player in the supermarket and banking sectors and over 100 years built a reputation as an ethical company working for the benefits of its members.
I am a co-op member as were my Mother and her parents before her.
Speculation in the banking sector has resulted in the Co-op being driven to the edge of bankruptcy. Instead of asking for a bail out from the government, the Co-op chose to have a bail-in from venture capitalists who now own 70% of the business (formerly it was 100% member owned).
I am among those members who feel that the buy-in signals the end for the Co-op as we know it, will result in it being run like any other company, will result in non core businesses being divested and will destroy its ethical credentials. Central to this is the news that despite the worst year ever, executive rewards have soared. Now the Chief Executive (the biggest beneficiary from the soaring executive rewards) has made a "back me or sack me" call by tendering his resignation.
http://ift.tt/1ggOhpv
I'm sad to say that for me it doesn't matter, the real Co-op is gone and the shell left behind will just be a cash cow for the vulture capitalists.
I am a co-op member as were my Mother and her parents before her.
Speculation in the banking sector has resulted in the Co-op being driven to the edge of bankruptcy. Instead of asking for a bail out from the government, the Co-op chose to have a bail-in from venture capitalists who now own 70% of the business (formerly it was 100% member owned).
I am among those members who feel that the buy-in signals the end for the Co-op as we know it, will result in it being run like any other company, will result in non core businesses being divested and will destroy its ethical credentials. Central to this is the news that despite the worst year ever, executive rewards have soared. Now the Chief Executive (the biggest beneficiary from the soaring executive rewards) has made a "back me or sack me" call by tendering his resignation.
http://ift.tt/1ggOhpv
I'm sad to say that for me it doesn't matter, the real Co-op is gone and the shell left behind will just be a cash cow for the vulture capitalists.
via JREF Forum http://ift.tt/1lRSiob
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