We’re making news

Campaign update: Saturday 26 October

In just two days the campaign has generated a huge amount of interest in social media and increasingly the mainstream media.

Negotiations between the hedge funds and the Co-operative Group are intense. This is demonstrated by the hedge funds’ claim today that “It is important to us that the bank maintains its unique characteristics and ethos” (Guardian). No-one trusts them of course – but we think it shows how this campaign is already having an impact.

Many people are asking how the bank could be re-mutualised. We are discussing this with experts we will, of course, keep you up to date. We would love to hear from anybody with legal or banking expertise.

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3 thoughts on “We’re making news

  1. john harris

    I would switch if I could find another bank that was interested in the ethical principles I look for: competence, honesty, openness. My view of the Cooperative Bank now is that it was a decent small bank but clearly incompetent and tried to expand without the required skills to manage a larger entity. Britannia was a disaster and could be seen early on as the amalgamation was never in sight and Lloyds was simply embarrassing. Even worse-nobody is responsible for the mess. If I find that our ethical Bank could not be trusted why should I trust the venture capitalists?
    John Harris

    Reply
    1. moderator Post author

      If we can influence how things develop now by being organised, perhaps we can prevent another disaster when the bank is properly back in Co-operative control.

      Reply
      1. Sylvia

        OK the Coop Bank did make mistakes over Britannia & Lloyds, but it pulled out of Lloyds & how were they to know that Britannia, just like every other mortgage lender, was making ridiculous loans to people who could not possibly repay? Remember the causes of the crash only came to light in 2009 when the USA lenders – FreddieMac & FreddieMay – had to report their idiotic practices, & the other financial institutions, including the big British banks, were found out to be behaving without any morals – and still are!
        But I will stay with the Coop unless the new major hedge fund owners don’t stick to the policies we all voted for, as there is no other financial institution that offers all the services the Coop does & NONE have the same active ethical stance on things like arms, foodstuffs, animal testing etc. Try looking for another ethical bank & you will see there isn’t one.
        Sylvia Coles

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