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Breaking up the banks might make things worse. Instead, let's take ownership

In this article for The Guardian, Nathan Schneider details how broad-based ownership structures could be the alternative to public bailouts of large banks and financial institutions. He mentions the work of our Senior Vice President Marjorie Kelly in his article:

Rather than buying up credit default swaps against its own customers, such banks might act more like my old credit union, which had a special office just for helping members avoid foreclosure and eviction. It’s the difference between what Marjorie Kelly, in her lucid book ”Owning Our Future,” refers to as “extractive” and “generative” ownership. One seeks only to maximize profits for shareholders who may or may not be directly affected by the enterprise; the other seeks to align the prosperity of an enterprise with the prosperity of those it serves.

Read the full article here.

Publication date: 2016-04-13
Parent publication: The Guardian
Publication URL: http://www.theguardian.com/commentisfree/2016/apr/14/breaking-up-banks-public-bailouts-ownership

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