Dedicated to scrutinizing the governance of our Credit Union, and protecting our
collective wealth from uncooperative self-
Regular companies are owned by their shareholders. The person—or group of people—with a majority of the shares are able to elect their desired Board of Directors, who can then make the rules and hire and fire whoever they want.
Regular companies usually get their starting capital by offering shares in the company, which means selling partial ownership and control of the company. Co-
Regular companies return profits to their shareholders through dividends. Co-
As I mentioned in the introduction, if nobody is willing or able to start a for-
All else being equal, patronizing a co-
Banking is very profitable these days. Banking is also a social necessity: you can’t live without a bank account any more than you can live without water. If you’re aware of what’s going on, you’ll realize that it’s unfair that disproportionate profits are going to the managers and private shareholders of the national banks, just as if private companies were able to reap undue rewards by controlling the water supply. Federal government regulation is complicit in this state of affairs because they want the banking sector to remain strong.
Please consider this analogy:
Canada is a democracy. That doesn’t mean that all the work is done by individual citizens; we have a paid staff to keep it running. In fact, most citizens are unaware of most details about how the country works. But democracy is important because the political leaders have been vested with great power, such as the power to enact laws, to set each other’s salaries, and to levy taxes. If the political leaders weren’t accountable to the citizens, they would surely abuse their power for their own personal gain, and for that of their friends.