"The Occupy Wall Street bank"
From FT Alphaville:
Presented below is a note prepared for the December 4th
meeting of the Occupy Wall Street General Assembly by its alternative
banking working group. We present it – without comment – as a document
for understanding the aims of OWS (as per John Gapper’s recent column).
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This note has been prepared by the alternative banking working group
of the Occupy Wall Street (OWS) movement. The note is for discussion
with the OWS movement and more broadly.
The purpose of this note is to describe the characteristics of an
ideal bank that embodies the values of the OWS movement. The current
banking system lies at the heart of our current economic crisis of
increasing volatility and inequality. To change that system, we need to
replace it with a better bank. What would be the characteristics of
this bank?
None of these features is new, and many are already evident in credit
unions, community banks and “mutuals”. But our purpose is to imagine
something that might have a broader reach and impact – that might
transform the banking system, and thus, by its example and through its
operations, potentially create an economy that is fairer, more
inclusive, democratically managed and stable.
1. Democratic – all customers would own the bank, and have an equal
say in its governance, regardless of the amount of money in their
accounts. Employees – or rather partners – might be co-owners of the
bank, forming a co-operative....MORE