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CU System
INY TimesI advertorial highlights benefit of co-ops
WASHINGTON (4/7/09)--A four-page “advertorial” in the front section of yesterday’s New York Times spotlighted the various types of cooperatives, including credit unions, as a better business model in the economy today both in the U.S. and abroad. Headlined “Power to the People: Cooperatives Spread the Benefits,” the feature noted U.S. cooperatives today run the gamut from multibillion dollar agribusinesses to tiny food co-ops and worker-owned businesses. But whatever the type, the Times noted, the traits they share are member-ownership and earnings that go back to the members rather than outside stockholders. “It’s all about mission,” emphasized Roberta MacDonald, senior vice president, marketing, for Vermont-based Cabot Creamery Cooperative. “People involved in cooperatives believe they are on a mission--we really do!” Added Glenn English, CEO of the National Rural Electric Cooperative Association, “There is no finer business model.” Paul Hazen, CEO of the National Cooperative Business Association, predicted continued growth as more Americans discover co-ops. NCBA spearheaded the New York Times initiative as part of its effort to raise awareness about co-ops after the paper published a similar advertorial about credit unions in January. A half-page NCBA ad accompanying yesterday’s piece steers readers to www.thebetterchoice.coop, a site where they can learn more about credit unions and other co-ops. The co-op advertorial also included a section on credit unions, which The New York Times called “perhaps the most visible of cooperatives on the American scene.” Credit unions are based on the idea of people helping people, explained Mike Ness, CEO of New York University FCU, one of the CUs featured. “We did not issue toxic mortgages. That wouldn’t benefit our members. We are usually very conservative in our lending.”
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