Word: coops
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Dates: during 1960-1969
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...interested in bucking the Harvard Coop's establishment, attend a meeting supporting the student-sponsored slate for the Board of Directors at 8 p.m. tonight in the Phillips Brooks House. Seek revenge for those vanishing rebate checks...
...first action of the new organization was to endorse the regular Coop slate for board of directors. Raines said, "The opposition (led by Wesley E. Profit '69) had two good points. But we feel that the election of the opposition would only harm those issues. We proposed endorsing the regular slate and then electing the student members democratically. The HPU vote was close on whether to remain neutral or to endorse the Coop slate...
Community involvement is the area in which the opposition candidates feel that their new majority on the Coop board could be most effective. As Profit puts it, "We believe that business today should have a social conscience." The Coop's financial structure puts severe limitations on any investments. Necessary expansion in the bookstore annex and the new Med School Coop have caused the Coop to be debt financed by the Harvard Trust Company. One of the terms of the present loan agreement is that, "The Company will not, directly or indirectly, make any investments in the stock, securities or other...
...Coop cannot invest its money, it could simply donate it effectively. The new board would have several alternative sources for such charity. Presently they could either siphon it out of the Coop's profits, but then it would be taxable and would mean a further reduction in patronage refunds; or they could take it from the Coop's annual charitable contribution, which amounts to about seven thousand dollars, six thousand of which goes to the Community Fund. The Coop just does not have very much money. What money it does earn, it either pays back to the members or plows...
Even if the group's takeover bid succeeds next week, the Coop appears unlikely to change very much. The movement to change the system from within, however, has at least raised some serious questions about the Coop's social responsibility. Whoever governs the Coop for the next year cannot help knowing that pressure is now on to reevaluate some of the Coop's basic employment and community policies...