| Posted by: Zooped, April 22nd, 2008 - No Comments » |
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As a social networking site, Facebook is often dismissed as a distraction, evil CIA plot or handy tool for keeping up appearances. The Economist recently reported from Canada where Facebook was a critical part of a successful activist campaign, and the activists were retirees (I know, crazy!).
The issue was failed investments in ‘safe’ asset-backed commercial paper (ABCP) sold through brokers, in particular Canaccord Capital. The investments were exposed by the credit crunch last year and under Canadian law, companies were protected from bankruptcy but small investors received no such support. Those small investors number around 1,800. ONe of those small investors Brian Hunter, set-up a Facebook group to share ideas, strategy, information and of course, network.
Although not resolved, the action has enabled the group representation and voting rights when a restructuring proposal is voted on by investors – primarily institutional investors.
The recent 2020 Summit appears to have a renewed swell of support for community engagement. There are many sites such as MySociety, GetInvolved, or TheyWorkForYou but Facebook already has such a strong take-up, it would be exciting to see what this sort of action could lead to.
Facebook is a very powerful tool and it’s good to see it used to fight banks, not just zombies and ninjas.







