The Co-op Bank

[David Johnson]

This story fits into the "if you wrote a novel with this plot it would get thrown out for being unbelievable" category.

The Co-op Bank is allegedly the leading ethical bank in the UK. In 2009 the Reverend Paul Flowers, a Methodist Minister was appointed as Chairman of the Co-op, a couple of years after the global finance collapse.

A Methodist minister for decades, just the sort of bloke you want to run your local, friendly, ethical bank you would have thought. Oh no, oh no.

Apparently what has since transpired is:

1. The only banking experience Flowers had had prior to being made chairman of the Co-op was when he worked in a bank for 4 years after leaving school 40 years ago. He studied part of his Institute of Banking certificate before concentrating more on matters spiritual.
2. After he resigned/ was shoved from the Co-op in May, it appeared there was a 1.5bn black hole in the bank.
3. Flowers, interviewed by the Finance Committee recently appeared to believe that the total assets of the Co-op were ?3bn when in fact, it was ?37bn.
4. The Rev. was videoed allegedly buying crystal meth and coke in the last week or so.
5. The FSA are responsible for ensuring the "fit and proper person" for bank staff is effectively monitored.

In 2010 Ed Miliband appointed Flowers to the Labour party's Finance and Industry Board!

In the land of the blind, the one-eyed man is king. There isn't any hope, is there?

[Dave Wells]

Can someone give me a job like one of these please. I worked (yes past tense as it's all gone now) in porn business for 30 years. So I'm perfect for all sorts of lovely jobs where you get paid crazy money for doing fuck all !!

[spider]

I recall there was a "joke" doing the rounds at the time of the bank crash.

It went something like...

Q. Which is the odd one out between.. The CEO of HBOS, the CEO of RBS and Terry Wogan.

A. Terry Wogan because he's the only one with a Banking Qualification.


That says it all.

[cockneygeezer2009]

"4. The Rev. was videoed allegedly buying crystal meth and coke in the last week or so."

Sounds like a cool dude who likes to party. Prefer Pepsi myself.

"In 2010 Ed Miliband appointed Flowers to the Labour party's Finance and Industry Board!"

Its not what you know its WHO YOU KNOW. Seems some party leaders chose bad people to work for them. I.E. Cameron/Coulson springs to mind.

"1. The only banking experience Flowers had had prior to being made chairman of the Co-op was when he worked in a bank for 4 years after leaving school 40 years ago. He studied part of his Institute of Banking certificate before concentrating more on matters spiritual."

Its not what you know its WHO YOU KNOW but my God why did the Co-op employ Flowers? Were the the Co-op looking for divine intervention in their business?? If so it didn't work.

[Arginald Valleywater]

Is he perchance a high ranking Mason?

[Robches]

Arginald Valleywater wrote:

> Is he perchance a high ranking Mason?

No, he's a high ranking Labour apparatchik, that's how you gain positions of power in the Co-op, it's the Labour Party bank.

[Gentleman]

Well the co operative movement is part of labours history as the party movement sprung from them.

Of the Tory party have a number of financial service/hedge funds paying for their "services"

Whereas one is making loans the others are just giving out of generosity.

[Peter]

Robches wrote:


> No, he's a high ranking Labour apparatchik, that's how you gain
> positions of power in the Co-op, it's the Labour Party bank.

It said on C4 News last night that the welfare party owe the bank about ?1.3m

[number 6]

The "welfare"" party...hey good one!! Shall have to note that down..!!

[number 6]

How about the "spiv" party for the tories.that suit?