(Junkie Boss)Co-Op group loses majority control of banking division

[arista]

"Co-operative Group will now control
30% of the bank's equity, less
than the 75% proposed in the original rescue plan

American hedge funds have forced
the Co-operative Group to relinquish
control of its banking arm in a deal
that raises concerns about its ethical
approach to business for
4.7 million customers.
After months of intense talks
with two US hedge funds,
the UK's largest mutual – and owner
of pharmacies, grocers and
funeral homes – was forced
to cede majority control in
the bank as it battles to
plug a £1.5bn capital shortfall."

http://www.theguardian.com/business/2013/oct/21/coop-group-bank-us-hedge-funds



http://news.sky.com/story/1157540/rescue-plan-leaves-co-op-with-30-percent-bank-stake


http://static.guim.co.uk/sys-images/Business/Pix/pictures/2013/10/21/1382341799661/Co-Operative-Bank-008.jpg




What a Mess the Co Op is now

[Kizzy]

So why no government bailout like HBOS and RBS got?

[arista]

So why no government bailout like HBOS and RBS got?


At this stage
no need, they are still trading



But it could be on the cards

[Niall]

So glad I'm switching from them to Natwest now. They're such a strange bank. :suspect:

[arista]

So glad I'm switching from them to Natwest now. They're such a strange bank. :suspect:


Yes many are switching
as although the Co Op is trying to be a fair bank
the Market has eaten them.

[arista]

Co-operative Bank rescue
by hedge funds deals blow to pioneers' dream

"It was meant to be a
genuine alternative to the big four,
but now the Co-operative's banking
arm looks just like its rivals"



http://www.theguardian.com/business/2013/oct/27/co-operative-group-retail


Co Op Banking
same as the rest now

Full Circle

[arista]

Business Update SkyNewsHD 5PM

More than 1000 jobs to go at the Co Op Bank Group
to be announced on monday.

America Hedge Funds will have more control.

http://news.sky.com/story/1163030/co-op-to-axe-more-than-1000-banking-jobs

[arista]

The CEO just on SkyNewsHD
also said 50 branches to close
as well.


http://www.theguardian.com/business/2013/nov/04/co-op-group-rescue-activist-hedge-funds

[Co-Operative Bank to shut 1 in 6
branches and axe thousands
of jobs as hedge funds take control]

Read more: http://www.dailymail.co.uk/news/article-2487013/Co-Operative-Bank-shut-1-6-branches-axe-thousands-jobs-hedge-funds-control.html#ixzz2jfW0RXjt

http://i.dailymail.co.uk/i/pix/2013/11/04/article-0-19B7B9ED000005DC-137_634x400.jpg

[arista]

[Crystal meth shame of bank chief: Counting off £20 notes to buy hard drugs, this is the man who ran the Co-op Bank... three days after telling MPs how it lost £700m
Methodist minister Paul Flowers, 63, was caught on camera buying drugs
It was just days after he was grilled by MPs over his bank's performance
He is seen in his car discussing the cocaine and crystal meth he wants
He then counts out £300 in £20 notes and sends a friend to make the deal
The video handed over by an acquaintance 'disgusted by his hypocrisy'
Last night MPs demanded Rev Flowers appear before them again
Flowers boasts of using ketamine along with cannabis and club drug GHB]


Read more: http://www.dailymail.co.uk/news/article-2508464/Crystal-meth-shame-Co-op-bank-chief-Paul-Flowers.html#ixzz2l1gcxcpr

http://i.dailymail.co.uk/i/pix/2013/11/16/article-2508464-1975E8A300000578-252_634x362.jpg

http://i.dailymail.co.uk/i/pix/2013/11/16/article-2508464-19754CEF00000578-382_634x513.jpg


Not a Good 2013 for the Co Op Bank

[arista]

[Co-op Group boss dramatically quits
in growing row over ex-banking chief
caught buying crystal meth and cocaine
Len Wardle resigns as Co-Op Group
chairman with immediate effect
Methodist minister Paul Flowers, 63,
caught on camera buying drugs
It was just days after he was grilled
by MPs over his bank's performance
Flowers boasts of using ketamine along
with cannabis and club drug GHB
Police have now launched an investigation
into the disgraced bank chief]




Read more: http://www.dailymail.co.uk/news/article-2509815/Len-Wardle-resigns-chair-Co-operative-Group-Rev-Paul-Flowers-drugs-scandal.html#ixzz2l6PNg7y1


http://i.dailymail.co.uk/i/pix/2013/11/19/article-0-1980EB0500000578-379_306x423.jpg
Bye Len

[arista]

http://media.skynews.com/media/images/generated/2013/11/19/271589/default/v1/daily-mirror-front-page-1-329x437.jpg

[arista]

[Co-op: Flowers In £75k Charity Expenses 'Scam'
The crisis surrounding the disgraced
former Co-op Bank boss Paul Flowers
deepens as it emerges he was accused
of expenses fraud.
Disgraced former Co-op bank boss
Paul Flowers claimed £75,000 in false
expenses from a drugs charity,
it has been alleged.
Mr Flowers, a former Labour councillor,
totted up the claims over five years
during his time as the chairman
of the trustees at Lifeline,
according to the
charity's chief executive Ian Wardle.]

http://media.skynews.com/media/images/generated/2013/11/21/271994/default/v1/paul-flowers-ian-wardle-1-522x293.jpg

http://news.sky.com/story/1171579/co-op-flowers-in-75k-charity-expenses-scam


More Stink

[arista]

The Former Boss
the Outright Junkie & Labour Party backer
has been now been arrested

http://news.sky.com/story/1172122/ex-co-op-bank-chairman-paul-flowers-arrested

[Nedusa]

What a groovy Bank the Co-op is if their CEO is such a wildboy. Think I'll open an account there.

Finally a Bank that lives on the edge.........!!!

[arista]

What a groovy Bank the Co-op is if their CEO is such a wildboy. Think I'll open an account there.

Finally a Bank that lives on the edge.........!!!


Yes the Bank with Crack




Feel The Force

[arista]

http://static.guim.co.uk/sys-images/Guardian/Pix/cartoons/2013/11/22/1385083366132/Martin-Rowson-22.11.2013-013.jpg

A Complex Cartoon
featuring the Crack Boss

[Kizzy]

Oooh, it's all hotting up! this could be used to deflect from the £140 million written off on universal credit maybe.