Tuesday, 18 June 2013

Cooperative chutzpah..


It makes me smile to hear the Coop justify its bail out and fire sale:

“Lets remember that the bank has always been a PLC and it always has had the ownership structure of a mutual organisation around that. That remains.

“We still have the majority stake in our bank and that provides us with the opportunity to lead our bank in an ethical, community-based, responsible way and that is a core part of our business plan going forward.”

The sort of ethical and responsible way that leads you to bad due diligence and the calling in of 7,000 ordinary folks' savings? The sort of 'ethical' that thinks it fine to rob the pensions of ordinary, risk-averse people who thought the Co-op a righteous safe haven for their cash?  That sort of ethical, the sort of ethical we'd only see from a mutual! Or are they just like all the other banks?

Such chutzpah is a delight.


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