Reverend Paul Flowers - Ex Co-Op Bank boss busted.
Discussion
Du1point8 said:
However the background checks that Co-op seem to do on everything are about as much use as a chocolate teapot, first not checking Britannia, now not checking their leader to make sure he was whiter than white.
The fact that he was a Methodist minister and a trustee of the Terence Higgins trust should have raised an eyebrow even at a cursory glance at his cv.Du1point8 said:
carinaman said:
Listening to the World at One on Radio 4, it would seem this chap was the fall guy.
The Co-op had already taken on Britannia before they gave him the job. There's a case to be made for those that gave him that job are at fault?
How did someone with so little banking experience get that job? Good old 'box ticking'. 'No not us guv, we followed procedures.....
Well not trying to state the obvious here… but do you not think he was the face of Co-Op and nothing more?The Co-op had already taken on Britannia before they gave him the job. There's a case to be made for those that gave him that job are at fault?
How did someone with so little banking experience get that job? Good old 'box ticking'. 'No not us guv, we followed procedures.....
A kind of look at us we have a minster running the show at our ethical bank… come bank with us!!
However the background checks that Co-op seem to do on everything are about as much use as a chocolate teapot, first not checking Britannia, now not checking their leader to make sure he was whiter than white.
I have two accounts with the Co-op, I used to have three. Smile, their online bank was the first and probably only online bank to achieve BS7799, but now I am wondering if that was just a box ticking exercise.
I have two accounts with the Co-op and didn't realise this jolly cleric was the face of Co-op banking. My relationship with the Co-op is just like any other bank I deal with, I wasn't fretting over their supposed ethical values. I'm considering closing my accounts with them as much from a housekeeping, admin overhead as this stuff in the press.
Regarding them buying into Britannia before giving the Rev. Flowers the job didn't Fred the Shred and RBS buy into some Dutch bank with loads of debts without due diligence?
carinaman said:
How did someone with so little banking experience get that job? Good old 'box ticking'. 'No not us guv, we followed procedures.....
Times article said:
The clergyman’s main task was to preserve the financial strength of the organisation and act as a check on its chief executive, Peter Marks.
The co-op may make an interesting study as a parallel with communist states and the (ex) soviet union.
Apparently Flowers was high up in the 'political wing' of the co-op
so was awarded a 'head of bank' job commensurate with his political status.
We may laugh (and we do
)
But there have been financial losses to be paid for out of this fiasco (mainly by the co-op) itself.
Fortunately, nothing like this goes on in the UK outside of the co-op.
Apparently Flowers was high up in the 'political wing' of the co-op
so was awarded a 'head of bank' job commensurate with his political status.We may laugh (and we do
)But there have been financial losses to be paid for out of this fiasco (mainly by the co-op) itself.
Fortunately, nothing like this goes on in the UK outside of the co-op.
People do need to understand that due to the rather unique way that the Co-Op is set up, people like Flowers are just figure heads - he was the chief of the elected members that had oversight of the bank. Not the same thing as actually running it.
That's a wriggle point that Peter Marks tried (and largely failed) to use when grilled by the HOC Select Committee last month.
When the Coop sticks to selling stuff, it's doesn't do too bad a job, but got very out of it's depth with the banking side of stuff (though the Somerfield merger hasn't been without it's problems)
That's a wriggle point that Peter Marks tried (and largely failed) to use when grilled by the HOC Select Committee last month.
When the Coop sticks to selling stuff, it's doesn't do too bad a job, but got very out of it's depth with the banking side of stuff (though the Somerfield merger hasn't been without it's problems)
Rollcage said:
People do need to understand that due to the rather unique way that the Co-Op is set up, people like Flowers are just figure heads - he was the chief of the elected members that had oversight of the bank. Not the same thing as actually running it.
Although it seems reasonable to point out that even if he weren't running things, the bank got itself into a world of s
t in any event, so what with the Britannia toxic loan book & the repeatedly botched IT stuff, it may have benefited from an overseeing board that actually knew what it was doing? and wasn't up to it's nuts in cocaine?Justin Cyder said:
Although it seems reasonable to point out that even if he weren't running things, the bank got itself into a world of st in any event, so what with the Britannia toxic loan book & the repeatedly botched IT stuff, it may have benefited from an overseeing board that actually knew what it was doing? and wasn't up to it's nuts in cocaine?
Oh, it's a fair point, certainly.t in any event, so what with the Britannia toxic loan book & the repeatedly botched IT stuff, it may have benefited from an overseeing board that actually knew what it was doing? and wasn't up to it's nuts in cocaine?Flowers was post Britania though.
The whole recent escapades of the Coop raises many questions as to whether their corporate structure is actually viable in the modern business world, though they have certainly made a good many changes of late.
jbswagger said:
And soon to pick up his no doubt very generous severance package, golden handshake and pension.Gassing Station | News, Politics & Economics | Top of Page | What's New | My Stuff