Co-op

Almost every day more information becomes public about the mismanagement of the Co-op Bank showing clearly a concerted management effort to mislead investors as to the real situation. I am surprised that there is no movement to sue the mutual or the members of the management team to recover some of the hair cut money that we bond holders lost. I for one would be very happy to sign up for such an action.

Comments

  • Recover some money? You must be joking. Not even crumbs left on the table, as bank CEO is paid more salary than any other FTSE 100 CEO, and the rest of the board must not starve, either.
  • Some of the media attention is about Democratic governance and how difficult the CEO finds it to change anything. The rumours that agreement is being sought for a more traditional Board with partly removed political influence would seem a good thing, if true. However it may all be too late with too many cosy influences preventing change.

    I have a bank account with SMILE (co-op) and if I do not see evidence of a proper leadership function with reporting to people who understand the market then I will be wary of continuing it. Sometimes the unkowing nice guys who represent members need to acknowledge that business is business!
  • Robert Peston reporting that the banks are threatening to foreclose on debts at the Co-op Group as a whole. How real a threat is that? Bond prices falling today. Is this just a blip on the road to restructuring or something more serious? Would appreciate Oliver's opinion, he has called it right in the past.
  • Gather that handsomely rewarded bank CEO wishes to resign, unless board gives him freer reign. What a mess! Presumably has something better lined up, meanwhile good money for barely 8 months work. Not good for bondholders, though, perhaps get out whilst one can?
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