Co-operative Bank closes to new business

! This post hasn't been updated in over a year and I've changed my opinions on many things over the years. Deleting things I wrote years ago would be like ripping pages out of a diary so I'm not going to do it despite the fact that some stuff I've written in the past will probably be used against me during elections by UKIP hating fascists. You should read this bearing in mind that what I thought in the past might not be what I think now.

The Co-operative Bank has been closed to new business while its Co-op parent group decides whether it can be saved from bankruptcy.

The Co-operative Bank - Don't panic?

Panic

The Co-op bought the Britannia Building Society a couple of years ago for stupid money and has made big losses ever since.  Its business model of shunning profitable business to invest in left wing political projects and the global warming scam have done nothing to improve their profitability.  Nor has laundering a quarter of their profits through the Co-operative Party to prop up the Labour Party with MP sponsorships and party funding.

Labour owes £3.8m to the Co-operative Bank whilst receiving 47 donations last year from the Co-operative Bank totalling nearly £111k.  Co-operative Bank also has another bank which it uses to fund Labour – Unity Trust Bank.  Labour owes Unity Trust Bank nearly £1.9m.  The Co-op also donated over £1m to the Co-operative Party via various subsidiaries last year which the Co-operative Party uses to sponsor Labour MPs.

If the Co-op reined in its spending on political activities and concentrated on running its bank as a business it might not have found it being downgraded 6 points to junk status by Moody’s and be facing the prospect of winding the bank up or selling it off.

2 comments

  1. Geoff, England (22 comments) says:

    Wouldn’t it be a tragedy if the Co-op went under and dragged the Layabout party with it?

  2. AK (2 comments) says:

    My account is with Britannia… fuck…

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