But as Ritchie said it would be neoliberal to insist that tney know what they’re doing

The Co-op’s dramatic decline is ‘one of the great national business calamities’ but its leaders are still in denial, a damning report into its failings warned today.

Former Labour City minister Lord Myners said half of the group’s net worth, built up over 150 years, has been wiped out in just four disastrous years.

Unveiling his plans to rescue the Co-op, he said it could yet be saved but he was not confident that bosses will take the action needed, claiming some on the board do not know the difference between credit and debit.

Do you recall the Murphmonster insisting that it was neoliberal, near wacist, for the authorities to insist that the directors of the bank actually knew what they were doing?

Damn those neoliberals, eh?

7 comments on “But as Ritchie said it would be neoliberal to insist that tney know what they’re doing

  1. Sorry, I’m confused. Aren’t they the model for how banking should operate, free of capitalism?

  2. Lord Myners said the resistance from traditionalists reflected a culture of entitlement within a small but highly active proportion of the membership.

    That’s the problem. It costs nothing to join, but you get to vote. So, you get people who just want to extract short-term money from it rather than trying to make sure it grows.

  3. Probably easiest to sack the entire lot of representatives, directors etc and start from scratch – with those sacked being unable to ever stand again at the coop.

  4. Surely the resistance from traditionalists, as Myners puts it, is because they have been badly burned in the recent past by the Britannia takeover.

  5. Isn’t this good? The demise of a big bloated overweening supermarket chain will allow small little cuddly artisan Mom’n’Pops, Mr Patels and the like to corner [sic] the market.

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