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?