Richard Hawley

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PostPosted: Mon Nov 04, 2013 11:13 am 
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Too much time on my hands
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Joined: Fri Feb 22, 2008 7:11 pm
Posts: 540
Location: South East
I am really pissed off about the Co-op Bank soon to be buyout . It will be owned by Hedge funds and should no longer be allowed to be called a Co-op. This state of affairs appears to have been solely down to the incompetence of a certain Chief executive. I really wonder what his motives were. The greatest threat to the UK's banking monopoly has just died, swallowed up by the dodgiest of city scammers.

http://www.bbc.co.uk/news/business-24799513

http://www.bbc.co.uk/news/business-24621875

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PostPosted: Mon Nov 04, 2013 7:35 pm 
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Hawley Super-Groupie

Joined: Fri Mar 01, 2013 8:09 pm
Posts: 311
It's a real shame, I was debating changing to them but glad I went for Yorkshire Bank in the end.

Hedge funds and big corporates are just plain greedy, asset stripping bodies - I'm surprised the bank's takeovers of the other banks and building societies that have resulted in this situation were voted through by the members - it makes me wonder how much information was left out in the resolution and prospectus.

And to say that the Co-op's ethics will be embedded legally in the constitution - well, I am not confident about that at all - how can a document possibly encompass all eventualities and ethical issues - doing business ethically is quite different to merely paying lip service because something is written down in legal speak.

A sad day for customers and for the human side of finance.


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PostPosted: Mon Nov 04, 2013 10:59 pm 
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Hawleytastic!
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Joined: Sat Sep 01, 2007 12:07 am
Posts: 2666
Location: Stoke-on-Trent
I have several friends who worked for the Britannia Building Society, who were taken over by the Co-op. Since the take-over, there's been nothing but job cut after job cut (including today...) and mutterings of incompetence in the "new" Co-op systems that have been implemented since the take-over. The thought of a take-over by the bankers who largely got the world into its current financial mess is a very low blow indeed.

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