Jim Pettipher’s reply to the recent FT editorial

jim pettipherJim Pettipher, who works at Co-operative Futures, a business development consultancy specialised in co-operative and community-led businesses, responds to the FT editorial mentioned in the last post on this site”.
How bizarre. Who writes this nonsense? I don’t expect the FT to understand very much – if anything at all – about the finer points of co-operatives vs mutuals and so on, but to describe the FCA as the predecessor of the Bank of England is worthy of the Grauniad (Ed: link added) . . .
And no recognition, of course, for either of the facts:
(a) that many of the Co-op Bank’s woes were created by the Regulator moving the goalposts to the specific detriment of the Co-op Bank, which couldn’t just go to the market and sell equity, or that
(b) the remaining, already rescued by the tax payer high street banks were and still are very far from offering a shining example of PLC governance and rectitude for the world’s financial institutions to follow.
There is no denying that the Co-op Bank, the Co-op Group, Peter Marks & Neville Richardson have some serious questions to answer, but to imply that this is somehow wrapped up with the Co-op Bank’s alleged ethical failings just makes the FT editorial look stupid.
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