Jump to content
House Price Crash Forum

Co-Op Bank Chairman Caught Taking Crystal Meth


Recommended Posts

  • Replies 164
  • Created
  • Last Reply

Top Posters In This Topic

Anyone else think he's just the fall guy? Apparently he aint that smart (ex-labour, no shocker there) and was appointed head in 2009, just as all the shit was being revealed.

Yes, he is morally deficient, but as a religious man, I expect that. But the incompetence and criminality surely lies with his predecessor.

So who was chairman before him?

Link to post
Share on other sites

Anyone else think he's just the fall guy? Apparently he aint that smart (ex-labour, no shocker there) and was appointed head in 2009, just as all the shit was being revealed.

Yes, he is morally deficient, but as a religious man, I expect that. But the incompetence and criminality surely lies with his predecessor.

So who was chairman before him?

You mean they picked a fall guy?

Who knows.

It's all very bizarre... But if you drew a map of everyone and started joining up their common grips ur probably have a very interesting picture.

A friend has been working on a who knows who map for a particular project. It is very interesting seeing hownfeeds off who.

Link to post
Share on other sites

Anyone else think he's just the fall guy? Apparently he aint that smart (ex-labour, no shocker there) and was appointed head in 2009, just as all the shit was being revealed.

Yes, he is morally deficient, but as a religious man, I expect that. But the incompetence and criminality surely lies with his predecessor.

So who was chairman before him?

Hmm.

The same thought did cross my mind.

Why would anyone want to appoint someone with a known dodgy sexual past and a serious drugs habit to such a job unless they needed a convenient patsy when the financial SHTF at the Coop bank.

Flowers career did enjoy a meteoric rise from 2007. He went from being part of the Yorkshire Coop to a post on the Board of the Coop Group in 2008 From there he was appointed to non executive Director of the Coop Bank in 2009 and then promoted to Chairman of the Coop Bank in 2010. It would be interesting to know who lobbied or voted for those appointments.

http://en.m.wikipedia.org/wiki/Paul_Flowers_(banker)

Edited by stormymonday_2011
Link to post
Share on other sites

Hmm.

The same thought did cross my mind.

Why would anyone want to appoint someone with a known dodgy sexual past and a serious drugs habit to such a job unless they needed a convenient patsy when the financial SHTF at the Coop bank.

******ing idiots. I would have done it for half the salary.

Link to post
Share on other sites

Hmm.

The same thought did cross my mind.

Why would anyone want to appoint someone with a known dodgy sexual past and a serious drugs habit to such a job unless they needed a convenient patsy when the financial SHTF at the Coop bank.

Flowers career did enjoy a meteoric rise from 2007. He went from being part of the Yorkshire Coop to a post on the Board of the Coop Group in 2008 From there he was appointed to non executive Director of the Coop Bank in 2009 and then promoted to Chairman of the Coop Bank in 2010. It would be interesting to know who lobbied or voted for those appointments.

It's almost too convenient that Flowers was heading up a bank which was/is a significant creditor of a political party with known financial issues. Flowers, as a former councillor of the same party, could have found it easy not to push too hard for repayment of the debt as a result of his connections with the party, but if he somehow came to his senses and started trying to act in the interests of the bank by pushing for repaymet, well perhaps a gentle reminder of his mortal failings, not yet in the public domain, could (did?) bring him to heel.

Coop took a soft line on Labour's debt, this is well known and has been commented on previously. In light of Flowers' revelation as something less than an upstanding character, seems reasonable to ask why.

Link to post
Share on other sites

It's almost too convenient that Flowers was heading up a bank which was/is a significant creditor of a political party with known financial issues. Flowers, as a former councillor of the same party, could have found it easy not to push too hard for repayment of the debt as a result of his connections with the party, but if he somehow came to his senses and started trying to act in the interests of the bank by pushing for repaymet, well perhaps a gentle reminder of his mortal failings, not yet in the public domain, could (did?) bring him to heel.

Coop took a soft line on Labour's debt, this is well known and has been commented on previously. In light of Flowers' revelation as something less than an upstanding character, seems reasonable to ask why.

Some very mediocre people did very well under Gordon Brown

Link to post
Share on other sites

If you want a laugh, here's a Labour MP's attempt to diffuse the row over Labour's dealings with the Coop and the disgraced Rev Flowers. He manages to build a cast iron case to exonerate the Labour Party in his first sentence :lol: .

Labour MP Jonathan Ashworth tells Central Lobby that the Co-op Bank scandal is closer to the Conservatives than they would like.

The Tories' attack on Labour over the Co-op bank - when the Party acted with complete integrity in all of its dealings with the bank and with its ex-chairman Paul Flowers - is a smear. If they want to talk about who party leaders associate with, and ask who has serious questions to answer, they should look a bit closer to home.

On the eve of this year's Conservative Party Conference, the City brokerage ICAP was fined £54 million by regulators after its brokers were found to have helped fix the Libor rate - the average interest rate reported by banks for the money they lend each other - for at least four years. Manipulating Libor didn't just help the culprits to make money for themselves: Libor affects the interest rate for loans worth trillions of pounds for millions of consumers.

ICAP's chairman, Michael Spencer, has given almost £5 million to the Conservative Party. Spencer isn't just someone who happens to have met David Cameron a couple of times. He's described by Francis Maude as "a personal friend of the Prime Minister and the Prime Minister’s wife", he boasts of having organised lunches for David Cameron, and he has attended private dinners in Downing Street with Cameron, George Osborne and other senior Conservative ministers. Spencer reportedly visited Number 10 in the week before his company was fined £54 million.

Osborne was happy to write about having lunch at Spencer's office in a 2006 article in which he complained about "burdensome, complex" financial regulation. People will ask why the Government was so quick to reject calls for a public inquiry into the Libor scandal - in stark contrast to their attitude to the Co-op Bank.

Will the Tories pay back the £4.8 million Michael Spencer and his companies gave them? Don't hold your breath. They still haven't paid back the money they were given by Asil Nadir - even though former Prime Minister John Major said "If it proves to have been dishonestly obtained and dishonestly remitted to us then of course we will return it", and even though former Conservative Party Treasurer Lord ******** says "It is tainted money and it shames the Conservatives if they hang on to it. They have a moral duty to give it back".

The Tories are happy to attack offshore tax avoidance schemes as "quite frankly morally wrong", and then merrily take the money from people who use offshore tax avoidance schemes. They're happy to let major donors write them reports which end up recommending making it easier for firms to sack their workers.

Maybe we shouldn't expect the highest standards of propriety from a Party whose own chairman, Grant Shapps, ran a business under a false name and whose company, according to legal advice given to the Metropolitan Police, "may have committed an offence of fraud".

Far from being ashamed of their connections, the Conservatives do their best to reward the people who give them money. They've done that not just by cutting the 50p top rate of tax for people earning over £150,000, while millions of families are worse off. The Tories have received £36 million in donations from hedge funds - and in the last Budget, George Osborne gave hedge funds a tax cut worth £145 million. Labour has made clear that we'll reverse that tax cut so that we can scrap the Conservatives' cruel and unjust Bedroom Tax. It's a clear sign of whose side the two parties are on.

The truth is that the Tories have clear questions to answer not just about their donors, but about their own role in the near-collapse of the Co-op Bank. Why did the Chancellor and his ministers actively encourage the bank's failed bid for 632 Lloyds branches, with 30 Ministerial meetings to try to smooth the way for the deal? What due diligence did they do into the state of the bank and its leadership? Why did George Osborne go to Brussels to argue for the Co-op Bank to be spared from tougher rules? We know David Cameron and George Osborne don't like answering difficult questions - but the Co-op Bank scandal is closer to them than they would like.

Imagine having someone like this as your neighbour.

Agree with Executive Sadman above, the Coops woes long predate Flowers' arrival. Maybe, as with Hornby, Applegarth, Goodwin et al, we'll just have another ticking off for someone who has long since departed, pockets bulging.

Link to post
Share on other sites

I can well-believe that about robbing the charities he's worked for.

An occasional acquaintance, ex-policeman as it happens, stole from both the tennis club of which he was treasurer, they hushed it up, and then he got to be treasurer of the conservative club and he did it again, they also hushed up it but enough people were in the know (including me, who isn't usually in the know so it shows how far the knowledge spread) that he never got allowed onto any committees again. Charities / clubs will take the hit rather than the bad publicity.

Link to post
Share on other sites

Never mind an enquiry into the Co-op, we really need a truly independent enquiry into the whole banking fiasco. By independent I mean independent of any politician, crony banker and civil servant. People who understand the problems rather than profiting from or turning a blind eye to them. Perhaps a fair few numbers of HPCers who did actually see it coming.

The inquiry could be televised with a guilty parties then led to a yard to be shot by angry pensioners and first time buyers.

Bankers, politicians, faux regulators, the corporate bung-merchants. The purge would be very healthy for us.

Edited by tinker
Link to post
Share on other sites

Never mind an enquiry into the Co-op, we really need a truly independent enquiry into the whole banking fiasco. By independent I mean independent of any politician, crony banker and civil servant. People who understand the problems rather than profiting from or turning a blind eye to them. Perhaps a fair few numbers of HPCers who did actually see it coming.

The inquiry could be televised with a guilty parties then led to a yard to be shot by angry pensioners first time buyers.

Bankers, politicians, faux regulators, the corporate bung-merchants. The purge would be very healthy for us.

Literally a Herculean task: Cleansing the Augean stables.

Link to post
Share on other sites

Literally a Herculean task: Cleansing the Augean stables.

Augean Stables

The stables of Augeas, King of Elis, in Greece. In these stables he had kept 3,000 oxen, and the stalls had not been cleansed for thirty years. When Hercules was appointed to cleanse these stables, he caused two rivers to run through them.

To cleanse the Augean stables.

To clear away an accumulated mass of corruption, moral, religious, physical, or legal. To reform wrongs almost past the power of man to tackle.

Sounds about right.

*missing 'and' in my quote ("pensioners and first time buyers.")

Edited by tinker
Link to post
Share on other sites

An acquaintance of the late Cyril Smith apparently.

http://www.telegraph.co.uk/finance/financialcrisis/10466679/Rev-Paul-Flowers-links-to-Cyril-Smith.html

Rapidly beginning to think that Hedgies taking over the Co-Op will be got for its morals.

That's ludicrous, the British public are done with supposedly ethical banking and are crying out for a High Street bank closely associated with a beyond parody moral train wreck like Flowers and a bunch of red in tooth and claw financial predators. A whiff of paedo paranoia into the mix will make the re-capitalised Coop the natural choice for businesses and private individuals.

Didn't someone say that the Bank of England had pushed through a new procedure making it easier than ever to move your current account? ;)

Link to post
Share on other sites

A pretty p*ss poor article IMHO which recycles what we already know about Flowers then makes some meaningless statements about his being on the same Council Committee as Cyril Smith (one assumes quite a few Councillors including some Tories may have shared that distinction). It then retreads the story about Smiths relationship with the Cambridge House Children’s Home, an institution which shut in 1965 when Paul Flowers was still a schoolboy . Finally there is the cop out statement

There is no suggestion that Mr Flowers is linked to any of the allegations around Sir Cyril Smith.

If this is the the best the Telegraph can manage as investigative journalism (unbelievably there are two names against the article) then they need to hire some new reporters

The meat of this case is how and why Flowers was accelerated to the top job in the Coop Bank between 2007 and 2010 just as it was in the process of driving itself to the brink of bankruptcy by taking over the Britannia Building society. Why are the media not looking into that part of this scandal.

At least the Independent has gone to the trouble of writing a coherent article on Flowers detailing the seemingly charmed life he enjoyed as he rose to the top despite a number of scandals that would have wrecked the careers of most people

http://www.independent.co.uk/news/uk/crime/an-accident-waiting-to-happen-the-mystery-of-how-paul-flowers-career-flourished-8958197.html

Looking at Flowers CV it would appear that he had

  1. a chequered sexual past,
  2. a predilection for drink and drugs (sometimes combined with driving under the influence)
  3. a talent for fiddling his expenses
  4. no obvious ability for any other form of employment

Those would appear to be natural qualifications to make him an MP and possibly even get him a job in the Cabinet so perhaps his rise to the top is not so surprising.

BTW am I alone in thinking that the Telegraphs attempt to play up Flowers obvious homosexuality may yet blow up in the Tory party's face as you can bet your last pound that the current government have wardrobe full of skeletons in that area as big if not bigger than anything the other parties may possess. Moreover, if lack of financial training, being seen with known hookers in public and rumours of past hard drugs indiscretions were enough to debar someone from high office then at least one of the top members of the Cabinet might have a few questions to answer.

Edited by stormymonday_2011
Link to post
Share on other sites

Have a read of the 6 November Treasury Select Committee transcript.

http://www.publications.parliament.uk/pa/cm201314/cmselect/cmtreasy/uc300-v/uc30001.htm

Q684 Chair: We will take a look at that. I think that is worth a look. Give me, and everybody listening to this, an idea of the size of the Co-operative Bank. Roughly, what is your total asset value?

Reverend Flowers: Valued at just over £3 billion.

Q685 Chair: I am talking about the assets, so we are looking at the balance sheet here.

Reverend Flowers: I am talking about the assets too. I am talking about the assets and the balance sheet, just over £3 billion. Those were the figures I just looked at recently.

:lol:

Edited by Ash4781
Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    No registered users viewing this page.

  • 433 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.