Are The Co-Op's Problems Terminal?

[threegee]

Ironic that the Co-op is foundering on the very thing it was set up to circumvent - self interest!

 

Just like the Police Federation, the people at the helm won't accept change because it will impact on their own cushy existence.  I didn't catch that Lord Myners has just joined the ever-increasing list of walk outs, but you don't really need to waste time seeking out his stated reasons.

http://www.theguardian.com/business/2014/apr/17/co-op-group-loses-billions-failings-in-management

 

The Co-op can't survive in its present form, and no one seems interested in reconstituting it as a viable business.  Flog off the bits, and when the dust has settled re-brand them - all that can be salvaged is some shaky jobs here and there! All the aspirations of the public-spirited Bedlingtonians in those sepia photos have now completely turned to dust.

[Malcolm Robinson]

Yep!

[threegee]

The rats are deserting the ship now: http://www.bbc.com/news/business-27137762

 

A classic we'll be taking our overdraft elsewhere!   Probably just as well the Labour Party is in debt, as would you trust your funds to a bank totally controlled by trade unions?

[Malcolm Robinson]

Hmm, all the political parties have accounts there don't they? 

 

Would make an interesting challenge, conflicts of interests, if the CO-OP has to be bailed out or even helped with tax payer's monies wouldn't it?  

[threegee]

Dunno. Haven't had time to research the three main parties, and couldn't find out who the Lib Dems bank with either!

[threegee]

Those who the gods wish to destroy...

 

 Co-operative Group director Stuart Ramsay left the board of the supermarkets-to-funerals mutual on Tuesday after an internal investigation into a series of leaks, according to a person familiar with the matter.

...

Former Chief Executive Euan Sutherland, who was pushing for wide-reaching changes, resigned last month after his pay was leaked to a newspaper. He said the group, which has a complex board populated from regional co-operatives, was "ungovernable."

Ramsay, a computer technician who has been involved with the Co-operative for 25 years, according to its website, was asked to step down immediately after an investigation into the dissemination of sensitive board material, the person familiar with the matter said.

 

 Sensitive material - in a mutual?!

[threegee]

[Malcolm Robinson]

Interesting listening to all these whistleblowers coming out now to talk about how the CO OP has been run.  

No wonder its in trouble!  

[threegee]

Myners (and other's) shock tactics seem to be working - there's a surprising unanimous vote for fundamental reform.  Pity he can't do the same for parliament!  Give the man a peerage - oh!