Good Banks ?

John1993_2

Anthorn wrote: »

Oh dear, you don't have the intelligence and knowledge to contribute to the discussion so you descend to trolling and a personal attack. Your credibility is at risk!

I've both actually, being a reasonably senior banker myself. I just thought it appropriate to respond to your personal attack with one of my own.

It's a bit hypocritical of you to whine when it becomes a two-way street.

Now, any chance of an answer to the question?

Anthorn

John1993 wrote: »

I've both actually, being a reasonably senior banker myself. I just thought it appropriate to respond to your personal attack with one of my own.

It's a bit hypocritical of you to whine when it becomes a two-way street.

Now, any chance of an answer to the question?

John1993 wrote: »

May I ask, does being subject to these paranoid fantasies make it hard to hold down a decent job?

If you mean this question, it's personal and not related to the discussion.

Archi_Bald

Anthorn wrote: »

There is always the reply that is by now standard: The Co-op Bank did not have a hand in bringing down the worldwide economy, did not have a hand in bringing down the U.K. economy, did not ask the government for help to the tune of billions upon billions of taxpayers' money and is not asking for taxpayer's money now.

That's why it's less evil.

There's a whole bunch of other UK licensed banks this applies to, too, but none of them have been found hiding a £1.5bn black hole for years. It's pretty clear that you are living in a haze of Coop propaganda that shields you from reality.

Apart from that, do you really believe the Coop didn't ask the Treasury for a cool billion or two?

opinions4u

Anthorn wrote: »

There is always the reply that is by now standard: The Co-op Bank did not have a hand in bringing down the worldwide economy, did not have a hand in bringing down the U.K. economy, did not ask the government for help to the tune of billions upon billions of taxpayers' money and is not asking for taxpayer's money now.

That's why it's less evil.

So it's less evil because it's tiny in the great scheme of things?

Their downfall is pretty much the same as what destroyed HBOS. Poor quality lending in markets they didn't understand.

They just failed to disclose it properly for four years while claiming to be paragons of virtue. The delay in outing the true nature of their loan book reeks to high heaven. It's a major disgrace.

Bet they did ask the Treasury for a bailout. Bet they expected it too, hence believing they were going to take on the TSB branches until just a few months ago.

jimjames

Anthorn wrote: »

There is always the reply that is by now standard: The Co-op Bank did not have a hand in bringing down the worldwide economy, did not have a hand in bringing down the U.K. economy, did not ask the government for help to the tune of billions upon billions of taxpayers' money and is not asking for taxpayer's money now.

That's why it's less evil.

If the Co-op hadn't managed to hide this black hole for the last 3/4 years then it may have been a very different situation. The atmosphere back in 2009 may have meant the government had to step in like they did for B&B/NR etc. The rather calmer markets now has effectively been a lifeline for the Coop and let them off the hook.

anotherbaldrick

RBS have now appointed a Law Firm to investigate the "allegations"

Anthorn

opinions4u wrote: »

So it's less evil because it's tiny in the great scheme of things?

Their downfall is pretty much the same as what destroyed HBOS. Poor quality lending in markets they didn't understand.

They just failed to disclose it properly for four years while claiming to be paragons of virtue. The delay in outing the true nature of their loan book reeks to high heaven. It's a major disgrace.

Bet they did ask the Treasury for a bailout. Bet they expected it too, hence believing they were going to take on the TSB branches until just a few months ago.

Let's have the true facts: It wasn't bad lending by Co-op Bank but bad debts inherited from Britannia.

Lord Levene / NBNK disclosed the banks financial position long before it was "discovered" but that was buried by the government, Lloyds, the regulator and the Co-op Bank. To say that no-one knew about it before it was discovered by the regulator is not true:
http://www.bbc.co.uk/news/business-25083738

Thrugelmir

Anthorn wrote: »

Those two hedge funds run other large companies and those companies have not been asset-stripped nor run into the wall.

Those no gain for hedge funds in asset stripping. As the value to them comes from turning a business around. Then refloating it onto the markets.

opinions4u

Anthorn wrote: »

Let's have the true facts: It wasn't bad lending by Co-op Bank but bad debts inherited from Britannia.

And Co-op appointed Britannia chief executive as their own cheif exec. And the loans continued. And nobody said anything. For several years.

Lord Levene / NBNK disclosed the banks financial position long before it was "discovered" but that was buried by the government, Lloyds, the regulator and the Co-op Bank. To say that no-one knew about it before it was discovered by the regulator is not true:
http://www.bbc.co.uk/news/business-25083738

Well Co-op weren't exactly shouting it from the rooftops were they? They were not up front about it.

As the article you link to states:

Co-op Bank withdrew its offer for the branches in April, blaming the "economic environment" and "increasing regulatory requirements on the financial services sector". It was later found to have a capital shortfall of £1.5bn.

Anthorn

opinions4u wrote: »

And Co-op appointed Britannia chief executive as their own cheif exec. And the loans continued. And nobody said anything. For several years.

Well Co-op weren't exactly shouting it from the rooftops were they? They were not up front about it.

As the article you link to states:

Co-op Bank withdrew its offer for the branches in April, blaming the "economic environment" and "increasing regulatory requirements on the financial services sector". It was later found to have a capital shortfall of £1.5bn.

Or to translate that, "The government were pushing us into it because they wanted us to be a competitor for the big banks and we tried to help the government but at the end of the day we just couldn't do it."

So if the state of the bank was not known until it was miraculously discovered how is it that Lord Levene knew about it enough to warn Lloyds about it?