Friday, 25 April 2014

Decline of the Co-Op

There is some irony - and sadness - that after over a century the Labour Party is ditching the Co-Op bank.
Ironic because it all started to go horribly wrong for the Co-Op bank when they enthusiastically embraced the values of New Labour.  Corporate acquistions, speculative investment and the employment of degenerate executive reptiles were all entirely consistent with the New Labour vision.

 It's all a very far cry from the values that led a group of working people in Rochdale who came together in 1844 to create a business that shared profits and provided a honest service at fair prices to its members.

Naively I have always felt a sense of loyalty to the Co-Op bank. Back from my time as a student in the 80's when having a  Barclays account was seen as tantamount as financing the apartheid regime, to the time when I had some savings from redundancy to invest in an ISA which was at least vaguely 'ethical'.

Of course I knew that in the modern age,  all of this was  bollocks really - a moral fig-leaf that couldn't really disguise the ugly aspects of banking. The recent decay of the Co-Op has just meant that the fig-leaf has slipped a bit more ...

No comments: