Quote ="Dally"But the other part of the scandal is Labour's alleged facilitation / encouragement of the mergr with Britannia, whicch brought the Co-op down. Same guys who hastily facilitated Lloyds "rescue" of HBoS to much self-congratulation. As I predicted on here as they were doing that all it would do would destroy an otherwise strong bank. It did and the taxpayer had to bail out Lloyds. There is a pattern here - uttter, utter incompetence by Labour when it comes to anything financial (seemingly, other than when it benefits certain members of their party).'"
The only pattern here is your ridiculous take on the history of the banking crisis and its consequences.
Quote If the Tories have an sense they will make this Co-Op story runand run, via enquiries, up until the election. That will serve to remind the voters of who was in power when the banking system and who failed to oversee the sectors regulation - as apparently demonstrated by this case. If they do that, I think they'll get a majority - especially with inevitable pre-election engineered improvement in the economy, feel-good factor, etc that each party always manages to engineer for a few months.'"
You do realise the problems with the Co-op bank have been a running for several years? That is its continued weakness as a bank has not been set right by intervention under the previous Labour government and this government over the last three years?
Look at this from [uJuly[/u 2012
[urlhttp://www.bbc.co.uk/news/business-18898125[/url
[iThe Chancellor, George Osborne, welcomed the deal.
"This is another step towards creating a new banking system for Britain that gives real choice to customers and supports the economy," he said.[/i
However from Robert Peston's blog
"In [uApril of 2012[/u, the Financial Services Authority - precursor of today's Financial Conduct Authority and Prudential Regulation Authority - told Co-op Group that it did not have appropriate management skills and that Co-op Bank had too little capital to be allowed to fulfil its ambition of becoming much bigger by buying more than 600 branches from Lloyds."
"For what its worth, senior FSA people have told me that their reluctance to be more aggressive with Co-op Bank is because of their perception that the Treasury and MPs [ufrom both parties[/u wanted Co-op to become much bigger and more powerful."
From here:
[urlhttp://www.bbc.co.uk/news/business-25032296[/url
So in April in 2012 we have the FSA saying the co-op had too little capital to be allowed to fulfil its ambition of becoming much bigger by buying more than 600 branches from Lloyds.
Yet four months later Osborne is saying what a good idea it is they buy the branches!
And you accuse Labour of failing to regulate the banks?
