Co-op asks Crystal Methodist for its £31,000 back November 21, 2013 The Co-operative has asked former Co-op Bank chairman Paul Flowers for £31,000 back, and stopped £90,000 of further payments. Flowers has been dubbed the "Crystal Methodist" after allegedly buying illegal drugs, including crystal meth. He received that £31,000 after resigning as chairman of the Co-op Bank earlier this year as remuneration for continuining as vice [...]
There is nothing worse than self-righteousness in business November 21, 2013 REMEMBER the righteous folk telling us that the problem with banking was all those nasty, profit making global corporations, with their horrid shareholders and especially those awful hedge funds? And that the answer was to encourage small, regional co-operatives, with their senior management drawn from a broader cross-section of the community to boost corporate governance? [...]
Cameron orders probe into Co-op November 20, 2013 THE GOVERNMENT is launching a probe into what went wrong at the troubled Co-op Bank, the Prime Minister said yesterday, adding to the lender’s woes in a terrible month which has so far seen its ex-chairman exposed as a drug user and the Co-op Group lose majority ownership of its bank. The probe will investigate [...]
America is slashing spending – but its economy is still growing November 20, 2013 IF you want to see what real austerity looks like, take a trip to the US. Real federal spending is set to slump by six per cent in the fourth quarter, compared with the same period a year ago, according to Goldman Sachs. That is a massive reduction, more than George Osborne wants to push [...]
Inside Track: Crystal Methodist could jeopardise Co-op Bank’s rescue November 20, 2013 SAYING it with Flowers has just assumed an entirely new meaning. The debacle at the Co-op – fuelled by revelations about former bank chairman Paul Flowers’ extra-curricular behaviour – raises profound questions for regulators, government and bank boards alike. Lord Myners, the former Labour city minister, was right to raise the possibility that this week’s [...]
Co-op Bank and Flowers in line for multiple probes November 20, 2013 Prime minister David Cameron announced this afternoon that there may well be an inquiry into the disgraced Paul Flowers' appointment as chairman of the Co-op Bank, and his suitability for the role. There are "lots of questions" to be answered, he said. The inquiry would be ordered by chancellor George Osborne and arranged by the [...]
Police search house of Co-op’s Crystal Methodist November 20, 2013 Police have searched the property of former Co-op Bank chairman Paul Flowers. The Methodist minister dubbed the "Crystal Methodist" after being filmed allegedly buying a number of illegal substances, Flowers has since been suspended as a minister. "Officers executed a search warrant … as part of their investigation into alleged drugs offences arising from a [...]
Political row grows over bank scandal November 19, 2013 Political knock-on effects of the scandal surrounding former Co-op Bank boss Paul Flowers became clearer yesterday, with figures from both major political parties assigning blame for misconduct. The former chair of the influential Treasury Select Committee, Lord McFall, told BBC’s Newsnight that he was “gobsmacked” at the revelations, saying that lessons had not been learned [...]
Co-op chairman quits in Crystal Methodist crisis November 19, 2013 CO-OP Group chairman Len Wardle yesterday resigned ahead of schedule in the wake of the drugs scandal surrounding former Co-op Bank chair Reverend Paul Flowers, who he helped appoint. Flowers quit the bank in the summer when the lender’s £1.5bn capital hole became evident, and was this week revealed to have taken drugs including crystal [...]
Revenues up at Allen & Overy November 19, 2013 TURNOVER at magic circle law firm Allen & Overy rose by 7.5 per cent year-on-year in the first half of 2013, as strong performances in its London and Asia offices led growth. Revenues were £608m from 1 May to 31 October 2013, up from £566m in the same period last year. In the past six months [...]